Columbia Management Investment Ad has recently announced that it has increased stake in Dropbox Inc. (NASDAQ:DBX) by 8.29%. After grabbing 16.19 million shares, the institutional investor is now in possession of 1.24 million shares of the Technology Company. The new investment brought the stake of investor firm to 5.88% having worth around $352.07 million. Moreover, Pictet Asset Management SA increased its share by 65785.0 to have a control over 10.77 million shares. And Renaissance Technologies LLC raised its holdings to 1.37 million shares by acquiring 9.58 million shares or 3.48% of the stake.
Dropbox Inc. (DBX) concluded trading on 11/16/22 at a closing price of $22.43, with 7.06 million shares of worth about $158.41 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 13.23% during that period and on Wednesday the price saw a loss of about -2.05%. Currently the company’s common shares owned by public are about 275.50M shares, out of which, 266.68M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 14 analysts are covering the DBX stock and their offered price forecasts bring an average price target of $28.28. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $34.00 and could fall to a lowest price of $22.00. The stock’s current price level is 19.46% above of average price target set by the analysts, while a rise to estimated low would result in loss of -1.95% for the stock. However, touching the estimated high of $34.00 would mean a gain of 34.03% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 62 times over the past 12 months. They bought 424,265 shares in 10 of the transactions. In 52 selling transactions, insiders dumped 995,693 shares.
Columbia Seligman Technology & In, Vanguard Total Stock Market Index, and Pictet – Robotics are the top 3 mutual funds which are holding stakes in Dropbox Inc. Columbia Seligman Technology & In is currently holding 9.08 million shares of worth totaling $197.59 million. The company recently came buying 0.0 shares which brought its stake up to 3.30% of the company’s outstanding shares. Vanguard Total Stock Market Index sold 74928.0 shares, after which its hold over company’s outstanding shares shrunk to 2.97%, leaving 8.17 million shares with the mutual fund that have a worth of about $177.62 million. Pictet – Robotics, after selling 8.06 million shares, have now control over 2.93% of the stake in the company. It holds 75981.0 shares of worth $175.4 million.
Dropbox Inc. (NASDAQ: DBX) started trading at $22.47, below -$0.43 from concluding price of the previous day. However, the stock later moved at a day high price of 22.69, or with a loss of -2.05%. Stock saw a price change of 5.85% in past 5 days and over the past one month there was a price change of 5.75%. Year-to-date (YTD), DBX shares are showing a performance of -8.60% which decreased to -14.06% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $19.07 but also hit the highest price of $26.49 during that period. The average intraday trading volume for Dropbox Inc. shares is 2.42 million. The stock is currently trading 3.46% above its 20-day simple moving average (SMA20), while that difference is up 4.93% for SMA50 and it goes to 1.39% higher than SMA200.
Columbia Management Investment Ad acquired 16.19 million shares of Dropbox Inc. having value of about $352.07 million. Data submitted at the U.S SEC by Columbia Management Investment Ad revealed that the firm now holds 1.24 million shares in the company valued at close to $27807884.09, or have control over 8.29% stake in the company. Dropbox Inc. (NASDAQ: DBX) currently have 275.50M outstanding shares and institutions hold larger chunk of about 84.00% of that. Holding of mutual funds in the company is about 47.06% while other institutional holders and individual stake holders have control over 6.55% and 37.48% of the stake respectively.
The stock has a current market capitalization of $7.92B and its 3Y-monthly beta is at 0.81. PE ratio of stock for trailing 12 months is 20.26, while it has posted earnings per share of $1.11 in the same period. Its PEG reads 2.41 and has Quick Ratio of 1.40. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for DBX, volatility over the week remained 2.55% while standing at 2.85% over the month.
Analysts are in expectations that Dropbox Inc. (DBX) stock would likely to be making an EPS of $0.38 in the current quarter, while forecast for next quarter EPS is $0.39 and it is $1.72 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.35 which is $0.39 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.37 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 266.00% while it is estimated to increase by 9.88% in next year. EPS is likely to shrink at an annualized rate of 8.40% for next 5-years, compared to annual growth of 31.40% made by the stock over the past 5-years.
Analysts at 14 brokerage firms have issued recommendations for the Dropbox Inc. (DBX)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.40. Out of those 14 Wall Street analysts, 7 recommended a “Buy” rating, while 5 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by KeyBanc Capital Markets on September 13, 2022 offering an Overweight rating for the stock and assigned a target price of $30 to it. Coverage by BofA Securities stated Dropbox Inc. (DBX) stock as a Buy in their note to investors on September 06, 2022, suggesting a price target of $34 for the stock. On September 01, 2022, Citigroup Initiated their recommendations, while on December 02, 2021, Berenberg Initiated their ratings for the stock with a price target of $25. Stock get an Outperform rating from RBC Capital Mkts on June 11, 2021.