Raymond James Financial Inc. Purchases New Shares in Dropbox, Inc. (NASDAQ:DBX)

Raymond James Financial Inc. purchased a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 83,588 shares of the company’s stock, valued at approximately $2,511,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its stake in shares of Dropbox by 38.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,224,864 shares of the company’s stock worth $156,955,000 after purchasing an additional 1,440,887 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Dropbox during the fourth quarter valued at $25,375,000. Norges Bank bought a new position in Dropbox during the fourth quarter valued at $20,482,000. Trexquant Investment LP bought a new position in Dropbox during the fourth quarter valued at $7,041,000. Finally, WINTON GROUP Ltd bought a new position in Dropbox during the fourth quarter valued at $5,853,000. Institutional investors own 94.84% of the company’s stock.

Dropbox Price Performance

NASDAQ:DBX opened at $28.67 on Wednesday. The company has a market cap of $8.65 billion, a P/E ratio of 20.33, a P/E/G ratio of 1.70 and a beta of 0.75. The stock’s fifty day moving average price is $26.63 and its two-hundred day moving average price is $28.38. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.33.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, February 20th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.11). The company had revenue of $643.60 million for the quarter, compared to analysts’ expectations of $638.61 million. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. On average, analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Timothy Regan sold 2,500 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $26.94, for a total value of $67,350.00. Following the sale, the chief financial officer now owns 565,068 shares in the company, valued at approximately $15,222,931.92. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eric Cox sold 3,765 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $26.30, for a total value of $99,019.50. Following the completion of the sale, the insider now owns 309,550 shares in the company, valued at $8,141,165. This trade represents a 1.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,765 shares of company stock worth $393,695 over the last 90 days. Corporate insiders own 28.59% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group increased their price objective on 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.