AQR Capital Management LLC increases stake in Dropbox, Inc. (NASDAQ:DBX)

VaselineSeptember 28, 2024

0 4 minutes read

AQR Capital Management LLC raised its stake in Dropbox, Inc. (NASDAQ:DBX – Free Report) by 39.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,021,962 shares of the company’s stock after acquiring an additional 859,233 shares during the quarter. AQR Capital Management LLC’s holdings in Dropbox were worth $67,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Norges Bank bought a new position in Dropbox in the 4th quarter valued at about $19,361,000. US Bancorp DE grew its stake in Dropbox by 67.4% in the fourth quarter. US Bancorp DE now owns 44,194 shares of the company’s stock valued at $1,303,000 after buying an additional 17,800 shares during the period. Advisory Services Network LLC boosted its holdings in shares of Dropbox by 6.2% in the fourth quarter. Advisory Services Network LLC now owns 15,382 shares of the company’s stock valued at $453,000 after acquiring an additional 893 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Dropbox by 1.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 132,597 shares of the company’s stock worth $3,909,000 after acquiring an additional 1,790 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in Dropbox by 224.5% in the fourth quarter. Hsbc Holdings PLC now owns 326,241 shares of the company’s stock valued at $9,624,000 after acquiring an additional 225,713 shares in the last quarter. 94.84% of shares are held by hedge funds and other institutional investors.

Changes in Analyst Ratings

Several brokerages have commented on DBX. UBS Group decreased their price objective on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 9th. Citigroup cut their price target on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Dropbox has a consensus rating of “Hold” and a consensus price target of $28.67, based on data from MarketBeat.

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Dropbox price performance

Shares of NASDAQ DBX opened at $25.31 on Friday. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43. The firm has a 50-day moving average of $23.72 and a 200-day moving average of $23.26. The stock has a market cap of $8.36 billion, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 1.55 and a beta of 0.61.

Dropbox (NASDAQ:DBX – Get Your Free Report ) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The firm had revenue of $634.50 million for the quarter, compared to analysts’ expectations of $630.10 million. During the same period in the previous year, the firm posted EPS of $0.28. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. Research analysts expect that Dropbox, Inc. to post 1.31 earnings per share for the current fiscal year.

Insiders place their bets

In other news, CEO Andrew Houston sold 66,064 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $25.00, for a total transaction of $1,651,600.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $206,666,650. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. In related news, CFO Timothy Regan sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $22.33, for a total value of $290,290.00. Following the completion of the transaction, the chief financial officer now directly owns 538,122 shares in the company, valued at approximately $12,016,264.26. The sale was disclosed in a filing with the SEC, which is available via this hyperlink. Also, CEO Andrew Houston sold 66,064 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $25.00, for a total value of $1,651,600.00. Following the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at $206,666,650. The disclosure for this sale can be found here. Over the last three months, insiders have sold 180,634 shares of company stock worth $4,243,915. 26.40% of shares are currently owned by corporate insiders.

Dropbox profile

(Free Report)

Dropbox, Inc provides a worldwide content collaboration platform. 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 clients in the professional services, technology, media, education, industrial, consumer and retail and financial services sectors.