Dropbox, Inc. (NASDAQ:DBX) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 2.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Proficio Capital Partners LLC acquired a new position in Dropbox during the fourth quarter worth about $511,000. Raymond James Financial Inc. acquired a new position in Dropbox during the fourth quarter worth about $2,511,000. PNC Financial Services Group Inc. raised its position in Dropbox by 8.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,272 shares of the company's stock worth $218,000 after acquiring an additional 538 shares during the last quarter. HighTower Advisors LLC raised its position in Dropbox by 4.3% during the fourth quarter. HighTower Advisors LLC now owns 27,707 shares of the company's stock worth $832,000 after acquiring an additional 1,131 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Dropbox by 96.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock worth $26,000 after acquiring an additional 424 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.

Analysts Set New Price Targets

DBX has been the subject of a number of analyst reports. Citigroup boosted their price objective 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 boosted their price objective on shares of Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, May 9th.

Insider Activity at Dropbox

In related news, Director Lisa M. Campbell sold 5,239 shares of the firm's stock in a transaction on 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 directly owned 19,220 shares of the company's stock, valued at approximately $556,226.80. This trade represents a 21.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andrew Houston sold 92,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $27.96, for a total transaction of $2,572,320.00. Following the sale, the chief executive officer directly owned 8,266,666 shares of the company's stock, valued at approximately $231,135,981.36. The trade was a 1.10% 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 $13,222,405 over the last quarter. Company insiders own 29.95% of the company's stock.

Dropbox Stock Performance

Dropbox stock traded down $0.71 during trading on Friday, reaching $26.61. The company had a trading volume of 2,712,738 shares, compared to its average volume of 3,405,596. Dropbox, Inc. has a 12-month low of $21.32 and a 12-month high of $33.33. The stock's 50 day moving average price is $28.61 and its two-hundred day moving average price is $28.67. The firm has a market capitalization of $7.49 billion, a price-to-earnings ratio of 17.39, a PEG ratio of 10.47 and a beta of 0.65.

Dropbox (NASDAQ:DBX - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.70 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $624.70 million during the quarter, compared to the consensus estimate of $619.56 million. During the same period in the previous year, the firm earned $0.58 earnings per share. Dropbox's revenue was down 1.0% compared to the same quarter last year. As a group, research analysts expect that Dropbox, Inc. will post 1.64 earnings per share 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.