Ashton Thomas Private Wealth LLC Trims Holdings in Dropbox, Inc. $DBX

Key Points

• Ashton Thomas Private Wealth LLC trimmed its stake in Dropbox (NASDAQ:DBX) by 49.1% in Q4, selling 78,303 shares and leaving 81,023 shares valued at about $2.25 million.
• Quarterly results beat expectations (EPS $0.68 vs. $0.66; revenue $636.2M vs. $627.8M) but revenue was down 1.1% YoY, and analysts have cut price targets leaving a consensus "Reduce" rating with a $27.50 target.
• The article notes heavy insider selling—412,021 shares valued at $10.17 million in the last 90 days—while insiders still own 35.48% and institutional/hedge fund ownership is reported at 94.84%; DBX trades around $23.99 with a $5.79 billion market cap.

Ashton Thomas Private Wealth LLC trimmed its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 49.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 81,023 shares of the company's stock after selling 78,303 shares during the quarter. Ashton Thomas Private Wealth LLC's holdings in Dropbox were worth $2,252,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of DBX. Empowered Funds LLC raised its stake in shares of Dropbox by 7.3% in the first quarter. Empowered Funds LLC now owns 38,795 shares of the company's stock worth $1,036,000 after purchasing an additional 2,655 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Dropbox by 10.8% in the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company's stock worth $704,000 after purchasing an additional 2,405 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Dropbox by 88.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company's stock worth $48,000 after purchasing an additional 787 shares during the last quarter. Cresset Asset Management LLC raised its stake in shares of Dropbox by 75.8% in the second quarter. Cresset Asset Management LLC now owns 15,230 shares of the company's stock worth $436,000 after purchasing an additional 6,569 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of Dropbox by 360.9% in the second quarter. Federated Hermes Inc. now owns 117,852 shares of the company's stock worth $3,371,000 after purchasing an additional 92,280 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Trading Up 0.3%

Shares of DBX stock opened at $23.99 on Wednesday. The stock has a 50 day moving average of $24.34 and a 200 day moving average of $26.67. The stock has a market cap of $5.79 billion, a P/E ratio of 12.90, a P/E/G ratio of 1.69 and a beta of 0.61. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $32.40.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.02. The company had revenue of $636.20 million during the quarter, compared to analysts' expectations of $627.83 million. Dropbox had a negative return on equity of 37.47% and a net margin of 20.17%.Dropbox's quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the business earned $0.73 earnings per share. On average, research analysts predict that Dropbox, Inc. will post 2.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Dropbox news, insider Ashraf Alkarmi sold 12,472 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $324,272.00. Following the sale, the insider directly owned 414,661 shares of the company's stock, valued at approximately $10,781,186. This trade represents a 2.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Ali Dasdan sold 7,306 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $24.89, for a total value of $181,846.34. Following the completion of the sale, the chief technology officer directly owned 499,379 shares in the company, valued at approximately $12,429,543.31. The trade was a 1.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 412,021 shares of company stock valued at $10,173,406 in the last ninety days. Insiders own 35.48% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. UBS Group reduced their price objective on Dropbox from $27.00 to $23.00 and set a "sell" rating for the company in a research note on Friday, February 20th. JPMorgan Chase & Co. reduced their price objective on Dropbox from $29.00 to $25.00 and set a "neutral" rating for the company in a research note on Friday, February 20th. Royal Bank Of Canada reduced their price target on Dropbox from $35.00 to $30.00 and set an "outperform" rating for the company in a research report on Friday, February 20th. William Blair reiterated an "underperform" rating on shares of Dropbox in a research report on Monday, March 23rd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Dropbox in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $27.50.

Dropbox Profile

Dropbox, Inc NASDAQ: DBX is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.

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