Principal Financial Group Inc. Reduces Position in Dropbox, Inc. (NASDAQ:DBX)

Principal Financial Group Inc. reduced its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 2.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 500,025 shares of the company's stock after selling 13,866 shares during the period. Principal Financial Group Inc. owned approximately 0.17% of Dropbox worth $13,356,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in Dropbox by 96.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after purchasing an additional 424 shares during the period. True Wealth Design LLC lifted its position in Dropbox by 191.0% during the fourth quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock valued at $31,000 after purchasing an additional 680 shares during the period. Huntington National Bank lifted its position in 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 purchasing an additional 1,361 shares during the period. Fifth Third Bancorp lifted its position in Dropbox by 27.3% during the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after purchasing an additional 490 shares during the period. Finally, UMB Bank n.a. lifted its position in Dropbox by 115.0% during the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock valued at $67,000 after purchasing an additional 1,338 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently issued reports on DBX. Citigroup boosted their target price 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. UBS Group upped their price objective on shares of Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, May 9th.

Dropbox Trading Up 0.8%

Shares of Dropbox stock traded up $0.20 during trading hours on Wednesday, reaching $26.78. The stock had a trading volume of 6,196,331 shares, compared to its average volume of 3,426,187. The stock's 50 day moving average is $28.53 and its 200 day moving average is $28.62. The firm has a market capitalization of $7.54 billion, a PE ratio of 17.50, a PEG ratio of 10.66 and a beta of 0.65. Dropbox, Inc. has a twelve month low of $21.32 and a twelve month high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last issued 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. The business had revenue of $624.70 million during the quarter, compared to the consensus estimate of $619.56 million. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The company's revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 earnings per share. As a group, sell-side analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insider Buying and Selling at Dropbox

In other news, Director Lisa M. Campbell sold 5,239 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $28.94, for a total transaction of $151,616.66. Following the completion of the sale, the director owned 19,220 shares of the company's stock, valued at $556,226.80. The trade was a 21.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ashraf Alkarmi sold 10,098 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $13,849,253.60. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 463,625 shares of company stock valued at $13,155,055. Corporate insiders own 28.59% of the company's stock.

About Dropbox

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.