Wealth Enhancement Advisory Services LLC Raises Stock Holdings in Dropbox, Inc. $DBX

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 11.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,224 shares of the company’s stock after purchasing an additional 5,136 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Dropbox were worth $1,350,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Dropbox by 2,895.9% in the 1st quarter. GAMMA Investing LLC now owns 192,819 shares of the company’s stock worth $5,150,000 after buying an additional 186,383 shares during the last quarter. Parallel Advisors LLC grew its position in Dropbox by 5.6% in the first quarter. Parallel Advisors LLC now owns 7,411 shares of the company’s stock worth $198,000 after acquiring an additional 395 shares in the last quarter. UMB Bank n.a. grew its position in Dropbox by 115.0% in the first quarter. UMB Bank n.a. now owns 2,501 shares of the company’s stock worth $67,000 after acquiring an additional 1,338 shares in the last quarter. Wedge Capital Management L L P NC grew its position in Dropbox by 1,640.3% in the first quarter. Wedge Capital Management L L P NC now owns 2,141,026 shares of the company’s stock worth $57,187,000 after acquiring an additional 2,017,997 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in Dropbox by 4,160.7% in the first quarter. Farther Finance Advisors LLC now owns 7,371 shares of the company’s stock worth $200,000 after acquiring an additional 7,198 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Activity

In related news, Director Karen Peacock sold 2,000 shares of Dropbox stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.00, for a total transaction of $60,000.00. Following the sale, the director directly owned 23,295 shares in the company, valued at $698,850. The trade was a 7.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Ali Dasdan sold 12,812 shares of Dropbox stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.00, for a total value of $384,360.00. Following the sale, the chief technology officer owned 551,060 shares in the company, valued at $16,531,800. This represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 209,833 shares of company stock worth $6,015,679. 28.59% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on DBX. UBS Group lowered Dropbox from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, September 5th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Dropbox presently has a consensus rating of “Reduce” and a consensus price target of $29.67.

Dropbox Stock Performance

Shares of DBX stock opened at $30.21 on Wednesday. The firm has a market cap of $8.15 billion, a P/E ratio of 18.42, a P/E/G ratio of 4.05 and a beta of 0.69. The business’s 50 day moving average price is $29.00 and its 200-day moving average price is $28.29. Dropbox, Inc. has a fifty-two week low of $24.42 and a fifty-two week high of $33.33.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.08. The business had revenue of $625.70 million for the quarter, compared to analysts’ expectations of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.60 earnings per share. As a group, equities analysts predict that Dropbox, Inc. will post 1.64 EPS for the current year.

Dropbox Company 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.