Canada Pension Plan Investment Board Raises Position in Dropbox, Inc. (NASDAQ:DBX)

Canada Pension Plan Investment Board boosted its holdings in Dropbox, Inc. (NASDAQ:DBX) by 18.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 287,300 shares of the company’s stock after purchasing an additional 44,000 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.09% of Dropbox worth $6,456,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in DBX. Sound Income Strategies LLC purchased a new position in Dropbox during the first quarter worth approximately $28,000. GAMMA Investing LLC raised its position in shares of Dropbox by 274.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,238 shares of the company’s stock worth $28,000 after buying an additional 907 shares during the period. Fifth Third Bancorp raised its position in shares of Dropbox by 548.8% in the 2nd quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock worth $31,000 after buying an additional 1,169 shares during the period. Quarry LP acquired a new position in Dropbox in the fourth quarter valued at $64,000. Finally, EntryPoint Capital LLC purchased a new stake in Dropbox during the first quarter valued at about $65,000. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DBX has been the topic of a number of research reports. UBS Group cut their price objective on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock 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 assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $28.67.

Dropbox Stock Performance

DBX stock opened at $24.93 on Wednesday. The firm has a market cap of $8.23 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61. The stock has a 50-day simple moving average of $23.66 and a 200-day simple moving average of $23.23. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43.

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

Insider Activity

In related news, CEO Andrew Houston sold 82,000 shares of Dropbox stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $22.40, for a total value of $1,836,800.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $185,173,318.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Andrew Houston sold 82,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $22.40, for a total value of $1,836,800.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $185,173,318.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Bart Volkmer sold 7,000 shares of Dropbox stock in a transaction on Monday, July 15th. The shares were sold at an average price of $22.76, for a total value of $159,320.00. Following the sale, the insider now directly owns 333,934 shares in the company, valued at approximately $7,600,337.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 114,570 shares of company stock valued at $2,592,315. 26.40% of the stock is currently owned by company insiders.

Dropbox Company 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.