Pacer Advisors Inc. Acquires 2,881,981 Shares of Dropbox, Inc. (NASDAQ:DBX)

Pacer Advisors Inc. lifted its holdings in Dropbox, Inc. (NASDAQ:DBX) by 63.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 7,455,407 shares of the company’s stock after purchasing an additional 2,881,981 shares during the period. Pacer Advisors Inc. owned about 2.26% of Dropbox worth $167,523,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DBX. Principal Securities Inc. purchased a new stake in Dropbox during the fourth quarter worth $34,000. Sound Income Strategies LLC purchased a new stake in shares of Dropbox during the 1st quarter worth $28,000. GAMMA Investing LLC boosted its position in Dropbox by 274.0% during the second quarter. GAMMA Investing LLC now owns 1,238 shares of the company’s stock valued at $28,000 after purchasing an additional 907 shares in the last quarter. Fifth Third Bancorp grew its stake in Dropbox by 548.8% in the second quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock valued at $31,000 after purchasing an additional 1,169 shares during the last quarter. Finally, Quarry LP bought a new position in Dropbox in the fourth quarter worth about $64,000. 94.84% of the stock is currently owned by institutional investors.

Dropbox Trading Up 0.9 %

NASDAQ DBX opened at $24.70 on Friday. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43. The company has a fifty day simple moving average of $23.58 and a two-hundred day simple moving average of $23.23. The stock has a market cap of $8.16 billion, a P/E ratio of 16.36, a P/E/G ratio of 1.51 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The company had revenue of $634.50 million during the quarter, compared to analyst estimates of $630.10 million. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the business posted $0.28 EPS. As a group, sell-side analysts forecast that Dropbox, Inc. will post 1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $24.35, for a total value of $60,875.00. Following the sale, the chief financial officer now owns 485,724 shares in the company, valued at $11,827,379.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Dropbox news, insider Bart Volkmer sold 7,000 shares of Dropbox stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $22.76, for a total transaction of $159,320.00. Following the completion of the transaction, the insider now owns 333,934 shares in the company, valued at approximately $7,600,337.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $24.35, for a total value of $60,875.00. Following the completion of the transaction, the chief financial officer now directly owns 485,724 shares of the company’s stock, valued at approximately $11,827,379.40. The disclosure for this sale can be found here. Insiders sold 107,900 shares of company stock valued at $2,425,565 over the last quarter. 26.40% of the stock is currently owned by company insiders.

About Dropbox

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.