Engine Capital Management LP Takes $9.21 Million Position in Dropbox, Inc. (NASDAQ:DBX)

Engine Capital Management LP bought a new stake in Dropbox, Inc. (NASDAQ:DBX) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 409,905 shares of the company’s stock, valued at approximately $9,211,000. Dropbox makes up 1.7% of Engine Capital Management LP’s holdings, making the stock its 19th biggest position. Engine Capital Management LP owned about 0.12% of Dropbox as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC grew its position in shares of Dropbox by 7.4% in the 4th quarter. Parallel Advisors LLC now owns 6,642 shares of the company’s stock valued at $196,000 after acquiring an additional 459 shares during the period. Cooper Financial Group increased its position in Dropbox by 3.1% during the first quarter. Cooper Financial Group now owns 15,581 shares of the company’s stock worth $379,000 after buying an additional 462 shares during the last quarter. iA Global Asset Management Inc. lifted its position in shares of Dropbox by 6.5% in the second quarter. iA Global Asset Management Inc. now owns 9,725 shares of the company’s stock valued at $219,000 after buying an additional 597 shares during the last quarter. Tobam boosted its stake in shares of Dropbox by 4.1% during the 2nd quarter. Tobam now owns 19,642 shares of the company’s stock worth $441,000 after acquiring an additional 767 shares during the period. Finally, Retirement Systems of Alabama raised its stake in Dropbox by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 321,699 shares of the company’s stock valued at $7,817,000 after acquiring an additional 845 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Andrew Houston sold 3,493 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $25.00, for a total transaction of $87,325.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $206,666,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Dropbox news, CFO Timothy Regan sold 13,000 shares of the stock in a transaction dated Monday, July 1st. The stock was 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 $12,016,264.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew Houston sold 3,493 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.00, for a total value of $87,325.00. 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. Insiders sold 114,570 shares of company stock worth $2,592,315 over the last three months. Insiders own 26.40% of the company’s stock.

Dropbox Stock Performance

NASDAQ:DBX opened at $24.79 on Tuesday. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 1.51 and a beta of 0.61. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.43. The stock has a fifty day moving average price of $23.62 and a 200-day moving average price of $23.23.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DBX shares. Citigroup dropped their price objective 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. UBS Group reduced their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company 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 assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $28.67.

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.