First Trust Advisors LP Sells 281,052 Shares of Dropbox, Inc. $DBX

Key Points

• First Trust Advisors LP trimmed its Dropbox stake by 13.3%, selling 281,052 shares in Q3 and ending the period with 1,834,124 shares worth about $55.4 million (≈0.68% of the company).
• Other large institutional moves included LSV Asset Management upping its position to 11.6 million shares (+38.1%) and Norges Bank initiating a roughly $51.3 million stake, while company insiders (including CEO Andrew Houston) sold a total of 451,613 shares valued at about $11.7 million over the past 90 days; insiders still own 29.95%.
• Dropbox trades around $25.87 with a 52-week range of $23.63–$32.40 and a P/E of 13.9; recent quarterly EPS of $0.68 slightly beat estimates but revenue was down 1.1% YoY, and analysts hold a consensus rating of "Hold" with a $27.50 average price target amid several recent downgrades.

First Trust Advisors LP lessened its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 13.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,834,124 shares of the company's stock after selling 281,052 shares during the period. First Trust Advisors LP owned about 0.68% of Dropbox worth $55,409,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. LSV Asset Management lifted its holdings in Dropbox by 38.1% during the 3rd quarter. LSV Asset Management now owns 11,613,642 shares of the company's stock valued at $350,848,000 after purchasing an additional 3,205,140 shares during the last quarter. Norges Bank acquired a new stake in shares of Dropbox during the second quarter worth approximately $51,307,000. Allianz Asset Management GmbH raised its stake in shares of Dropbox by 47.8% in the third quarter. Allianz Asset Management GmbH now owns 2,123,932 shares of the company's stock valued at $64,164,000 after acquiring an additional 686,577 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Dropbox by 10.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 6,662,161 shares of the company's stock worth $190,538,000 after acquiring an additional 605,258 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Dropbox by 1,067.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 539,470 shares of the company's stock worth $16,298,000 after acquiring an additional 493,271 shares in the last quarter. Institutional investors own 94.84% of the company's stock.

Dropbox Price Performance

DBX opened at $25.87 on Thursday. The firm has a 50 day simple moving average of $25.80 and a 200 day simple moving average of $28.17. Dropbox, Inc. has a fifty-two week low of $23.63 and a fifty-two week high of $32.40. The company has a market cap of $6.24 billion, a price-to-earnings ratio of 13.91, a price-to-earnings-growth ratio of 1.86 and a beta of 0.63.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.02. Dropbox had a net margin of 20.17% and a negative return on equity of 37.47%. The firm had revenue of $636.20 million for the quarter, compared to analysts' expectations of $627.83 million. During the same period last year, the firm earned $0.73 earnings per share. The business's revenue for the quarter was down 1.1% on a year-over-year basis. As a group, analysts expect that Dropbox, Inc. will post 1.64 EPS for the current year.

Analysts Set New Price Targets

DBX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on Dropbox from $29.00 to $25.00 and set a "neutral" rating for the company in a report on Friday, February 20th. Weiss Ratings restated a "hold (c+)" rating on shares of Dropbox in a research note on Wednesday, January 21st. Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a report on Friday, January 23rd. Royal Bank Of Canada reduced their price target on shares of Dropbox from $35.00 to $30.00 and set an "outperform" rating on the stock in a research report on Friday, February 20th. Finally, UBS Group decreased their price objective on shares of Dropbox from $27.00 to $23.00 and set a "sell" rating on the stock in a report on Friday, February 20th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $27.50.

Insider Buying and Selling

In related news, insider Ashraf Alkarmi sold 12,472 shares of the company's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $324,272.00. Following the completion of the sale, the insider owned 414,661 shares in the company, valued at approximately $10,781,186. This represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Andrew Houston sold 164,502 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $25.66, for a total value of $4,221,121.32. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 451,613 shares of company stock valued at $11,737,127 over the last 90 days. Company insiders own 29.95% of the company's stock.

Dropbox 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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