DekaBank Deutsche Girozentrale Reduces Position in Dropbox, Inc. $DBX

Key Points

• DekaBank Deutsche Girozentrale has reduced its position in Dropbox, Inc. by 5.1%, now owning approximately 1,780,763 shares valued at $50.15 million.
• Insider sales were reported, with Dropbox's CTO and CFO selling shares, contributing to a total of 318,632 shares sold by insiders in the last quarter, representing a decline in their ownership.
• Analysts have mixed ratings on Dropbox, with UBS lowering its rating from neutral to sell, while Wall Street Zen upgraded it from hold to buy.

DekaBank Deutsche Girozentrale trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 5.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,780,763 shares of the company's stock after selling 95,205 shares during the period. DekaBank Deutsche Girozentrale owned about 0.63% of Dropbox worth $50,150,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. SGL Investment Advisors Inc. grew its stake in shares of Dropbox by 2.4% during the second quarter. SGL Investment Advisors Inc. now owns 16,143 shares of the company's stock valued at $442,000 after buying an additional 375 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in Dropbox by 33.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock valued at $48,000 after acquiring an additional 449 shares during the period. Elequin Capital LP grew its position in Dropbox by 71.0% in the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company's stock valued at $30,000 after acquiring an additional 469 shares during the last quarter. Burns Matteson Capital Management LLC increased its stake in Dropbox by 3.6% in the first quarter. Burns Matteson Capital Management LLC now owns 16,158 shares of the company's stock worth $432,000 after purchasing an additional 568 shares during the period. Finally, Resona Asset Management Co. Ltd. increased its stake in Dropbox by 4.6% in the first quarter. Resona Asset Management Co. Ltd. now owns 14,322 shares of the company's stock worth $383,000 after purchasing an additional 625 shares during the period. Hedge funds and other institutional investors own 94.84% of the company's stock.

Insider Activity

In related news, CTO Ali Dasdan sold 12,812 shares of Dropbox stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.00, for a total transaction of $384,360.00. Following the transaction, the chief technology officer directly owned 551,060 shares of the company's stock, valued at $16,531,800. This trade represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Timothy Regan sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $29.76, for a total transaction of $148,800.00. Following the completion of the transaction, the chief financial officer directly owned 471,621 shares of the company's stock, valued at $14,035,440.96. This trade represents a 1.05% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 318,632 shares of company stock valued at $9,248,234. 28.59% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on DBX shares. Weiss Ratings reissued a "hold (c+)" rating on shares of Dropbox in a research note on Wednesday, October 8th. UBS Group lowered shares of Dropbox from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $29.00 to $27.00 in a report on Thursday, September 18th. Finally, Wall Street Zen upgraded shares of Dropbox from a "hold" rating to a "buy" rating in a research note on Saturday. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $29.67.

Dropbox Price Performance

DBX stock opened at $29.82 on Wednesday. Dropbox, Inc. has a 1-year low of $24.42 and a 1-year high of $33.33. The business has a 50-day moving average price of $29.58 and a 200 day moving average price of $28.54. The company has a market capitalization of $8.05 billion, a P/E ratio of 18.18, a PEG ratio of 3.86 and a beta of 0.67.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company had revenue of $625.70 million for the quarter, compared to analysts' expectations of $618.60 million. During the same period in the prior year, the business earned $0.60 EPS. The firm's quarterly revenue was down 1.4% on a year-over-year basis. On average, analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Dropbox Profile

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.

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