Wedge Capital Management L L P NC Has $69.10 Million Stock Holdings in Dropbox, Inc. $DBX

Wedge Capital Management L L P NC boosted its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,287,185 shares of the company’s stock after purchasing an additional 59,625 shares during the quarter. Dropbox comprises approximately 1.2% of Wedge Capital Management L L P NC’s holdings, making the stock its 13th largest position. Wedge Capital Management L L P NC’s holdings in Dropbox were worth $69,096,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in DBX. Neo Ivy Capital Management acquired a new position in shares of Dropbox during the second quarter worth approximately $30,000. Geneos Wealth Management Inc. increased its position in Dropbox by 78.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after acquiring an additional 558 shares during the period. Brooklyn Investment Group raised its stake in Dropbox by 250.3% during the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock valued at $37,000 after purchasing an additional 991 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in Dropbox during the 2nd quarter valued at $41,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Dropbox by 88.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company’s stock valued at $48,000 after purchasing an additional 787 shares during the period. 94.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Dropbox news, insider Ashraf Alkarmi sold 10,098 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $29.18, for a total value of $294,659.64. Following the sale, the insider directly owned 435,810 shares in the company, valued at $12,716,935.80. This represents a 2.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Andrew Houston sold 101,167 shares of Dropbox stock in a transaction on Friday, November 14th. The shares were sold at an average price of $30.23, for a total value of $3,058,278.41. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 362,915 shares of company stock valued at $10,793,706. 29.95% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

DBX has been the topic of several research reports. Royal Bank Of Canada boosted their price objective on shares of Dropbox from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Wall Street Zen raised Dropbox from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, October 8th. Finally, UBS Group downgraded Dropbox from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $29.00 to $27.00 in a research report on Thursday, September 18th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Dropbox currently has a consensus rating of “Hold” and a consensus price target of $31.75.

Dropbox Stock Performance

Shares of Dropbox stock opened at $28.69 on Friday. The firm’s 50-day simple moving average is $29.27 and its 200-day simple moving average is $28.88. Dropbox, Inc. has a twelve month low of $24.42 and a twelve month high of $33.33. The firm has a market cap of $7.42 billion, a P/E ratio of 16.21, a price-to-earnings-growth ratio of 2.45 and a beta of 0.63.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.10. The firm had revenue of $634.40 million during the quarter, compared to analyst estimates of $623.59 million. Dropbox had a net margin of 19.87% and a negative return on equity of 49.51%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 earnings per share. On average, equities analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.