Deerfield Management Company L.P. Series C Makes New Investment in Dropbox, Inc. (NASDAQ:DBX)

Deerfield Management Company L.P. Series C purchased a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 20,820 shares of the company’s stock, valued at approximately $468,000.

A number of other large investors have also recently modified their holdings of the company. Pacer Advisors Inc. grew its holdings in Dropbox by 63.0% during the 2nd quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock worth $167,523,000 after acquiring an additional 2,881,981 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Dropbox by 63.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,536,412 shares of the company’s stock valued at $56,994,000 after purchasing an additional 986,942 shares in the last quarter. AQR Capital Management LLC increased its holdings in Dropbox by 39.7% during the second quarter. AQR Capital Management LLC now owns 3,021,962 shares of the company’s stock valued at $67,360,000 after buying an additional 859,233 shares during the period. Russell Investments Group Ltd. raised its stake in Dropbox by 68.2% in the first quarter. Russell Investments Group Ltd. now owns 1,949,274 shares of the company’s stock worth $47,397,000 after buying an additional 790,191 shares in the last quarter. Finally, Norges Bank purchased a new stake in Dropbox during the fourth quarter worth $19,361,000. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Citigroup cut their price target on Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. UBS Group reduced their target price on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $28.67.

Insider Transactions at Dropbox

In related news, CEO Andrew Houston sold 82,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $22.40, for a total value of $1,836,800.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $185,173,318.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Andrew Houston sold 82,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $22.40, for a total value of $1,836,800.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $185,173,318.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Timothy Regan sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $22.33, for a total transaction of $290,290.00. Following the transaction, the chief financial officer now directly owns 538,122 shares of the company’s stock, valued at $12,016,264.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 180,634 shares of company stock worth $4,243,915. Company insiders own 26.40% of the company’s stock.

Dropbox Stock Performance

Dropbox stock opened at $25.31 on Friday. The stock has a market cap of $8.36 billion, a PE ratio of 16.76, a price-to-earnings-growth ratio of 1.55 and a beta of 0.61. The stock has a 50-day moving average of $23.72 and a two-hundred day moving average of $23.26. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.43.

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

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.