Cresset Asset Management LLC Sells 79,177 Shares of Dropbox, Inc. (NASDAQ:DBX)

Cresset Asset Management LLC lessened its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 85.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,112 shares of the company's stock after selling 79,177 shares during the quarter. Cresset Asset Management LLC's holdings in Dropbox were worth $394,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of DBX. EverSource Wealth Advisors LLC raised its holdings in Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after acquiring an additional 424 shares during the period. Avion Wealth boosted its stake 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 purchasing an additional 984 shares during the period. SBI Securities Co. Ltd. purchased a new position in Dropbox during the 4th quarter valued at about $40,000. Allworth Financial LP increased its position in shares of Dropbox by 33.5% during the fourth quarter. Allworth Financial LP now owns 1,456 shares of the company's stock valued at $45,000 after buying an additional 365 shares during the period. Finally, Huntington National Bank lifted its holdings in shares of Dropbox by 768.9% in the fourth quarter. Huntington National Bank now owns 1,538 shares of the company's stock worth $46,000 after buying an additional 1,361 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Insider Transactions at Dropbox

In other news, insider Eric Cox sold 3,765 shares of the business's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $26.30, for a total value of $99,019.50. Following the completion of the sale, the insider now owns 309,550 shares of the company's stock, valued at approximately $8,141,165. The trade was a 1.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William T. Yoon sold 5,449 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $28.94, for a total value of $157,694.06. Following the transaction, the insider now owns 245,837 shares in the company, valued at approximately $7,114,522.78. The trade was a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 26,792 shares of company stock worth $754,346. 29.95% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. UBS Group upped their target price on shares of Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Citigroup boosted their price target on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, May 9th.

Dropbox Stock Down 0.7%

Shares of DBX stock traded down $0.21 during trading on Monday, hitting $28.70. The company had a trading volume of 3,371,713 shares, compared to its average volume of 3,610,591. The stock's 50-day moving average is $27.43 and its two-hundred day moving average is $28.68. The stock has a market capitalization of $8.08 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 1.70 and a beta of 0.68. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. The company had revenue of $624.70 million during the quarter, compared to the consensus estimate of $619.56 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The firm's revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.58 EPS. On average, research analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Dropbox Profile

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.