Dropbox, Inc. $DBX Shares Sold by Edgestream Partners L.P.

Key Points

• Edgestream Partners L.P. reduced its Dropbox stake by 43.2% in the first quarter, selling 83,912 shares and retaining 110,527 shares valued at approximately $2.5 million.
• Other institutional investors increased their positions, including Arrowstreet Capital, Allianz Asset Management, and Northern Trust. Institutional investors and hedge funds collectively own 94.84% of Dropbox.
• Dropbox exceeded quarterly earnings expectations with EPS of $0.76 versus the $0.71 consensus and revenue of $629.5 million. Despite a recent share price near its 52-week high, analysts maintain a consensus “Reduce” rating with an average price target of $27.

Edgestream Partners L.P. cut its holdings in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 43.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,527 shares of the company's stock after selling 83,912 shares during the quarter. Edgestream Partners L.P.'s holdings in Dropbox were worth $2,511,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Dropbox in the fourth quarter worth $69,909,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Dropbox by 12.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company's stock worth $193,886,000 after purchasing an additional 960,109 shares in the last quarter. Arbejdsmarkedets Tillaegspension acquired a new position in shares of Dropbox during the 4th quarter worth $22,050,000. Allianz Asset Management GmbH grew its stake in shares of Dropbox by 28.1% during the 4th quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company's stock worth $75,626,000 after purchasing an additional 596,440 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Dropbox by 29.1% during the 3rd quarter. Northern Trust Corp now owns 2,488,077 shares of the company's stock worth $75,165,000 after purchasing an additional 560,694 shares during the period. Institutional investors and hedge funds own 94.84% of the company's stock.

Insider Buying and Selling at Dropbox

In other news, Director Andrew William Moore sold 8,443 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.57, for a total value of $232,773.51. Following the completion of the transaction, the director owned 4,737 shares of the company's stock, valued at $130,599.09. The trade was a 64.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Peacock sold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $33.00, for a total transaction of $66,000.00. Following the transaction, the director directly owned 22,366 shares in the company, valued at $738,078. The trade was a 8.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 129,313 shares of company stock valued at $3,513,542. Corporate insiders own 35.48% of the company's stock.

Dropbox Price Performance

DBX opened at $32.56 on Monday. The firm has a market cap of $7.60 billion, a P/E ratio of 17.79, a PEG ratio of 3.57 and a beta of 0.64. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $33.54. The business's fifty day simple moving average is $28.30 and its 200 day simple moving average is $26.19.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. The firm had revenue of $629.50 million during the quarter, compared to analysts' expectations of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The firm's quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 EPS. As a group, equities analysts expect that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DBX has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Dropbox from a "hold" rating to a "buy" rating in a research note on Sunday, June 28th. Royal Bank Of Canada restated an "outperform" rating on shares of Dropbox in a research report on Monday, June 1st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Dropbox in a report on Monday, May 4th. Finally, Citigroup lifted their price target on shares of Dropbox from $27.00 to $28.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Dropbox currently has a consensus rating of "Reduce" and an average price target of $27.00.

About Dropbox

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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