Rhumbline Advisers cut its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 3.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 614,474 shares of the company's stock after selling 24,362 shares during the period. Rhumbline Advisers owned about 0.22% of Dropbox worth $16,413,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Janney Montgomery Scott LLC acquired a new position in Dropbox during the fourth quarter worth $656,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Dropbox by 1.5% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 39,083 shares of the company's stock worth $1,174,000 after acquiring an additional 571 shares in the last quarter. Lecap Asset Management Ltd. acquired a new position in Dropbox during the fourth quarter worth $472,000. Empowered Funds LLC raised its stake in Dropbox by 68.0% during the fourth quarter. Empowered Funds LLC now owns 36,140 shares of the company's stock worth $1,086,000 after acquiring an additional 14,629 shares in the last quarter. Finally, Summit Trail Advisors LLC acquired a new position in Dropbox during the fourth quarter worth $244,000. 94.84% of the stock is currently owned by institutional investors.
Dropbox Price Performance
Shares of DBX stock traded down $0.57 during trading hours on Wednesday, hitting $28.37. 3,597,350 shares of the company's stock were exchanged, compared to its average volume of 3,442,703. The stock's 50-day moving average is $28.31 and its 200-day moving average is $28.87. The stock has a market cap of $7.99 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 1.70 and a beta of 0.66. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.33.
Dropbox (NASDAQ:DBX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.62 by $0.08. The company had revenue of $624.70 million for the quarter, compared to analysts' expectations of $619.56 million. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The business's revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.58 earnings per share. Equities research analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.
Insider Transactions at Dropbox
In other news, insider William T. Yoon sold 5,449 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $28.94, for a total transaction of $157,694.06. Following the transaction, the insider now owns 245,837 shares of the company's stock, valued at $7,114,522.78. This represents a 2.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Timothy Regan sold 2,500 shares of the company's stock in a transaction on Friday, March 28th. The shares were sold at an average price of $26.57, for a total value of $66,425.00. Following the transaction, the chief financial officer now directly owns 367,791 shares in the company, valued at $9,772,206.87. This trade represents a 0.68% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,527 shares of company stock worth $926,986. Insiders own 29.95% of the company's stock.
Analyst Ratings Changes
Several research analysts have issued reports on DBX shares. UBS Group increased their price objective on Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Citigroup increased their price objective on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th.
Read Our Latest Analysis on DBX
Dropbox Company Profile
(
Free Report)
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.
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