Alliancebernstein L.P. Cuts Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Alliancebernstein L.P. cut its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 9.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 432,985 shares of the company's stock after selling 42,689 shares during the period. Alliancebernstein L.P. owned approximately 0.14% of Dropbox worth $13,007,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of DBX. EverSource Wealth Advisors LLC lifted its stake in Dropbox by 96.1% in the fourth 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. Avion Wealth increased its holdings in Dropbox by 4,472.7% in the 4th quarter. Avion Wealth now owns 1,006 shares of the company's stock worth $30,000 after acquiring an additional 984 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Dropbox in the 4th quarter valued at about $40,000. Allworth Financial LP boosted its position in Dropbox by 33.5% during the fourth quarter. Allworth Financial LP now owns 1,456 shares of the company's stock worth $45,000 after purchasing an additional 365 shares during the period. Finally, V Square Quantitative Management LLC increased its stake in shares of Dropbox by 39.0% in the fourth quarter. V Square Quantitative Management LLC now owns 1,717 shares of the company's stock worth $52,000 after purchasing an additional 482 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group lifted their price target on Dropbox from $27.00 to $30.00 and gave the company a "hold" rating in a research report on Monday, January 6th.

Insider Buying and Selling at Dropbox

In related news, insider Eric Cox sold 3,765 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $26.30, for a total value of $99,019.50. Following the sale, the insider now owns 309,550 shares in the company, valued at approximately $8,141,165. This trade represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Andrew Houston sold 80,499 shares of the firm's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $30.97, for a total value of $2,493,054.03. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $256,018,646.02. This trade represents a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 94,264 shares of company stock valued at $2,895,324. Corporate insiders own 28.59% of the company's stock.

Dropbox Price Performance

DBX traded up $0.26 during trading on Tuesday, hitting $27.00. 440,065 shares of the stock traded hands, compared to its average volume of 3,602,930. The firm has a 50-day moving average of $27.68 and a 200 day moving average of $28.24. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.33. The firm has a market capitalization of $8.15 billion, a P/E ratio of 19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75.

Dropbox (NASDAQ:DBX - Get Free Report) last announced 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). Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The business had revenue of $643.60 million for the quarter, compared to the consensus estimate of $638.61 million. As a group, equities analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

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.