First Trust Advisors LP Sells 37,667 Shares of Dropbox, Inc. $DBX

Key Points

• First Trust Advisors LP reduced its Dropbox position by 2.1%, selling 37,667 shares in the first quarter while retaining 1.79 million shares valued at approximately $40.6 million. Institutional investors collectively own 94.84% of Dropbox.
• Dropbox insiders sold 129,082 shares worth about $3.49 million over the past 90 days, including directors Karen Peacock and Andrew William Moore. Insiders retain a 35.48% ownership stake.
• Dropbox shares opened at $30.54, up 4.6%, while analysts maintain a generally cautious outlook with an average “Reduce” rating and a $27.00 price target. The company recently exceeded quarterly earnings and revenue expectations, reporting $0.76 EPS and $629.5 million in revenue.

First Trust Advisors LP decreased its holdings in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 2.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,786,109 shares of the company's stock after selling 37,667 shares during the quarter. First Trust Advisors LP owned 0.74% of Dropbox worth $40,580,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Palisade Asset Management LLC acquired a new stake in shares of Dropbox during the 3rd quarter valued at about $30,000. Kestra Advisory Services LLC bought a new position in Dropbox during the fourth quarter worth about $31,000. Larson Financial Group LLC lifted its stake in Dropbox by 228.0% during the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company's stock worth $32,000 after purchasing an additional 791 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Dropbox by 78.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company's stock valued at $36,000 after purchasing an additional 558 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Dropbox during the fourth quarter valued at approximately $38,000. 94.84% of the stock is owned by institutional investors.

Insider Buying and Selling at Dropbox

In other Dropbox news, Director Karen Peacock sold 2,000 shares of Dropbox stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $29.00, for a total value of $58,000.00. Following the completion of the transaction, the director owned 24,366 shares in the company, valued at approximately $706,614. The trade was a 7.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrew William Moore sold 8,443 shares of the business's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $232,773.51. Following the completion of the transaction, the director directly owned 4,737 shares in the company, valued at approximately $130,599.09. This represents a 64.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 129,082 shares of company stock worth $3,489,910 over the last 90 days. Company insiders own 35.48% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on DBX shares. Wall Street Zen upgraded Dropbox from a "hold" rating to a "buy" rating in a research note on Sunday, June 28th. Citigroup raised their target price on Dropbox from $27.00 to $28.00 and gave the stock a "neutral" rating in a research report on Monday, May 11th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Dropbox in a research report on Monday, June 1st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Dropbox in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Dropbox currently has an average rating of "Reduce" and an average target price of $27.00.

Dropbox Stock Up 4.6%

NASDAQ:DBX opened at $30.54 on Tuesday. The firm has a market cap of $7.12 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 3.20 and a beta of 0.66. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $32.40. The company's 50-day moving average price is $27.90 and its two-hundred day moving average price is $26.04.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The company had revenue of $629.50 million during the quarter, compared to analyst estimates of $620.56 million. During the same quarter last year, the business posted $0.70 earnings per share. The company's revenue was up .8% on a year-over-year basis. On average, research analysts expect that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

About Dropbox

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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