NewEdge Advisors LLC Has $374,000 Stock Holdings in Dropbox, Inc. $DBX

NewEdge Advisors LLC lifted its position in Dropbox, Inc. (NASDAQ:DBX) by 1,879.3% during the 1st quarter, Holdings Channel reports. The firm owned 16,468 shares of the company’s stock after buying an additional 15,636 shares during the quarter. NewEdge Advisors LLC’s holdings in Dropbox were worth $374,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in DBX. Empowered Funds LLC lifted its holdings in Dropbox by 7.3% during the 1st quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock valued at $1,036,000 after purchasing an additional 2,655 shares during the last quarter. Cetera Investment Advisers grew its stake in Dropbox by 10.8% during the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock worth $704,000 after buying an additional 2,405 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in 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 buying an additional 787 shares during the last quarter. Cresset Asset Management LLC grew its stake in 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 buying an additional 6,569 shares during the last quarter. Finally, Federated Hermes Inc. increased 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 buying an additional 92,280 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Price Performance

Shares of NASDAQ:DBX opened at $34.47 on Monday. The firm has a market cap of $7.78 billion, a P/E ratio of 19.15, a P/E/G ratio of 5.08 and a beta of 0.64. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $36.30. The company’s 50-day moving average price is $30.41 and its two-hundred day moving average price is $27.04.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The company had revenue of $631.50 million during the quarter, compared to the consensus estimate of $626.69 million. During the same period in the previous year, the firm posted $0.71 earnings per share. The company’s revenue was up .9% on a year-over-year basis. As a group, equities analysts predict that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Eric T. Webster sold 15,830 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $34.09, for a total value of $539,644.70. Following the completion of the transaction, the insider owned 416,236 shares in the company, valued at $14,189,485.24. The trade was a 3.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ashraf Alkarmi sold 22,700 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total value of $632,422.00. Following the sale, the chief executive officer owned 1,080,746 shares of the company’s stock, valued at approximately $30,109,583.56. The trade was a 2.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 59,410 shares of company stock valued at $1,841,022 over the last quarter. Company insiders own 35.48% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on DBX. William Blair upgraded shares of Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Dropbox in a research report on Monday, June 1st. Wall Street Zen cut Dropbox from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Bank of America reiterated an “underperform” rating on shares of Dropbox in a research report on Friday, August 7th. Finally, Zacks Research lowered Dropbox from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $28.25.

Dropbox Company Profile

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.