CWA Asset Management Group LLC Sells 60,931 Shares of Dropbox, Inc. (NASDAQ:DBX)

CWA Asset Management Group LLC trimmed its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 57.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,746 shares of the company's stock after selling 60,931 shares during the period. CWA Asset Management Group LLC's holdings in Dropbox were worth $1,222,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its holdings in Dropbox by 96.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after buying an additional 424 shares during the period. True Wealth Design LLC lifted its holdings in Dropbox by 191.0% in the fourth quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock valued at $31,000 after buying an additional 680 shares during the period. SBI Securities Co. Ltd. acquired a new position in Dropbox in the fourth quarter valued at approximately $40,000. Allworth Financial LP lifted its holdings in Dropbox by 33.5% in the fourth quarter. Allworth Financial LP now owns 1,456 shares of the company's stock valued at $45,000 after buying an additional 365 shares during the period. Finally, Huntington National Bank lifted its holdings in Dropbox by 768.9% in the fourth quarter. Huntington National Bank now owns 1,538 shares of the company's stock valued at $46,000 after buying an additional 1,361 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DBX. UBS Group increased their price objective on shares of Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday, May 9th. Citigroup upped their target price on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, May 9th.

Insider Transactions at Dropbox

In related news, CEO Andrew Houston sold 319,000 shares of the firm's stock in a transaction 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 now owns 8,266,666 shares of the company's stock, valued at approximately $235,434,647.68. This trade represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Cox sold 2,339 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $28.94, for a total transaction of $67,690.66. Following the completion of the transaction, the insider now directly owns 378,427 shares of the company's stock, valued at approximately $10,951,677.38. This trade represents a 0.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold 364,125 shares of company stock valued at $10,366,110 over the last quarter. Corporate insiders own 28.59% of the company's stock.

Dropbox Stock Performance

NASDAQ:DBX traded up $0.02 during trading hours on Monday, hitting $28.72. The stock had a trading volume of 2,609,428 shares, compared to its average volume of 3,397,296. Dropbox, Inc. has a one year low of $21.32 and a one year high of $33.33. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 18.77 and a beta of 0.66. The business's 50 day moving average is $28.61 and its 200-day moving average is $28.88.

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