QRG Capital Management Inc. Sells 9,952 Shares of Dropbox, Inc. (NASDAQ:DBX)

QRG Capital Management Inc. trimmed its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 22.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 34,720 shares of the company's stock after selling 9,952 shares during the period. QRG Capital Management Inc.'s holdings in Dropbox were worth $927,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of DBX. Sowell Financial Services LLC purchased a new position in shares of Dropbox during the 1st quarter valued at about $302,000. RHS Financial LLC lifted its position in shares of Dropbox by 46.7% during the 1st quarter. RHS Financial LLC now owns 11,089 shares of the company's stock valued at $296,000 after buying an additional 3,531 shares in the last quarter. Optas LLC lifted its position in shares of Dropbox by 33.3% during the 1st quarter. Optas LLC now owns 8,995 shares of the company's stock valued at $240,000 after buying an additional 2,249 shares in the last quarter. Ritholtz Wealth Management purchased a new position in shares of Dropbox during the 1st quarter valued at about $554,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Dropbox by 37.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 43,088 shares of the company's stock valued at $1,151,000 after buying an additional 11,713 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Up 1.3%

NASDAQ DBX traded up $0.38 during trading hours on Friday, reaching $28.70. The company's stock had a trading volume of 9,148,377 shares, compared to its average volume of 3,400,462. The firm's 50-day moving average price is $28.57 and its 200-day moving average price is $28.88. Dropbox, Inc. has a 1 year low of $21.32 and a 1 year high of $33.33. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of 18.76 and a beta of 0.66.

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

Insider Buying and Selling

In related news, CFO Timothy Regan sold 2,500 shares of the business'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 value of $70,250.00. Following the transaction, the chief financial officer now directly owns 528,594 shares of the company's stock, valued at approximately $14,853,491.40. The trade was a 0.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric Cox sold 2,339 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $28.94, for a total value of $67,690.66. Following the completion of the transaction, the insider now directly owns 378,427 shares in the company, valued at approximately $10,951,677.38. This represents a 0.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 364,125 shares of company stock valued at $10,366,110. Corporate insiders own 29.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DBX. UBS Group lifted their price objective on Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Citigroup lifted their price objective on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, May 9th.

Dropbox 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.