Abacus FCF Advisors LLC Reduces Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Abacus FCF Advisors LLC trimmed its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 16.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 66,521 shares of the company's stock after selling 13,125 shares during the quarter. Abacus FCF Advisors LLC's holdings in Dropbox were worth $1,777,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in DBX. Wedge Capital Management L L P NC lifted its position in Dropbox by 1,640.3% during the 1st quarter. Wedge Capital Management L L P NC now owns 2,141,026 shares of the company's stock valued at $57,187,000 after purchasing an additional 2,017,997 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Dropbox by 38.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,224,864 shares of the company's stock worth $156,955,000 after buying an additional 1,440,887 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its holdings in Dropbox by 291.2% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,797,823 shares of the company's stock worth $54,007,000 after buying an additional 1,338,234 shares during the period. LSV Asset Management raised its holdings in Dropbox by 24.0% during the 4th quarter. LSV Asset Management now owns 6,446,121 shares of the company's stock worth $193,641,000 after buying an additional 1,245,563 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Dropbox in the 4th quarter valued at about $25,375,000. 94.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Dropbox

In other news, CEO Andrew Houston sold 319,000 shares of Dropbox stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $28.48, for a total value of $9,085,120.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at $235,434,647.68. This trade represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $28.78, for a total transaction of $71,950.00. Following the transaction, the chief financial officer now directly owns 531,094 shares of the company's stock, valued at approximately $15,284,885.32. This represents a 0.47% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 351,527 shares of company stock valued at $10,012,106. 29.95% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

DBX has been the topic of a number of recent research reports. UBS Group lifted their target price on Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Citigroup upped their price objective on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, May 9th.

Dropbox Stock Up 0.1%

Shares of DBX traded up $0.04 during midday trading on Friday, hitting $28.09. The company's stock had a trading volume of 3,202,713 shares, compared to its average volume of 3,435,895. The company's fifty day simple moving average is $28.36 and its two-hundred day simple moving average is $28.86. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.33. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 1.70 and a beta of 0.66.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.62 by $0.08. The business had revenue of $624.70 million for 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 last year, the company earned $0.58 EPS. On average, research analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current 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.