Jupiter Asset Management Ltd. Sells 241,599 Shares of Dropbox, Inc. (NASDAQ:DBX)

Jupiter Asset Management Ltd. reduced its holdings in Dropbox, Inc. (NASDAQ:DBX) by 44.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 303,231 shares of the company’s stock after selling 241,599 shares during the quarter. Jupiter Asset Management Ltd. owned about 0.07% of Dropbox worth $8,084,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Wealthcare Advisory Partners LLC bought a new stake in Dropbox in the first quarter worth approximately $25,000. Westside Investment Management Inc. increased its holdings in Dropbox by 1,100.0% in the first quarter. Westside Investment Management Inc. now owns 1,200 shares of the company’s stock worth $31,000 after purchasing an additional 1,100 shares in the last quarter. Ironwood Wealth Management LLC. bought a new stake in shares of Dropbox during the fourth quarter valued at approximately $28,000. Cullen Frost Bankers Inc. bought a new stake in shares of Dropbox during the first quarter valued at approximately $61,000. Finally, Oder Investment Management LLC bought a new stake in shares of Dropbox during the fourth quarter valued at approximately $63,000. Institutional investors and hedge funds own 66.65% of the company’s stock.

Shares of NASDAQ:DBX opened at $29.75 on Friday. The stock has a market capitalization of $11.94 billion, a PE ratio of -49.58, a price-to-earnings-growth ratio of 1.10 and a beta of 0.89. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.89 and a current ratio of 1.89. Dropbox, Inc. has a 12-month low of $17.66 and a 12-month high of $29.86. The firm’s 50 day moving average is $26.66.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, May 6th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.20. The company had revenue of $511.60 million for the quarter, compared to analysts’ expectations of $505.17 million. Dropbox had a positive return on equity of 43.70% and a negative net margin of 12.59%. Dropbox’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.17 earnings per share. As a group, analysts anticipate that Dropbox, Inc. will post 0.65 earnings per share for the current year.

In other Dropbox news, Director Karen Peacock sold 8,818 shares of the business’s stock in a transaction on Monday, May 24th. The stock was sold at an average price of $27.13, for a total value of $239,232.34. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bart Volkmer sold 10,000 shares of the business’s stock in a transaction on Thursday, May 13th. The stock was sold at an average price of $24.49, for a total value of $244,900.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,825 shares of company stock worth $1,669,749. 23.75% of the stock is owned by insiders.

Several equities research analysts have recently commented on DBX shares. DA Davidson restated a “buy” rating on shares of Dropbox in a report on Wednesday, May 5th. TheStreet downgraded Dropbox from a “c-” rating to a “d+” rating in a report on Thursday, May 13th. Zacks Investment Research downgraded Dropbox from a “buy” rating to a “hold” rating in a report on Tuesday, May 18th. Finally, The Goldman Sachs Group started coverage on Dropbox in a report on Friday, May 14th. They set a “sell” rating and a $26.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Dropbox has an average rating of “Hold” and a consensus target price of $26.75.

Dropbox Company Profile

Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. As of December 31, 2020, the company had approximately 700 million registered users across 180 countries.

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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