Livforsakringsbolaget Skandia Omsesidigt Reduces Holdings in Dropbox, Inc. $DBX

Key Points

• Livforsakringsbolaget Skandia Omsesidigt has significantly reduced its stake in Dropbox, Inc. by 57.6%, now owning 66,350 shares worth approximately $1.9 million.
• Analyst ratings for Dropbox have turned cautious, with Wall Street Zen downgrading the stock from a "buy" to a "hold," and UBS lowering its price target from $31 to $29.
• Dropbox reported strong earnings, beating estimates with $0.71 earnings per share and revenue of $625.7 million for the last quarter, despite a 1.4% decrease compared to the same period last year.

Livforsakringsbolaget Skandia Omsesidigt trimmed its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 57.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,350 shares of the company's stock after selling 90,150 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in Dropbox were worth $1,898,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Elequin Capital LP lifted its holdings in shares of Dropbox by 71.0% in the first quarter. Elequin Capital LP now owns 1,130 shares of the company's stock worth $30,000 after buying an additional 469 shares in the last quarter. Brooklyn Investment Group raised its stake in Dropbox by 250.3% in the first 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. raised its stake in Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock valued at $48,000 after purchasing an additional 449 shares in the last quarter. Fifth Third Bancorp raised its stake in 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 purchasing an additional 490 shares in the last quarter. Finally, UMB Bank n.a. raised 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 valued at $67,000 after purchasing an additional 1,338 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Trading Down 0.6%

NASDAQ:DBX traded down $0.18 during mid-day trading on Friday, reaching $30.61. The company's stock had a trading volume of 10,257,028 shares, compared to its average volume of 3,096,924. The firm's fifty day moving average price is $28.46 and its two-hundred day moving average price is $28.02. The stock has a market cap of $8.26 billion, a P/E ratio of 18.66, a PEG ratio of 4.05 and a beta of 0.70. Dropbox, Inc. has a 12-month low of $24.35 and a 12-month high of $33.33.

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

Insiders Place Their Bets

In other Dropbox news, insider William T. Yoon sold 11,430 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $30.16, for a total value of $344,728.80. Following the completion of the sale, the insider owned 223,662 shares of the company's stock, valued at approximately $6,745,645.92. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew Houston sold 45,835 shares of Dropbox stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $30.04, for a total value of $1,376,883.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 314,333 shares of company stock valued at $8,938,399. Insiders own 29.95% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DBX. UBS Group downgraded shares of Dropbox from a "neutral" rating to a "sell" rating and lowered their target price for the company from $29.00 to $27.00 in a research note on Thursday. Wall Street Zen downgraded shares of Dropbox from a "buy" rating to a "hold" rating in a research note on Friday, September 5th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Dropbox currently has an average rating of "Reduce" and an average price target of $29.67.

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.