Dropbox, Inc. $DBX Holdings Decreased by Ieq Capital LLC

Key Points

• Ieq Capital LLC reduced its stake in Dropbox, Inc. by 13.8%, selling 33,688 shares, bringing its total ownership to 210,133 shares, valued at approximately $5.6 million.
• Several other investors, including Elequin Capital LP and Brooklyn Investment Group, increased their positions in Dropbox by significant margins, reflecting continued interest from institutional investors.
• Dropbox reported earnings of $0.71 per share for the last quarter, exceeding estimates, although revenue dipped by 1.4% year-over-year.

Ieq Capital LLC lowered its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 13.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,133 shares of the company's stock after selling 33,688 shares during the quarter. Ieq Capital LLC owned approximately 0.07% of Dropbox worth $5,613,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Elequin Capital LP boosted its stake in Dropbox by 71.0% during 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. Brooklyn Investment Group raised its stake in shares of Dropbox by 250.3% in the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock valued at $37,000 after purchasing an additional 991 shares in the last quarter. SBI Securities Co. Ltd. lifted its position 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 purchasing an additional 449 shares during the last quarter. Fifth Third Bancorp grew its stake in Dropbox by 27.3% in the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after purchasing an additional 490 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in Dropbox by 115.0% in the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after purchasing an additional 1,338 shares in the last quarter. Institutional investors own 94.84% of the company's stock.

Dropbox Trading Up 0.5%

DBX traded up $0.14 during trading on Monday, reaching $29.06. 2,596,203 shares of the company were exchanged, compared to its average volume of 3,562,102. Dropbox, Inc. has a 52 week low of $22.72 and a 52 week high of $33.33. The firm has a 50 day moving average of $27.69 and a 200 day moving average of $27.82. The stock has a market cap of $7.84 billion, a P/E ratio of 17.72, a PEG ratio of 3.84 and a beta of 0.69.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.08. The company had revenue of $625.70 million for 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 firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the business posted $0.60 earnings per share. As a group, analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DBX. UBS Group cut their price objective on Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a research note on Friday, August 8th. Citigroup upped their price target on Dropbox from $30.00 to $32.00 and gave the company 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.com, the company has a consensus rating of "Hold" and an average price target of $30.33.

Insider Activity

In other Dropbox news, CTO Ali Dasdan sold 7,146 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $27.82, for a total value of $198,801.72. Following the completion of the transaction, the chief technology officer owned 588,793 shares in the company, valued at approximately $16,380,221.26. This represents a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Abhay Parasnis sold 3,564 shares of Dropbox stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $28.26, for a total value of $100,718.64. Following the sale, the director directly owned 40,522 shares in the company, valued at approximately $1,145,151.72. This trade represents a 8.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 562,072 shares of company stock worth $15,858,981 over the last three months. Insiders own 28.59% of the company's stock.

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.