Harbor Capital Advisors Inc. Increases Stake in Dropbox, Inc. (NASDAQ:DBX)

Harbor Capital Advisors Inc. grew its position in Dropbox, Inc. (NASDAQ:DBX) by 13.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,956 shares of the company’s stock after purchasing an additional 926 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Dropbox were worth $202,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DBX. Vanguard Group Inc. raised its holdings in Dropbox by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock worth $665,323,000 after acquiring an additional 105,250 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Dropbox by 5.2% in the second quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock worth $231,761,000 after purchasing an additional 506,200 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Dropbox by 63.0% during the second quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock valued at $167,523,000 after purchasing an additional 2,881,981 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Dropbox by 0.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 4,670,151 shares of the company’s stock valued at $113,485,000 after buying an additional 32,600 shares during the last quarter. Finally, LSV Asset Management increased its holdings in Dropbox by 9.2% in the 2nd quarter. LSV Asset Management now owns 3,742,292 shares of the company’s stock worth $84,089,000 after buying an additional 314,862 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

Analyst Ratings Changes

Separately, UBS Group lowered their target price on shares of 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 issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $28.67.

Insider Activity at Dropbox

In other news, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction on Friday, September 13th. The shares were sold at an average price of $24.35, for a total transaction of $60,875.00. Following the transaction, the chief financial officer now owns 485,724 shares in the company, valued at $11,827,379.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $24.35, for a total value of $60,875.00. Following the completion of the sale, the chief financial officer now owns 485,724 shares in the company, valued at $11,827,379.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Andrew Houston sold 3,493 shares of Dropbox stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.00, for a total value of $87,325.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $206,666,650. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 459,952 shares of company stock worth $11,544,337. 26.40% of the stock is owned by company insiders.

Dropbox Price Performance

DBX stock opened at $27.88 on Friday. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43. The stock’s fifty day moving average price is $25.33 and its 200-day moving average price is $23.73. The company has a market cap of $9.07 billion, a P/E ratio of 16.21, a price-to-earnings-growth ratio of 1.64 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results 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%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.28 EPS. As a group, analysts expect that Dropbox, Inc. will post 1.31 earnings per share for the current 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.