Spark Investment Management LLC Buys Shares of 21,000 Dropbox, Inc. $DBX

Spark Investment Management LLC purchased a new position in Dropbox, Inc. (NASDAQ:DBX) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 21,000 shares of the company’s stock, valued at approximately $577,000. Dropbox makes up approximately 1.1% of Spark Investment Management LLC’s portfolio, making the stock its 25th biggest holding.

Other hedge funds also recently modified their holdings of the company. Empowered Funds LLC raised its holdings in Dropbox by 7.3% during the 1st quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock worth $1,036,000 after buying an additional 2,655 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Dropbox by 10.8% in the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock valued at $704,000 after buying an additional 2,405 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Dropbox by 88.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company’s stock worth $48,000 after acquiring an additional 787 shares in the last quarter. Cresset Asset Management LLC increased its position in shares of Dropbox by 75.8% during the second quarter. Cresset Asset Management LLC now owns 15,230 shares of the company’s stock worth $436,000 after acquiring an additional 6,569 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in shares of Dropbox by 360.9% during the second quarter. Federated Hermes Inc. now owns 117,852 shares of the company’s stock worth $3,371,000 after acquiring an additional 92,280 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on DBX shares. Bank of America reaffirmed an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. William Blair upgraded Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Weiss Ratings raised Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. Royal Bank Of Canada reiterated an “outperform” rating and set a $42.00 price objective on shares of Dropbox in a report on Thursday, September 3rd. Finally, Citigroup boosted their target price on Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $30.75.

Insider Buying and Selling

In other Dropbox news, CTO Ali Dasdan sold 11,332 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $34.13, for a total transaction of $386,761.16. Following the transaction, the chief technology officer owned 471,052 shares of the company’s stock, valued at $16,077,004.76. The trade was a 2.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Peacock sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $33.00, for a total value of $66,000.00. Following the sale, the director owned 22,366 shares in the company, valued at approximately $738,078. This represents a 8.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 38,667 shares of company stock valued at $1,285,874 in the last ninety days. 35.48% of the stock is owned by company insiders.

Dropbox Price Performance

NASDAQ:DBX traded down $1.02 on Tuesday, hitting $33.81. 3,259,659 shares of the company’s stock were exchanged, compared to its average volume of 3,946,857. The firm has a 50-day moving average price of $32.30 and a 200-day moving average price of $27.84. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $36.37. The company has a market cap of $7.63 billion, a P/E ratio of 18.78, a price-to-earnings-growth ratio of 5.15 and a beta of 0.65.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.01. The company had revenue of $631.50 million during the quarter, compared to analysts’ expectations of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.Dropbox’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the company earned $0.71 EPS. On average, research analysts expect that Dropbox, Inc. will post 1.93 earnings per share for the current fiscal year.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.