Covestor Ltd Boosts Stake in Dropbox, Inc. (NASDAQ:DBX)

Covestor Ltd grew its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 34.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,043 shares of the company’s stock after buying an additional 1,033 shares during the quarter. Covestor Ltd’s holdings in Dropbox were worth $102,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DBX. GAMMA Investing LLC grew 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 buying an additional 907 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Dropbox during the 3rd quarter worth approximately $28,000. Fifth Third Bancorp increased its stake in shares of Dropbox by 548.8% during the 2nd quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock worth $31,000 after purchasing an additional 1,169 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Dropbox in the 3rd quarter worth approximately $31,000. Finally, Quarry LP grew its holdings in Dropbox by 81.1% during the second quarter. Quarry LP now owns 1,965 shares of the company’s stock valued at $44,000 after purchasing an additional 880 shares during the period. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Dropbox Price Performance

Shares of DBX stock opened at $27.93 on Wednesday. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43. The company’s fifty day simple moving average is $25.43 and its two-hundred day simple moving average is $23.78. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 1.69 and a beta of 0.61.

Analyst Upgrades and Downgrades

Separately, UBS Group dropped their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Dropbox currently has a consensus rating of “Hold” and an average target price of $28.67.

Insider Buying and Selling

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $24.35, for a total transaction of $60,875.00. Following the completion of the transaction, the chief financial officer now owns 485,724 shares of the company’s stock, valued at $11,827,379.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Timothy Regan sold 2,500 shares of the business’s 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 completion of the transaction, the chief financial officer now directly owns 485,724 shares in the company, valued at $11,827,379.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Houston sold 351,306 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $25.12, for a total value of $8,824,806.72. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at $207,658,649.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 459,952 shares of company stock valued at $11,544,337. Corporate insiders own 26.40% of the company’s stock.

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.