Dropbox (NASDAQ:DBX) Shares Gap Up – Time to Buy?

Dropbox, Inc. (NASDAQ:DBX)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $28.55, but opened at $29.81. Dropbox shares last traded at $29.35, with a volume of 229,723 shares changing hands.

Dropbox Trading Up 1.4 %

The business’s 50-day moving average is $27.13 and its two-hundred day moving average is $24.52. The firm has a market cap of $9.43 billion, a P/E ratio of 17.60, a P/E/G ratio of 1.68 and a beta of 0.63.

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 3,177 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $25.00, for a total transaction of $79,425.00. Following the completion of the transaction, the chief financial officer now owns 481,747 shares in the company, valued at approximately $12,043,675. The trade was a 0.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Andrew Houston sold 132,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $28.12, for a total value of $3,711,840.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $232,458,647.92. This trade represents a 1.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 594,282 shares of company stock valued at $15,324,762. 26.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Dropbox

Institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. raised its stake in shares of Dropbox by 63.0% in the 2nd quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock worth $167,523,000 after buying an additional 2,881,981 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Dropbox by 63.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,536,412 shares of the company’s stock worth $56,994,000 after acquiring an additional 986,942 shares during the period. AQR Capital Management LLC raised its position in Dropbox by 39.7% in the second quarter. AQR Capital Management LLC now owns 3,021,962 shares of the company’s stock worth $67,360,000 after acquiring an additional 859,233 shares in the last quarter. Distillate Capital Partners LLC acquired a new stake in Dropbox in the 2nd quarter valued at about $14,291,000. Finally, Renaissance Technologies LLC boosted its position in shares of Dropbox by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock valued at $231,761,000 after purchasing an additional 506,200 shares in the last quarter. Institutional investors and hedge funds own 94.84% 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.