Exchange Traded Concepts LLC Reduces Position in Dropbox, Inc. (NASDAQ:DBX)

Exchange Traded Concepts LLC cut its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 24.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 94,848 shares of the company's stock after selling 30,143 shares during the quarter. Exchange Traded Concepts LLC's holdings in Dropbox were worth $2,533,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of DBX. EverSource Wealth Advisors LLC increased its holdings in Dropbox by 96.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after buying an additional 424 shares during the period. True Wealth Design LLC increased its holdings in Dropbox by 191.0% during the fourth quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock valued at $31,000 after buying an additional 680 shares during the period. SBI Securities Co. Ltd. purchased a new position in Dropbox during the fourth quarter valued at approximately $40,000. Allworth Financial LP increased its holdings in Dropbox by 33.5% during the fourth quarter. Allworth Financial LP now owns 1,456 shares of the company's stock valued at $45,000 after buying an additional 365 shares during the period. Finally, Huntington National Bank increased its holdings in Dropbox by 768.9% during the fourth quarter. Huntington National Bank now owns 1,538 shares of the company's stock valued at $46,000 after buying an additional 1,361 shares during the period. 94.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $26.94, for a total transaction of $67,350.00. Following the completion of the sale, the chief financial officer now owns 565,068 shares of the company's stock, valued at $15,222,931.92. The trade was a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Houston sold 319,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $28.48, for a total transaction of $9,085,120.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares of the company's stock, valued at $235,434,647.68. This represents a 3.72% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 364,125 shares of company stock valued at $10,366,110. Company insiders own 29.95% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. UBS Group lifted their price objective on shares of Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday, May 9th. Citigroup lifted their price objective on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th.

Dropbox Stock Performance

DBX traded down $0.63 during trading on Thursday, hitting $28.32. The stock had a trading volume of 3,134,754 shares, compared to its average volume of 3,428,002. The company has a market capitalization of $7.97 billion, a PE ratio of 18.51 and a beta of 0.66. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.33. The stock has a 50 day simple moving average of $28.54 and a two-hundred day simple moving average of $28.88.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.08. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The company had revenue of $624.70 million during the quarter, compared to the consensus estimate of $619.56 million. During the same period last year, the firm earned $0.58 earnings per share. Dropbox's revenue was down 1.0% compared to the same quarter last year. On average, equities research analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current year.

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.