Algert Global LLC Sells 82,430 Shares of Dropbox, Inc. $DBX

Key Points

• Algert Global LLC reduced its stake in Dropbox, Inc. by 22.0%, selling 82,430 shares and now owns approximately 0.10% of the company, valued at about $7.82 million.
• Corporate insiders, including Director Karen Peacock and CFO Timothy Regan, have sold a total of 450,598 shares of Dropbox stock valued at over $12.77 million in the last three months.
• Dropbox reported a quarterly EPS of $0.71, which exceeded analyst expectations, despite a 1.4% decline in year-over-year revenue.

Algert Global LLC reduced its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 22.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 292,867 shares of the company's stock after selling 82,430 shares during the quarter. Algert Global LLC owned 0.10% of Dropbox worth $7,822,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. LPL Financial LLC lifted its position in shares of Dropbox by 31.2% during the fourth quarter. LPL Financial LLC now owns 24,506 shares of the company's stock valued at $736,000 after purchasing an additional 5,823 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Dropbox by 31.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 39,526 shares of the company's stock valued at $1,187,000 after purchasing an additional 9,570 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Dropbox during the fourth quarter valued at about $2,511,000. Sterling Capital Management LLC lifted its position in shares of Dropbox by 40.2% during the fourth quarter. Sterling Capital Management LLC now owns 11,112 shares of the company's stock valued at $334,000 after purchasing an additional 3,187 shares in the last quarter. Finally, CreativeOne Wealth LLC lifted its position in shares of Dropbox by 34.7% during the fourth quarter. CreativeOne Wealth LLC now owns 12,274 shares of the company's stock valued at $369,000 after purchasing an additional 3,159 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Stock Performance

Dropbox stock traded up $0.49 during mid-day trading on Friday, reaching $28.81. The company's stock had a trading volume of 2,368,019 shares, compared to its average volume of 3,765,974. Dropbox, Inc. has a 12-month low of $22.72 and a 12-month high of $33.33. The company has a market capitalization of $7.77 billion, a P/E ratio of 17.57, a PEG ratio of 3.76 and a beta of 0.64. The firm's fifty day moving average price is $27.66 and its two-hundred day moving average price is $28.02.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.08. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The business had revenue of $625.70 million during the quarter, compared to analyst estimates of $618.60 million. During the same period in the previous year, the business earned $0.60 EPS. Dropbox's revenue was down 1.4% compared to the same quarter last year. On average, research analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Andrew Houston sold 319,000 shares of Dropbox stock in a transaction that occurred on 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 directly owned 8,266,666 shares in the company, valued at approximately $235,434,647.68. The trade was a 3.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen Peacock sold 7,000 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $28.53, for a total transaction of $199,710.00. Following the completion of the transaction, the director directly owned 25,295 shares of the company's stock, valued at approximately $721,666.35. The trade was a 21.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 568,008 shares of company stock worth $16,029,923 in the last three months. Insiders own 29.95% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on DBX. Citigroup raised 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. UBS Group dropped their price target on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Dropbox has a consensus rating of "Hold" and a consensus price target of $30.33.

Dropbox Company 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.