Philadelphia Trust Co. Invests $3.27 Million in Dropbox Inc (DBX)
Philadelphia Trust Co. acquired a new position in Dropbox Inc (NASDAQ:DBX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 100,779 shares of the company’s stock, valued at approximately $3,267,000.
Several other hedge funds have also made changes to their positions in DBX. Trustcore Financial Services LLC lifted its holdings in shares of Dropbox by 702.0% in the second quarter. Trustcore Financial Services LLC now owns 4,010 shares of the company’s stock worth $130,000 after acquiring an additional 3,510 shares during the last quarter. Legal & General Group Plc bought a new position in Dropbox in the 1st quarter valued at approximately $158,000. Galileo PTC Ltd bought a new position in Dropbox in the 1st quarter valued at approximately $207,000. NumerixS Investment Technologies Inc bought a new position in Dropbox during the 2nd quarter worth approximately $237,000. Finally, Alkeon Capital Management LLC bought a new position in Dropbox during the 1st quarter worth approximately $232,000. 13.82% of the stock is currently owned by institutional investors and hedge funds.
DBX stock traded up $0.35 during mid-day trading on Friday, reaching $26.08. 2,905,288 shares of the company traded hands, compared to its average volume of 5,896,494. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.12. Dropbox Inc has a 52-week low of $24.78 and a 52-week high of $43.50.
In other Dropbox news, CEO Andrew Houston sold 61,728 shares of the company’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $27.16, for a total value of $1,676,532.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Ajay Vashee sold 13,731 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $27.23, for a total value of $373,895.13. The disclosure for this sale can be found here. Insiders have sold 304,399 shares of company stock valued at $8,282,591 in the last three months.
DBX has been the subject of several analyst reports. Jefferies Financial Group raised their price target on shares of Dropbox to $37.00 and gave the stock a “buy” rating in a report on Friday, August 10th. Zacks Investment Research raised shares of Dropbox from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Tuesday, May 22nd. Monness Crespi & Hardt began coverage on shares of Dropbox in a research report on Monday, August 27th. They issued a “neutral” rating for the company. Royal Bank of Canada raised shares of Dropbox from a “sector perform” rating to an “outperform” rating and set a $33.00 price target for the company in a research report on Friday, August 10th. Finally, JMP Securities raised their price objective on Dropbox from $35.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, August 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the stock. Dropbox has a consensus rating of “Buy” and a consensus price target of $34.29.
Dropbox Inc provides a collaboration platform worldwide. Its platform allows individuals, teams, and organizations to create, access, and share content online. The company was formerly known as Evenflow, Inc and changed its name to Dropbox, Inc in October 2009. Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California.
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