Meeder Asset Management Inc. Buys New Shares in Dropbox, Inc. $DBX

Meeder Asset Management Inc. bought a new position in Dropbox, Inc. (NASDAQ:DBX) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 27,554 shares of the company’s stock, valued at approximately $626,000.

Several other hedge funds also recently bought and sold shares of DBX. WealthCollab LLC raised its holdings in Dropbox by 20.6% during the fourth quarter. WealthCollab LLC now owns 2,356 shares of the company’s stock valued at $65,000 after acquiring an additional 403 shares during the period. Parallel Advisors LLC boosted its stake in shares of Dropbox by 8.3% in the fourth quarter. Parallel Advisors LLC now owns 5,765 shares of the company’s stock worth $160,000 after acquiring an additional 440 shares during the period. Lakewood Asset Management LLC grew its position in shares of Dropbox by 1.0% during the fourth quarter. Lakewood Asset Management LLC now owns 44,905 shares of the company’s stock worth $1,248,000 after purchasing an additional 458 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Dropbox by 1.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,254 shares of the company’s stock worth $730,000 after purchasing an additional 466 shares in the last quarter. Finally, Merit Financial Group LLC raised its stake in Dropbox by 4.4% during the 3rd quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock valued at $344,000 after purchasing an additional 480 shares during the period. Institutional investors own 94.84% of the company’s stock.

Insider Buying and Selling at Dropbox

In related news, CEO Andrew Houston sold 30,332 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $27.50, for a total value of $834,130.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrew William Moore sold 8,443 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total transaction of $232,773.51. Following the completion of the sale, the director owned 4,737 shares in the company, valued at $130,599.09. This represents a 64.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 129,082 shares of company stock worth $3,489,910. Company insiders own 35.48% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. William Blair reissued an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. Citigroup lifted their price objective on shares of Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. Royal Bank Of Canada reissued an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. Finally, Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Sunday, June 28th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Dropbox has an average rating of “Reduce” and an average price target of $27.00.

Dropbox Trading Down 0.3%

Shares of DBX stock opened at $30.53 on Tuesday. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 3.35 and a beta of 0.66. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $32.40. The stock’s 50-day moving average price is $27.63 and its 200-day moving average price is $25.97.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $629.50 million during the quarter, compared to analyst estimates of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The firm’s revenue was up .8% on a year-over-year basis. During the same period in the prior year, the company earned $0.70 earnings per share. As a group, research analysts predict that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

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.