Sawgrass Asset Management LLC Increases Holdings in Dropbox, Inc. (NASDAQ:DBX)

Sawgrass Asset Management LLC boosted its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 16.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 536,143 shares of the company’s stock after purchasing an additional 73,903 shares during the period. Dropbox comprises approximately 1.8% of Sawgrass Asset Management LLC’s holdings, making the stock its 12th largest holding. Sawgrass Asset Management LLC owned about 0.16% of Dropbox worth $15,805,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. grew its holdings in shares of Dropbox by 5.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,418,927 shares of the company’s stock worth $120,327,000 after acquiring an additional 227,633 shares during the period. LSV Asset Management boosted its position in shares of Dropbox by 119.4% in the 4th quarter. LSV Asset Management now owns 3,305,730 shares of the company’s stock worth $97,453,000 after purchasing an additional 1,799,030 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Dropbox by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,990,186 shares of the company’s stock worth $88,151,000 after purchasing an additional 98,568 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Dropbox by 3.8% in the 4th quarter. Nordea Investment Management AB now owns 2,228,624 shares of the company’s stock worth $65,934,000 after purchasing an additional 81,729 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its position in shares of Dropbox by 65.8% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 2,189,593 shares of the company’s stock worth $64,825,000 after purchasing an additional 869,043 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on DBX shares. KeyCorp boosted their price target on Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 19th. The Goldman Sachs Group cut Dropbox from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $26.00 to $24.00 in a research report on Friday, February 16th. JMP Securities cut Dropbox from an “outperform” rating to a “market perform” rating in a research report on Friday, February 16th. JPMorgan Chase & Co. cut Dropbox from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $33.00 to $30.00 in a research report on Friday, February 16th. Finally, Citigroup lowered their price objective on Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Dropbox presently has an average rating of “Hold” and a consensus price target of $29.78.

Insiders Place Their Bets

In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $24.02, for a total value of $72,060.00. Following the completion of the sale, the chief financial officer now owns 403,720 shares of the company’s stock, valued at $9,697,354.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Andrew Houston sold 164,000 shares of Dropbox stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $197,242,650.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $24.02, for a total transaction of $72,060.00. Following the transaction, the chief financial officer now directly owns 403,720 shares in the company, valued at $9,697,354.40. The disclosure for this sale can be found here. Insiders sold a total of 271,721 shares of company stock valued at $6,443,955 over the last 90 days. Insiders own 26.40% of the company’s stock.

Dropbox Stock Down 1.2 %

DBX stock traded down $0.29 during trading on Wednesday, reaching $23.32. The company’s stock had a trading volume of 4,024,242 shares, compared to its average volume of 3,865,188. Dropbox, Inc. has a 1 year low of $21.19 and a 1 year high of $33.43. The company has a market capitalization of $8.02 billion, a P/E ratio of 17.67, a price-to-earnings-growth ratio of 2.62 and a beta of 0.70. The company’s fifty day moving average is $23.75 and its 200-day moving average is $27.10.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. The business had revenue of $635.00 million during the quarter, compared to the consensus estimate of $630.77 million. Analysts anticipate that Dropbox, Inc. will post 1.14 earnings per share for the current year.

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.