New Age Alpha Advisors LLC Reduces Position in Dropbox, Inc. (NASDAQ:DBX)

Key Points

• New Age Alpha Advisors LLC reduced its holdings in Dropbox, Inc. by 41.3%, now owning shares worth $823,000 after selling 21,702 shares during the first quarter.
• Several large investors have significantly increased their stakes in Dropbox, with institutional investors and hedge funds currently owning 94.84% of the company.
• Analysts have varied outlooks on Dropbox; UBS lowered its target price from $31.00 to $29.00 while Citigroup raised it from $30.00 to $32.00, both maintaining a "neutral" rating.

New Age Alpha Advisors LLC trimmed its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 41.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,828 shares of the company's stock after selling 21,702 shares during the quarter. New Age Alpha Advisors LLC's holdings in Dropbox were worth $823,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Wedge Capital Management L L P NC raised its position in Dropbox by 1,640.3% in the 1st quarter. Wedge Capital Management L L P NC now owns 2,141,026 shares of the company's stock worth $57,187,000 after purchasing an additional 2,017,997 shares during the period. Seizert Capital Partners LLC boosted its stake in shares of Dropbox by 524.8% during the first quarter. Seizert Capital Partners LLC now owns 1,879,374 shares of the company's stock valued at $50,198,000 after purchasing an additional 1,578,566 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Dropbox by 291.2% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,797,823 shares of the company's stock valued at $54,007,000 after acquiring an additional 1,338,234 shares in the last quarter. LSV Asset Management boosted its stake in Dropbox by 18.4% in the first quarter. LSV Asset Management now owns 7,633,516 shares of the company's stock valued at $203,891,000 after acquiring an additional 1,187,395 shares in the last quarter. Finally, Alyeska Investment Group L.P. acquired a new stake in Dropbox in the fourth quarter valued at approximately $16,015,000. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Dropbox

In related news, CFO Timothy Regan sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $27.98, for a total transaction of $69,950.00. Following the sale, the chief financial officer directly owned 511,094 shares of the company's stock, valued at $14,300,410.12. This represents a 0.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ashraf Alkarmi sold 10,098 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $28.10, for a total transaction of $283,753.80. Following the sale, the insider directly owned 492,856 shares in the company, valued at approximately $13,849,253.60. The trade was a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 466,125 shares of company stock valued at $13,221,355 in the last 90 days. Corporate insiders own 28.59% of the company's stock.

Dropbox Trading Up 2.3%

DBX traded up $0.63 during trading hours on Wednesday, hitting $27.96. 1,263,505 shares of the company's stock were exchanged, compared to its average volume of 3,767,321. Dropbox, Inc. has a 12-month low of $22.32 and a 12-month high of $33.33. The firm has a 50 day moving average of $27.79 and a 200 day moving average of $28.19. The firm has a market cap of $7.87 billion, a P/E ratio of 17.05, a price-to-earnings-growth ratio of 3.61 and a beta of 0.64.

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

Analyst Upgrades and Downgrades

DBX has been the subject of a number of research analyst reports. UBS Group decreased their price target on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Citigroup raised their price target on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, May 9th.

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.