IVY Lane Capital Management LLC Buys Shares of 125,000 Dropbox, Inc. (NASDAQ:DBX)

IVY Lane Capital Management LLC purchased a new position in shares of Dropbox, Inc. (NASDAQ:DBX) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 125,000 shares of the company’s stock, valued at approximately $3,179,000. Dropbox comprises about 1.8% of IVY Lane Capital Management LLC’s portfolio, making the stock its 12th largest position.

A number of other large investors have also modified their holdings of the company. State Board of Administration of Florida Retirement System grew its position in Dropbox by 3.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 245,177 shares of the company’s stock worth $5,958,000 after purchasing an additional 8,672 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Dropbox by 32.8% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,260 shares of the company’s stock valued at $3,749,000 after acquiring an additional 38,131 shares in the last quarter. Blair William & Co. IL acquired a new position in Dropbox during the 1st quarter worth $596,000. Intech Investment Management LLC increased its holdings in shares of Dropbox by 51.0% during the first quarter. Intech Investment Management LLC now owns 78,177 shares of the company’s stock valued at $1,900,000 after purchasing an additional 26,417 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Dropbox by 0.4% during the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock valued at $665,323,000 after purchasing an additional 105,250 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Trading Down 2.2 %

NASDAQ:DBX opened at $27.06 on Monday. The company has a 50-day moving average of $25.75 and a 200-day moving average of $23.89. The firm has a market cap of $8.38 billion, a price-to-earnings ratio of 15.64, a price-to-earnings-growth ratio of 1.72 and a beta of 0.61. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.43.

Insider Transactions at Dropbox

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 485,724 shares of the company’s stock, valued at approximately $11,827,379.40. This represents a 0.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew Houston sold 351,306 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $25.12, for a total transaction of $8,824,806.72. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $207,658,649.92. The trade was a 4.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 459,952 shares of company stock valued at $11,544,337 in the last three months. 26.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, UBS Group lowered their target price on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $28.67.

About Dropbox

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.