Kovack Advisors Inc. Acquires Shares of 11,275 Dropbox, Inc. (NASDAQ:DBX)

Kovack Advisors Inc. bought a new position in Dropbox, Inc. (NASDAQ:DBX) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 11,275 shares of the company’s stock, valued at approximately $287,000.

A number of other institutional investors have also modified their holdings of DBX. Vanguard Group Inc. raised its holdings in shares of Dropbox by 0.4% in the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock valued at $665,323,000 after acquiring an additional 105,250 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Dropbox by 10.6% in the 3rd quarter. QRG Capital Management Inc. now owns 221,716 shares of the company’s stock valued at $5,638,000 after purchasing an additional 21,190 shares in the last quarter. Lakewood Asset Management LLC purchased a new stake in shares of Dropbox in the 2nd quarter worth approximately $797,000. Janus Henderson Group PLC boosted its stake in shares of Dropbox by 16.4% during the first quarter. Janus Henderson Group PLC now owns 1,619,231 shares of the company’s stock valued at $39,340,000 after purchasing an additional 228,316 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Dropbox by 6.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company’s stock valued at $59,907,000 after buying an additional 134,503 shares during the period. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Down 2.2 %

NASDAQ DBX opened at $27.06 on Friday. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.43. The company has a 50 day moving average price of $25.67 and a 200 day moving average price of $23.86. The firm has a market cap of $8.81 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 1.78 and a beta of 0.61.

Insider Transactions at Dropbox

In other news, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $24.35, for a total transaction of $60,875.00. Following the sale, the chief financial officer now owns 485,724 shares in the company, valued at approximately $11,827,379.40. The trade was a 0.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andrew Houston sold 66,064 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $206,666,650. The trade was a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 459,952 shares of company stock valued at $11,544,337. Corporate insiders own 26.40% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, UBS Group dropped their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target 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.