Harvest Fund Management Co. Ltd Invests $592,000 in Dropbox, Inc. (NASDAQ:DBX)

Harvest Fund Management Co. Ltd purchased a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 19,947 shares of the company’s stock, valued at approximately $592,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in Dropbox by 33.5% during the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock valued at $45,000 after purchasing an additional 365 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company’s stock valued at $26,000 after purchasing an additional 424 shares during the last quarter. Quarry LP grew its holdings in Dropbox by 23.4% during the 3rd quarter. Quarry LP now owns 2,424 shares of the company’s stock valued at $62,000 after purchasing an additional 459 shares during the last quarter. Aaron Wealth Advisors LLC grew its holdings in Dropbox by 4.8% during the 4th quarter. Aaron Wealth Advisors LLC now owns 10,151 shares of the company’s stock valued at $305,000 after purchasing an additional 461 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in Dropbox by 35.6% during the 4th quarter. Fifth Third Bancorp now owns 1,798 shares of the company’s stock valued at $54,000 after purchasing an additional 472 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors.

Insider Transactions at Dropbox

In other news, CEO Andrew Houston sold 500,323 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $29.65, for a total value of $14,834,576.95. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $245,106,646.90. This represents a 5.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $30.38, for a total transaction of $75,950.00. Following the completion of the sale, the chief financial officer now directly owns 413,764 shares of the company’s stock, valued at $12,570,150.32. The trade was a 0.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 634,504 shares of company stock valued at $18,935,530. Company insiders own 28.59% of the company’s stock.

Analyst Ratings Changes

Separately, Jefferies Financial Group upped their price target on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 6th.

Dropbox Price Performance

Shares of DBX stock opened at $26.37 on Friday. The company has a market capitalization of $7.96 billion, a P/E ratio of 18.70, a P/E/G ratio of 1.70 and a beta of 0.77. The company’s 50-day simple moving average is $29.42 and its two-hundred day simple moving average is $27.90. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.33.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, February 20th. The company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.11). The company had revenue of $643.60 million during the quarter, compared to the consensus estimate of $638.61 million. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. On average, research analysts expect that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

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.