Bessemer Group Inc. Sells 86,657 Shares of Dropbox, Inc. (NASDAQ:DBX)

Bessemer Group Inc. lowered its holdings in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 68.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 39,664 shares of the company's stock after selling 86,657 shares during the quarter. Bessemer Group Inc.'s holdings in Dropbox were worth $1,059,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DBX. IFP Advisors Inc grew its holdings in shares of Dropbox by 436.7% during the 4th quarter. IFP Advisors Inc now owns 3,322 shares of the company's stock worth $101,000 after purchasing an additional 2,703 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Dropbox during the 4th quarter worth approximately $511,000. SVB Wealth LLC acquired a new stake in shares of Dropbox during the 4th quarter worth approximately $230,000. Fisher Asset Management LLC grew its holdings in shares of Dropbox by 26.6% during the 4th quarter. Fisher Asset Management LLC now owns 196,406 shares of the company's stock worth $5,900,000 after purchasing an additional 41,275 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Dropbox during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 94.84% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. UBS Group boosted their price target on Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Citigroup boosted their price target on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, May 9th.

Insider Buying and Selling

In other Dropbox news, insider Ashraf Alkarmi sold 10,098 shares of the business's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $28.10, for a total value of $283,753.80. Following the transaction, the insider owned 492,856 shares of the company's stock, valued at approximately $13,849,253.60. The trade was a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William T. Yoon sold 5,449 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $28.94, for a total value of $157,694.06. Following the completion of the transaction, the insider directly owned 245,837 shares in the company, valued at approximately $7,114,522.78. This represents a 2.17% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 466,125 shares of company stock valued at $13,222,405. Insiders own 29.95% of the company's stock.

Dropbox Trading Up 1.5%

DBX stock traded up $0.40 during trading on Friday, hitting $27.95. The company had a trading volume of 2,351,807 shares, compared to its average volume of 3,397,067. The company has a fifty day moving average price of $28.75 and a two-hundred day moving average price of $28.78. The company has a market cap of $7.87 billion, a P/E ratio of 18.27, a P/E/G ratio of 11.01 and a beta of 0.65. Dropbox, Inc. has a fifty-two week low of $21.32 and a fifty-two week high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. The company had revenue of $624.70 million for the quarter, compared to analyst estimates of $619.56 million. Dropbox had a negative return on equity of 79.66% and a net margin of 18.50%. The business's revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.58 earnings per share. On average, analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current year.

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.