IVY Lane Capital Management LLC Makes New $3.18 Million Investment in Dropbox, Inc. (NASDAQ:DBX)

IVY Lane Capital Management LLC purchased a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 125,000 shares of the company’s stock, valued at approximately $3,179,000. Dropbox makes up approximately 1.8% of IVY Lane Capital Management LLC’s portfolio, making the stock its 12th largest position.

Several other institutional investors and hedge funds have also modified their holdings of DBX. GAMMA Investing LLC increased its holdings in Dropbox by 274.0% in the second quarter. GAMMA Investing LLC now owns 1,238 shares of the company’s stock worth $28,000 after buying an additional 907 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Dropbox during the 3rd quarter valued at $28,000. Fifth Third Bancorp lifted its stake in shares of Dropbox by 548.8% in the 2nd quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock valued at $31,000 after purchasing an additional 1,169 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Dropbox in the third quarter worth $31,000. Finally, Quarry LP boosted its holdings in Dropbox by 81.1% in the second quarter. Quarry LP now owns 1,965 shares of the company’s stock worth $44,000 after purchasing an additional 880 shares in the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, UBS Group reduced their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Dropbox currently has an average rating of “Hold” and an average price target of $28.67.

Dropbox Stock Performance

NASDAQ DBX opened at $27.06 on Monday. The stock has a 50-day simple moving average of $25.75 and a 200 day simple moving average of $23.89. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.43. The stock has a market capitalization of $8.38 billion, a PE ratio of 15.64, a P/E/G ratio of 1.72 and a beta of 0.61.

Insiders Place Their Bets

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $24.35, for a total value of $60,875.00. Following the sale, the chief financial officer now directly owns 485,724 shares in the company, valued at $11,827,379.40. This trade represents a 0.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Andrew Houston sold 66,064 shares of the company’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 transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $206,666,650. This represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 459,952 shares of company stock valued at $11,544,337 in the last three months. Company insiders own 26.40% of the company’s stock.

About Dropbox

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.