KBC Group NV Trims Stock Position in Dropbox, Inc. $DBX

Key Points

• KBC Group NV trimmed its stake in Dropbox by 22% in Q4, selling 236,991 shares and retaining 838,953 shares valued at about $23.3 million (≈0.32% of the company).
• Significant insider selling has occurred recently: CEO Andrew Houston sold 111,166 shares and CAO Sarah Schubach sold 1,415, with insiders disposing of 412,021 shares (~$10.17M) in the last 90 days while still owning 29.95% of the company.
• Operational and market outlook: Dropbox beat Q4 EPS expectations ($0.68 vs. $0.66) on $636.2M revenue (down 1.1% YoY), the stock trades around $24.27, and analysts carry a consensus "Reduce" rating with a $27.50 target.

KBC Group NV lowered its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 22.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 838,953 shares of the company's stock after selling 236,991 shares during the quarter. KBC Group NV owned approximately 0.32% of Dropbox worth $23,323,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in DBX. LSV Asset Management increased its position in shares of 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. Allianz Asset Management GmbH increased its holdings in Dropbox by 47.8% in the 3rd quarter. Allianz Asset Management GmbH now owns 2,123,932 shares of the company's stock worth $64,164,000 after acquiring an additional 686,577 shares in the last quarter. Northern Trust Corp increased its holdings in Dropbox by 29.1% in the 3rd quarter. Northern Trust Corp now owns 2,488,077 shares of the company's stock worth $75,165,000 after acquiring an additional 560,694 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in 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. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Dropbox by 22.5% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company's stock worth $70,015,000 after acquiring an additional 463,258 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Dropbox Price Performance

Shares of DBX opened at $24.27 on Friday. Dropbox, Inc. has a 1 year low of $21.69 and a 1 year high of $32.40. The company has a 50 day simple moving average of $24.39 and a two-hundred day simple moving average of $26.96. The firm has a market cap of $5.85 billion, a P/E ratio of 13.05, a price-to-earnings-growth ratio of 1.70 and a beta of 0.61.

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 business had revenue of $636.20 million during the quarter, compared to analyst estimates of $627.83 million. During the same period last year, the firm posted $0.73 EPS. The company's revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insider Activity at Dropbox

In other Dropbox news, CAO Sarah Elizabeth Schubach sold 1,415 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $22.99, for a total transaction of $32,530.85. Following the completion of the sale, the chief accounting officer directly owned 137,875 shares of the company's stock, valued at $3,169,746.25. This trade represents a 1.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew Houston sold 111,166 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $22.89, for a total transaction of $2,544,589.74. Following the sale, the chief executive officer directly owned 8,266,666 shares of the company's stock, valued at approximately $189,223,984.74. This trade represents a 1.33% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 412,021 shares of company stock valued at $10,173,406. Corporate insiders own 29.95% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on DBX shares. Wall Street Zen lowered shares of Dropbox from a "buy" rating to a "hold" rating in a report on Friday, January 23rd. William Blair reissued an "underperform" rating on shares of Dropbox in a report on Monday, March 23rd. JPMorgan Chase & Co. reduced their target price on shares of Dropbox from $29.00 to $25.00 and set a "neutral" rating for the company in a report on Friday, February 20th. Weiss Ratings reissued a "hold (c+)" rating on shares of Dropbox in a report on Wednesday, January 21st. Finally, UBS Group reduced their target price on shares of Dropbox from $27.00 to $23.00 and set a "sell" rating for the company in a report on Friday, February 20th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $27.50.

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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