Thrivent Financial for Lutherans increased its position in shares of Dropbox by 0.7% during the fourth quarter. now owns 4,727,563 shares of the company’s stock worth $97,955,000 after acquiring an additional 1,063,628 shares during the period. increased its position in shares of Dropbox by 29.0% during the third quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock worth $245,777,000 after buying an additional 2,476,021 shares during the period. Baupost Group LLC MA boosted its holdings in Dropbox by 30.6% in the 1st quarter. ADV’s holdings in Dropbox were worth $385,000 at the end of the most recent quarter.Ī number of other hedge funds have also recently made changes to their positions in the stock. The institutional investor owned 17,218 shares of the company’s stock after acquiring an additional 1,730 shares during the quarter. ( NASDAQ:DBX – Get Rating) by 11.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. ADV raised its position in shares of Dropbox, Inc.
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Is now the time to buy Dropbox? Access our full analysis of the earnings results here, it's free.Mercer Global Advisors Inc. Investors who bought $1,000 worth of Dropbox's shares 5 years ago would now be looking at an investment worth $725.94. Most of the charges are expected to be recorded in the second quarter of 2023 and almost all of these will be completed by the end of 2023.ĭropbox is down 5.86% since the beginning of the year, and at $21.25 per share it is trading 14.5% below its 52-week high of $24.84 from August 2022. The company also announced plans to cut its global workforce by about 16% and expects to take charges of $37 million to $42 million related to the job cuts. The previous big move was 8 days ago, when the company gained 6.51% on the news that the company said it expects to meet or exceed its revenue, constant currency revenue, and non-GAAP operating margin guidance for the first quarter of 2023, which it had given on February 16, 2023. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business. What is the market telling us:ĭropbox's shares are not very volatile than the market average and over the last year have had only 7 moves greater than 5%.
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Overall, the market is generally cheering a focus on operating leverage and free cash flow for software companies, a different tone than the 'growth at all costs' mindset of previous years.
The profitability outlook is promising, considering the initiatives implemented earlier in the year to streamline the workforce and generate significant cost savings. While the company lowered revenue guidance for the full year, EBIT guidance was raised. However, there was a slowdown in customer growth. Jumped 7.3% in the after-market session after the company reported first-quarter results that beat analysts' estimates for revenue, gross margin, free cash flow, and earnings per share. Shares of cloud storage and e-signature company Dropbox (Nasdaq: DBX)
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