Foundry Partners LLC Acquires Shares of 24,718 Dropbox, Inc. (NASDAQ:DBX)

Foundry Partners LLC bought a new position in shares of Dropbox, Inc. (NASDAQ:DBX) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 24,718 shares of the company’s stock, valued at approximately $555,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Truist Financial Corp raised its position in Dropbox by 1.8% in the 4th quarter. Truist Financial Corp now owns 42,999 shares of the company’s stock valued at $1,268,000 after purchasing an additional 769 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Dropbox by 59.8% in the fourth quarter. Victory Capital Management Inc. now owns 187,167 shares of the company’s stock valued at $5,518,000 after buying an additional 70,028 shares during the last quarter. Natixis Advisors L.P. acquired a new stake in shares of Dropbox during the fourth quarter worth about $354,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Dropbox by 3.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,990,186 shares of the company’s stock worth $88,151,000 after buying an additional 98,568 shares during the last quarter. Finally, Principal Securities Inc. acquired a new position in Dropbox in the 4th quarter valued at about $34,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Price Performance

DBX opened at $23.10 on Friday. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.43. The stock has a market capitalization of $7.63 billion, a P/E ratio of 15.30, a P/E/G ratio of 1.57 and a beta of 0.65. The business has a 50 day simple moving average of $23.20 and a 200-day simple moving average of $23.20.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 8th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The company had revenue of $634.50 million during the quarter, compared to the consensus estimate of $630.10 million. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. Dropbox’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.28 earnings per share. Research analysts anticipate that Dropbox, Inc. will post 1.31 EPS for the current year.

Insider Activity at Dropbox

In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $22.76, for a total transaction of $68,280.00. Following the transaction, the chief financial officer now directly owns 535,122 shares in the company, valued at $12,179,376.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Eric Cox sold 8,536 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $21.27, for a total value of $181,560.72. Following the completion of the transaction, the insider now owns 350,471 shares in the company, valued at $7,454,518.17. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction on Monday, July 15th. The stock was sold at an average price of $22.76, for a total value of $68,280.00. Following the transaction, the chief financial officer now directly owns 535,122 shares of the company’s stock, valued at approximately $12,179,376.72. The disclosure for this sale can be found here. Insiders sold 113,536 shares of company stock worth $2,536,251 over the last 90 days. Company insiders own 26.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DBX. Citigroup lowered their target price on Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. UBS Group lowered their price objective on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $28.67.

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.