Dropbox (NASDAQ:DBX) Shares Gap Up – Here’s What Happened

Dropbox, Inc. (NASDAQ:DBX) gapped up prior to trading 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 traded.

Dropbox Trading Up 4.3 %

The firm has a fifty day moving average of $26.93 and a 200 day moving average of $24.44. The company has a market capitalization of $9.22 billion, a P/E ratio of 16.50, a P/E/G ratio of 1.63 and a beta of 0.63.

Insiders Place Their Bets

In related news, CEO Andrew Houston sold 3,493 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.00, for a total value of $87,325.00. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $206,666,650. This represents a 0.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $24.35, for a total transaction of $60,875.00. Following the transaction, the chief financial officer now directly owns 485,724 shares in the company, valued at $11,827,379.40. This represents a 0.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 596,782 shares of company stock valued at $15,385,637. Insiders own 26.40% of the company’s stock.

Institutional Inflows and Outflows

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

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.