Geode Capital Management LLC Has $178.16 Million Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Geode Capital Management LLC grew its stake in Dropbox, Inc. (NASDAQ:DBX) by 34.4% during the second quarter, HoldingsChannel.com reports. The firm owned 5,883,419 shares of the company’s stock after buying an additional 1,504,489 shares during the period. Geode Capital Management LLC’s holdings in Dropbox were worth $178,155,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of DBX. Acadian Asset Management LLC lifted its stake in shares of Dropbox by 111.2% in the 1st quarter. Acadian Asset Management LLC now owns 9,750 shares of the company’s stock valued at $260,000 after purchasing an additional 5,134 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Dropbox by 2.5% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 247,371 shares of the company’s stock valued at $6,585,000 after buying an additional 5,946 shares in the last quarter. Sei Investments Co. increased its position in shares of Dropbox by 42.2% in the 1st quarter. Sei Investments Co. now owns 198,598 shares of the company’s stock valued at $5,106,000 after buying an additional 58,966 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Dropbox by 356.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,550,756 shares of the company’s stock valued at $41,344,000 after buying an additional 1,210,822 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in shares of Dropbox in the 1st quarter valued at $815,000. 67.21% of the stock is currently owned by institutional investors.

In related news, President Timothy H. Young sold 9,624 shares of the firm’s stock in a transaction dated Friday, September 24th. The shares were sold at an average price of $31.41, for a total value of $302,289.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy Regan sold 1,868 shares of the firm’s stock in a transaction dated Monday, July 26th. The shares were sold at an average price of $30.96, for a total transaction of $57,833.28. The disclosure for this sale can be found here. Insiders sold a total of 72,253 shares of company stock valued at $2,234,548 in the last 90 days. 30.81% of the stock is owned by corporate insiders.

A number of analysts recently commented on DBX shares. Royal Bank of Canada upped their price objective on shares of Dropbox from $35.00 to $38.00 and gave the company an “outperform” rating in a research report on Friday, August 6th. Zacks Investment Research cut shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Wednesday, October 6th. TheStreet upgraded shares of Dropbox from a “d+” rating to a “c-” rating in a research report on Monday, August 2nd. Jefferies Financial Group upped their price objective on shares of Dropbox from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, August 6th. Finally, JMP Securities increased their target price on Dropbox from $37.00 to $39.00 and gave the stock a “market outperform” rating in a report on Friday, August 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.80.

DBX stock opened at $28.90 on Thursday. The stock has a 50-day moving average price of $30.75 and a two-hundred day moving average price of $29.12. The stock has a market cap of $11.52 billion, a PE ratio of -68.81 and a beta of 0.92. Dropbox, Inc. has a 1 year low of $17.66 and a 1 year high of $33.00.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 5th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.25. The firm had revenue of $530.60 million during the quarter, compared to analysts’ expectations of $524.00 million. Dropbox had a positive return on equity of 108.39% and a negative net margin of 8.73%. On average, equities analysts expect that Dropbox, Inc. will post 0.77 earnings per share for the current year.

Dropbox Company Profile

Dropbox, Inc is a collaboration platform that’s transforming the way people and teams work together. It offers following products: Dropbox Basic, Plus, Professional and Business. The Dropbox Basic is the simple, powerful home for photos, videos, docs, and other files. Its users also get access to new product Dropbox Paper, a collaborative workspace that helps teams create and share early ideas, and work with any type of content, in one centralized place.

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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