AQR Capital Management LLC Lowers Stock Holdings in Dropbox, Inc. $DBX

Key Points

• AQR Capital Management sold 542,663 shares of Dropbox, Inc., reducing its holdings by 16.3% to approximately 2.79 million shares, valued at around $72.7 million.
• Insider transactions revealed that both the CTO and the CEO of Dropbox sold significant amounts of stock, impacting their ownership percentages and raising investor interest.
• Recent analyst ratings show a mixed outlook for Dropbox, with Citigroup raising its price target to $32, while UBS lowered its target to $29, maintaining a neutral stance overall.

AQR Capital Management LLC trimmed its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 16.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,789,853 shares of the company's stock after selling 542,663 shares during the quarter. AQR Capital Management LLC owned 0.92% of Dropbox worth $72,731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Elequin Capital LP boosted its holdings in Dropbox by 71.0% in the first quarter. Elequin Capital LP now owns 1,130 shares of the company's stock worth $30,000 after acquiring an additional 469 shares in the last quarter. Brooklyn Investment Group boosted its stake in Dropbox by 250.3% in the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock worth $37,000 after purchasing an additional 991 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Dropbox by 33.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock worth $48,000 after purchasing an additional 449 shares during the last quarter. Fifth Third Bancorp increased its stake in Dropbox by 27.3% during the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after purchasing an additional 490 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Dropbox by 115.0% in the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after buying an additional 1,338 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Trading Up 0.7%

DBX traded up $0.20 during midday trading on Thursday, hitting $30.91. 2,447,793 shares of the company were exchanged, compared to its average volume of 3,067,855. The company's 50 day simple moving average is $27.99 and its 200 day simple moving average is $27.80. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 18.85, a price-to-earnings-growth ratio of 4.06 and a beta of 0.70. Dropbox, Inc. has a 1-year low of $24.08 and a 1-year high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $625.70 million during the quarter, compared to analysts' expectations of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The company's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 EPS. On average, equities analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current year.

Insiders Place Their Bets

In related news, insider William T. Yoon sold 11,430 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $30.16, for a total transaction of $344,728.80. Following the sale, the insider directly owned 223,662 shares of the company's stock, valued at approximately $6,745,645.92. This represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Andrew Houston sold 45,835 shares of the firm's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $30.04, for a total transaction of $1,376,883.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 326,931 shares of company stock worth $9,292,403. Corporate insiders own 29.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DBX shares. UBS Group cut their target price on Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th. Wall Street Zen lowered Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $30.33.

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.