AQR Capital Management LLC Raises Holdings in Dropbox, Inc. (NASDAQ:DBX)

AQR Capital Management LLC increased its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 39.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,021,962 shares of the company’s stock after acquiring an additional 859,233 shares during the quarter. AQR Capital Management LLC’s holdings in Dropbox were worth $67,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Norges Bank bought a new position in Dropbox during the 4th quarter valued at approximately $19,361,000. US Bancorp DE increased its stake in shares of Dropbox by 67.4% during the fourth quarter. US Bancorp DE now owns 44,194 shares of the company’s stock valued at $1,303,000 after buying an additional 17,800 shares during the period. Advisory Services Network LLC raised its holdings in shares of Dropbox by 6.2% during the fourth quarter. Advisory Services Network LLC now owns 15,382 shares of the company’s stock valued at $453,000 after acquiring an additional 893 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Dropbox by 1.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 132,597 shares of the company’s stock worth $3,909,000 after acquiring an additional 1,790 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in Dropbox by 224.5% in the fourth quarter. Hsbc Holdings PLC now owns 326,241 shares of the company’s stock valued at $9,624,000 after acquiring an additional 225,713 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on DBX. UBS Group decreased their price objective 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. Citigroup reduced their price target on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Dropbox has a consensus rating of “Hold” and a consensus target price of $28.67.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $25.31 on Friday. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43. The firm has a 50-day moving average of $23.72 and a 200 day moving average of $23.26. The stock has a market cap of $8.36 billion, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 1.55 and a beta of 0.61.

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

Insiders Place Their Bets

In other news, CEO Andrew Houston sold 66,064 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $25.00, for a total transaction of $1,651,600.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $206,666,650. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Timothy Regan sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $22.33, for a total value of $290,290.00. Following the completion of the transaction, the chief financial officer now directly owns 538,122 shares in the company, valued at approximately $12,016,264.26. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Andrew Houston sold 66,064 shares of the stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $25.00, for a total value of $1,651,600.00. Following the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at $206,666,650. The disclosure for this sale can be found here. Over the last three months, insiders have sold 180,634 shares of company stock valued at $4,243,915. 26.40% of the stock is currently owned by corporate insiders.

Dropbox 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.