Algert Global LLC Cuts Position in 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 lowered its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 22.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 292,867 shares of the company's stock after selling 82,430 shares during the period. Algert Global LLC owned approximately 0.10% of Dropbox worth $7,822,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LSV Asset Management grew its position in Dropbox by 18.4% during the 1st quarter. LSV Asset Management now owns 7,633,516 shares of the company's stock worth $203,891,000 after purchasing an additional 1,187,395 shares during the last quarter. AQR Capital Management LLC grew its position in Dropbox by 3.0% during the 4th quarter. AQR Capital Management LLC now owns 3,332,516 shares of the company's stock worth $99,842,000 after purchasing an additional 97,551 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Dropbox by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,950,273 shares of the company's stock worth $78,802,000 after purchasing an additional 36,268 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Dropbox by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,646,502 shares of the company's stock worth $79,505,000 after purchasing an additional 82,284 shares during the last quarter. Finally, First Trust Advisors LP grew its position in Dropbox by 12.2% during the 4th quarter. First Trust Advisors LP now owns 2,415,093 shares of the company's stock worth $72,549,000 after purchasing an additional 262,871 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Insider Buying and Selling at Dropbox

In other news, Director Abhay Parasnis sold 3,564 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $28.26, for a total transaction of $100,718.64. Following the completion of the sale, the director owned 40,522 shares of the company's stock, valued at $1,145,151.72. This represents a 8.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Timothy Regan sold 2,500 shares of the company's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $27.95, for a total transaction of $69,875.00. Following the completion of the sale, the chief financial officer directly owned 482,121 shares of the company's stock, valued at $13,475,281.95. This represents a 0.52% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 571,572 shares of company stock valued at $16,130,641. 29.95% of the stock is owned by company insiders.

Dropbox Stock Performance

Shares of DBX traded up $0.50 during trading hours on Friday, hitting $28.82. The stock had a trading volume of 2,372,209 shares, compared to its average volume of 3,567,613. The firm has a 50-day moving average price of $27.68 and a 200 day moving average price of $28.00. Dropbox, Inc. has a fifty-two week low of $22.72 and a fifty-two week high of $33.33. The firm has a market capitalization of $7.78 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 3.75 and a beta of 0.64.

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

Wall Street Analyst Weigh In

DBX has been the topic of several research analyst reports. Citigroup boosted their target price on shares of Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. UBS Group dropped their target price 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 research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Dropbox presently has a consensus rating of "Hold" and a consensus target price of $30.33.

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.