CWA Asset Management Group LLC Lowers Stake in Dropbox, Inc. (NASDAQ:DBX)

CWA Asset Management Group LLC trimmed its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 57.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,746 shares of the company's stock after selling 60,931 shares during the quarter. CWA Asset Management Group LLC's holdings in Dropbox were worth $1,222,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Dropbox by 96.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock worth $26,000 after purchasing an additional 424 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Dropbox by 191.0% during the 4th 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 during the 4th quarter worth approximately $40,000. Allworth Financial LP boosted its holdings in Dropbox by 33.5% in the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company's stock worth $45,000 after acquiring an additional 365 shares during the period. Finally, Huntington National Bank boosted its holdings in Dropbox by 768.9% in the 4th quarter. Huntington National Bank now owns 1,538 shares of the company's stock worth $46,000 after acquiring an additional 1,361 shares during the period. 94.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Dropbox

In other news, CEO Andrew Houston sold 319,000 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $28.48, for a total value of $9,085,120.00. Following the sale, the chief executive officer now owns 8,266,666 shares of the company's stock, valued at approximately $235,434,647.68. The trade was a 3.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ashraf Alkarmi sold 10,098 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $28.10, for a total value of $283,753.80. Following the transaction, the insider now directly owns 492,856 shares of the company's stock, valued at $13,849,253.60. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 364,125 shares of company stock valued at $10,366,110. Company insiders own 29.95% of the company's stock.

Dropbox Trading Down 2.2%

Shares of NASDAQ DBX opened at $28.32 on Friday. The business has a 50 day simple moving average of $28.54 and a 200-day simple moving average of $28.88. The company has a market capitalization of $7.97 billion, a price-to-earnings ratio of 18.51 and a beta of 0.66. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.33.

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

Analyst Ratings Changes

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

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.

Want to see what other hedge funds are holding DBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dropbox, Inc. (NASDAQ:DBX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.