Kestra Investment Management LLC Makes New $682,000 Investment in Dropbox, Inc. $DBX

Kestra Investment Management LLC purchased a new stake in Dropbox, Inc. (NASDAQ:DBX) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 23,850 shares of the company’s stock, valued at approximately $682,000.

Other institutional investors also recently modified their holdings of the company. Evergreen Capital Management LLC bought a new stake in shares of Dropbox during the 2nd quarter worth $236,000. Vident Advisory LLC raised its stake in Dropbox by 6.3% during the second quarter. Vident Advisory LLC now owns 21,572 shares of the company’s stock worth $617,000 after acquiring an additional 1,286 shares in the last quarter. EP Wealth Advisors LLC bought a new position in shares of Dropbox in the second quarter worth about $203,000. Engineers Gate Manager LP boosted its stake in shares of Dropbox by 324.4% in the 2nd quarter. Engineers Gate Manager LP now owns 510,879 shares of the company’s stock valued at $14,611,000 after purchasing an additional 390,499 shares in the last quarter. Finally, Boothbay Fund Management LLC grew its holdings in shares of Dropbox by 76.7% during the 2nd quarter. Boothbay Fund Management LLC now owns 27,393 shares of the company’s stock valued at $783,000 after purchasing an additional 11,892 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Insider Buying and Selling

In other news, CTO Ali Dasdan sold 5,666 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $30.00, for a total transaction of $169,980.00. Following the completion of the transaction, the chief technology officer directly owned 520,474 shares in the company, valued at $15,614,220. This trade represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William T. Yoon sold 7,142 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $29.19, for a total value of $208,474.98. Following the completion of the sale, the insider owned 206,228 shares in the company, valued at $6,019,795.32. The trade was a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 362,915 shares of company stock valued at $10,793,706. Corporate insiders own 28.59% of the company’s stock.

Dropbox Stock Performance

DBX stock opened at $27.86 on Tuesday. The company has a market capitalization of $7.21 billion, a P/E ratio of 15.74, a PEG ratio of 2.42 and a beta of 0.63. The company has a fifty day moving average price of $29.30 and a 200-day moving average price of $28.89. Dropbox, Inc. has a 52-week low of $24.42 and a 52-week high of $33.33.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.10. The company had revenue of $634.40 million for the quarter, compared to analysts’ expectations of $623.59 million. Dropbox had a net margin of 19.87% and a negative return on equity of 49.51%. Dropbox’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 earnings per share. As a group, sell-side analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, October 8th. UBS Group cut Dropbox from a “neutral” rating to a “sell” rating and dropped their price target for the company from $29.00 to $27.00 in a research note on Thursday, September 18th. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Royal Bank Of Canada upped their target price on Dropbox from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $31.75.

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.