Dropbox, Inc. $DBX Shares Sold by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. reduced its position in Dropbox by 6.8%, now holding approximately 5.7 million shares valued at $152 million as of the latest SEC filing.
• Several other institutional investors have increased their ownership in Dropbox, with LSV Asset Management growing its stake by 18.4%, now owning over 7.6 million shares.
• Despite the recent performance, Dropbox's shares received mixed reviews from analysts, with UBS lowering its price target from $31 to $29 while Citigroup raised theirs from $30 to $32, maintaining a "neutral" rating.

Jacobs Levy Equity Management Inc. trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 6.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,718,967 shares of the company's stock after selling 414,811 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 1.90% of Dropbox worth $152,754,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Elequin Capital LP boosted its position in Dropbox by 71.0% during the first quarter. Elequin Capital LP now owns 1,130 shares of the company's stock worth $30,000 after purchasing an additional 469 shares in the last quarter. Brooklyn Investment Group boosted its position in Dropbox by 250.3% during the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock worth $37,000 after purchasing an additional 991 shares in the last quarter. SBI Securities Co. Ltd. boosted its position in Dropbox by 33.4% during the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock worth $48,000 after purchasing an additional 449 shares in the last quarter. Fifth Third Bancorp boosted its position in Dropbox by 27.3% during the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after purchasing an additional 490 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Dropbox by 115.0% in the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after acquiring an additional 1,338 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on DBX shares. Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. UBS Group cut their price target on Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Three research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $30.33.

Dropbox Stock Performance

Dropbox stock traded down $0.39 during trading on Wednesday, hitting $30.81. The company's stock had a trading volume of 1,641,818 shares, compared to its average volume of 3,710,049. The stock has a market capitalization of $8.31 billion, a price-to-earnings ratio of 18.80, a P/E/G ratio of 4.01 and a beta of 0.70. The stock's fifty day moving average is $27.87 and its 200 day moving average is $27.74. Dropbox, Inc. has a 1-year low of $23.33 and a 1-year high of $33.33.

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

Insider Transactions at Dropbox

In related news, CTO Ali Dasdan sold 7,146 shares of the company's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $27.82, for a total value of $198,801.72. Following the completion of the transaction, the chief technology officer directly owned 588,793 shares in the company, valued at approximately $16,380,221.26. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Abhay Parasnis sold 3,564 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $28.26, for a total value of $100,718.64. Following the completion of the transaction, the director owned 40,522 shares of the company's stock, valued at $1,145,151.72. The trade was a 8.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 244,854 shares of company stock valued at $6,826,430. Corporate insiders own 28.59% of the company's stock.

Dropbox Company Profile

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.