Dropbox, Inc. $DBX Shares Sold by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS cut its Dropbox stake by 9% in Q4, selling 68,900 shares and now holds 695,200 shares (about 0.27% of the company) valued at roughly $19.33 million.
• Company insiders have been net sellers, disposing of 412,021 shares worth $10.17 million over the last 90 days (including CEO Andrew Houston's $4.22 million sale), though insiders still own 35.48% of the stock.
• Several analysts trimmed targets and ratings in February (e.g., UBS to $23 sell, JPMorgan to $25 neutral), leaving MarketBeat's consensus rating at "Reduce" with an average price target of $27.50.

KLP Kapitalforvaltning AS lessened its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 9.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 695,200 shares of the company's stock after selling 68,900 shares during the period. KLP Kapitalforvaltning AS owned 0.27% of Dropbox worth $19,327,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in DBX. Rossby Financial LCC increased its position in Dropbox by 128.5% in the 3rd quarter. Rossby Financial LCC now owns 937 shares of the company's stock valued at $28,000 after acquiring an additional 527 shares during the period. Palisade Asset Management LLC acquired a new position in Dropbox during the 3rd quarter worth approximately $30,000. First Horizon Corp acquired a new position in Dropbox during the 3rd quarter worth approximately $31,000. LRI Investments LLC increased its position in Dropbox by 666.7% during the 3rd quarter. LRI Investments LLC now owns 1,150 shares of the company's stock worth $35,000 after purchasing an additional 1,000 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in Dropbox by 78.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company's stock worth $36,000 after purchasing an additional 558 shares during the period. Institutional investors and hedge funds own 94.84% of the company's stock.

Dropbox Stock Performance

Shares of DBX opened at $23.90 on Friday. The company has a market capitalization of $5.76 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.74 and a beta of 0.61. The stock has a fifty day moving average of $24.37 and a two-hundred day moving average of $26.81. Dropbox, Inc. has a fifty-two week low of $21.69 and a fifty-two week high of $32.40.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.66 by $0.02. Dropbox had a negative return on equity of 37.47% and a net margin of 20.17%.The company had revenue of $636.20 million for the quarter, compared to analyst estimates of $627.83 million. During the same period last year, the company posted $0.73 earnings per share. The firm's revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts forecast that Dropbox, Inc. will post 2.03 earnings per share for the current fiscal year.

Insider Transactions at Dropbox

In related news, CAO Sarah Elizabeth Schubach sold 1,416 shares of Dropbox stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $24.49, for a total value of $34,677.84. Following the completion of the transaction, the chief accounting officer directly owned 86,319 shares in the company, valued at approximately $2,113,952.31. This trade represents a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andrew Houston sold 164,502 shares of Dropbox stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $25.66, for a total value of $4,221,121.32. The SEC filing for this sale provides additional information. Insiders have sold a total of 412,021 shares of company stock valued at $10,173,406 over the last ninety days. 35.48% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. UBS Group dropped their target price on Dropbox from $27.00 to $23.00 and set a "sell" rating on the stock in a research report on Friday, February 20th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Dropbox in a research report on Wednesday, January 21st. William Blair reiterated an "underperform" rating on shares of Dropbox in a research report on Monday, March 23rd. Royal Bank Of Canada dropped their target price on Dropbox from $35.00 to $30.00 and set an "outperform" rating on the stock in a research report on Friday, February 20th. Finally, JPMorgan Chase & Co. decreased their price target on Dropbox from $29.00 to $25.00 and set a "neutral" rating on the stock in a research note on Friday, February 20th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $27.50.

Dropbox Company Profile

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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