Renaissance Technologies LLC Raises Stock Holdings in Dropbox, Inc. (NASDAQ:DBX)

Renaissance Technologies LLC grew its stake in Dropbox, Inc. (NASDAQ:DBX) by 5.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,314,233 shares of the company’s stock after buying an additional 506,200 shares during the quarter. Renaissance Technologies LLC owned approximately 3.12% of Dropbox worth $231,761,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sound Income Strategies LLC purchased a new stake in shares of Dropbox during the first quarter worth about $28,000. GAMMA Investing LLC grew its position in shares of Dropbox by 274.0% during the second quarter. GAMMA Investing LLC now owns 1,238 shares of the company’s stock worth $28,000 after purchasing an additional 907 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Dropbox by 548.8% during the second quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock worth $31,000 after purchasing an additional 1,169 shares in the last quarter. Principal Securities Inc. purchased a new stake in shares of Dropbox during the fourth quarter worth about $34,000. Finally, Quarry LP purchased a new stake in shares of Dropbox during the fourth quarter worth about $64,000. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Activity

In other 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 completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $185,173,318.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other 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 completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $185,173,318.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bart Volkmer sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was 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 of the company’s stock, valued at $7,600,337.84. The disclosure for this sale can be found here. Insiders sold 105,000 shares of company stock valued at $2,354,690 in the last ninety days. Insiders own 26.40% of the company’s stock.

Dropbox Trading Up 1.3 %

Shares of Dropbox stock opened at $24.59 on Monday. The stock has a 50 day moving average of $23.34 and a 200 day moving average of $23.20. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.43. The firm has a market cap of $8.00 billion, a PE ratio of 16.28, a PEG ratio of 1.51 and a beta of 0.61.

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

Wall Street Analyst Weigh In

DBX has been the subject of several research analyst reports. Citigroup cut their target price on Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. UBS Group cut their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $28.67.

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.