HighTower Advisors LLC Has $419,000 Stake in Dropbox, Inc. $DBX

Key Points

• HighTower Advisors LLC has reduced its stake in Dropbox, Inc. by 43.4% during the first quarter, owning 15,689 shares valued at approximately $419,000 after selling 12,018 shares.
• Insider transactions show that CEO Andrew Houston sold 319,000 shares of Dropbox, reducing his ownership by 3.72%, while insiders have collectively sold over 562,000 shares in the last quarter.
• Dropbox reported earnings of $0.71 per share for the last quarter, exceeding estimates of $0.63, though revenue declined by 1.4% year-over-year to $625.7 million.

HighTower Advisors LLC cut its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 43.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,689 shares of the company's stock after selling 12,018 shares during the quarter. HighTower Advisors LLC's holdings in Dropbox were worth $419,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. grew its holdings in shares of Dropbox by 33.4% during the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock worth $48,000 after buying an additional 449 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Dropbox by 27.3% in the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after acquiring an additional 490 shares during the last quarter. UMB Bank n.a. increased its position in shares of Dropbox by 115.0% in the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock valued at $67,000 after acquiring an additional 1,338 shares during the last quarter. IFP Advisors Inc increased its position in shares of Dropbox by 30.3% in the first quarter. IFP Advisors Inc now owns 4,328 shares of the company's stock valued at $116,000 after acquiring an additional 1,006 shares during the last quarter. Finally, Integrated Advisors Network LLC acquired a new stake in shares of Dropbox in the fourth quarter valued at about $213,000. 94.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DBX has been the topic of a number of recent research reports. UBS Group lowered their target price on Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th. Citigroup boosted their price target on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, Dropbox has an average rating of "Hold" and an average target price of $30.33.

Dropbox Trading Up 1.0%

Shares of NASDAQ:DBX traded up $0.28 during trading on Thursday, reaching $29.25. 1,151,978 shares of the stock were exchanged, compared to its average volume of 3,719,637. Dropbox, Inc. has a 12 month low of $22.72 and a 12 month high of $33.33. The firm has a market cap of $7.89 billion, a PE ratio of 17.84, a PEG ratio of 3.84 and a beta of 0.70. The stock has a 50-day moving average price of $27.70 and a 200-day moving average price of $27.80.

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

Insiders Place Their Bets

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the company's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $27.95, for a total transaction of $69,875.00. Following the completion of the sale, the chief financial officer directly owned 482,121 shares in the company, valued at $13,475,281.95. This represents a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ashraf Alkarmi sold 10,098 shares of the company's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $27.30, for a total value of $275,675.40. Following the sale, the insider owned 469,333 shares of the company's stock, valued at $12,812,790.90. The trade was a 2.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 562,072 shares of company stock valued at $15,858,981 in the last quarter. Company insiders own 28.59% of the company's stock.

Dropbox Company 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.