CIBC Asset Management Inc Makes New $242,000 Investment in Dropbox, Inc. (NASDAQ:DBX)

CIBC Asset Management Inc acquired a new position in shares of Dropbox, Inc. (NASDAQ:DBX) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 8,051 shares of the company’s stock, valued at approximately $242,000.

Several other institutional investors also recently bought and sold shares of the business. Creative Planning raised its holdings in Dropbox by 97.4% in the third quarter. Creative Planning now owns 66,123 shares of the company’s stock valued at $1,682,000 after acquiring an additional 32,622 shares in the last quarter. Blue Trust Inc. raised its holdings in Dropbox by 383.4% in the third quarter. Blue Trust Inc. now owns 2,934 shares of the company’s stock valued at $75,000 after acquiring an additional 2,327 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Dropbox by 0.4% in the third quarter. Assenagon Asset Management S.A. now owns 89,157 shares of the company’s stock valued at $2,267,000 after acquiring an additional 383 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Dropbox in the third quarter valued at $4,987,000. Finally, DekaBank Deutsche Girozentrale raised its holdings in Dropbox by 3.2% in the third quarter. DekaBank Deutsche Girozentrale now owns 1,780,763 shares of the company’s stock valued at $44,670,000 after acquiring an additional 55,672 shares in the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $30.38, for a total transaction of $75,950.00. Following the completion of the sale, the chief financial officer now directly owns 413,764 shares of the company’s stock, valued at approximately $12,570,150.32. This represents a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew Houston sold 29,917 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $30.07, for a total transaction of $899,604.19. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $248,578,646.62. This trade represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 900,238 shares of company stock worth $26,680,195. Corporate insiders own 28.59% of the company’s stock.

Dropbox Stock Performance

Dropbox stock opened at $26.42 on Wednesday. The company has a 50-day simple moving average of $30.91 and a 200-day simple moving average of $27.67. The firm has a market capitalization of $8.18 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.70 and a beta of 0.61. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.33.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.11). The firm had revenue of $643.60 million for the quarter, compared to the consensus estimate of $638.61 million. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. As a group, sell-side analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group upped their price target on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 6th.

Dropbox Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.