KLP Kapitalforvaltning AS Sells 101,700 Shares of Dropbox, Inc. (NASDAQ:DBX)

KLP Kapitalforvaltning AS lessened its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 12.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 743,000 shares of the company's stock after selling 101,700 shares during the quarter. KLP Kapitalforvaltning AS owned approximately 0.25% of Dropbox worth $19,846,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. True Wealth Design LLC raised its holdings in Dropbox by 191.0% in the 4th quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock worth $31,000 after purchasing an additional 680 shares in the last quarter. Huntington National Bank increased its position in shares of 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. SBI Securities Co. Ltd. raised its stake in Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock worth $48,000 after buying an additional 449 shares in the last quarter. Fifth Third Bancorp lifted its holdings in Dropbox by 27.3% in the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after buying an additional 490 shares during the period. Finally, UMB Bank n.a. lifted its holdings in 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 buying an additional 1,338 shares during the period. Hedge funds and other institutional investors own 94.84% of the company's stock.

Insider Activity at Dropbox

In other Dropbox news, CEO Andrew Houston sold 319,000 shares of Dropbox stock in a transaction on 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 completion of the transaction, the chief executive officer owned 8,266,666 shares in the company, valued at approximately $235,434,647.68. The trade was a 3.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William T. Yoon sold 5,449 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $28.94, for a total value of $157,694.06. Following the completion of the sale, the insider directly owned 245,837 shares in the company, valued at approximately $7,114,522.78. This represents a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 466,125 shares of company stock worth $13,222,130 over the last quarter. 29.95% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on DBX shares. Citigroup upped their target price on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. UBS Group upped their price target on Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, May 9th.

Dropbox Stock Performance

Shares of Dropbox stock traded down $0.14 during trading on Friday, hitting $27.77. The company's stock had a trading volume of 2,692,653 shares, compared to its average volume of 3,347,194. Dropbox, Inc. has a 52 week low of $21.32 and a 52 week high of $33.33. The company has a market capitalization of $7.82 billion, a PE ratio of 18.15, a P/E/G ratio of 10.92 and a beta of 0.65. The company has a fifty day simple moving average of $28.22 and a two-hundred day simple moving average of $28.48.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The business had revenue of $624.70 million for the quarter, compared to analysts' expectations of $619.56 million. During the same quarter in the prior year, the company earned $0.58 earnings per share. The business's revenue was down 1.0% compared to the same quarter last year. As a group, analysts predict that Dropbox, Inc. will post 1.64 EPS for the current year.

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.