Dropbox, Inc. (NASDAQ:DBX) Shares Sold by Smith Group Asset Management LLC

Smith Group Asset Management LLC lowered its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 21.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,090 shares of the company's stock after selling 9,860 shares during the quarter. Smith Group Asset Management LLC's holdings in Dropbox were worth $937,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. IFP Advisors Inc grew its holdings in Dropbox by 436.7% during the 4th quarter. IFP Advisors Inc now owns 3,322 shares of the company's stock valued at $101,000 after buying an additional 2,703 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Dropbox in the fourth quarter valued at $511,000. SVB Wealth LLC bought a new stake in Dropbox in the fourth quarter worth $230,000. Fisher Asset Management LLC increased its position in Dropbox by 26.6% in the fourth quarter. Fisher Asset Management LLC now owns 196,406 shares of the company's stock worth $5,900,000 after purchasing an additional 41,275 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in Dropbox during the fourth quarter valued at $40,000. 94.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on DBX shares. Citigroup boosted their target price on shares of Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. UBS Group boosted 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.

Dropbox Price Performance

Shares of DBX traded down $0.90 during mid-day trading on Tuesday, reaching $27.70. 4,907,007 shares of the company's stock traded hands, compared to its average volume of 3,384,356. The stock's 50-day moving average is $28.76 and its two-hundred day moving average is $28.84. Dropbox, Inc. has a 12 month low of $21.32 and a 12 month high of $33.33. The stock has a market cap of $7.80 billion, a P/E ratio of 18.10 and a beta of 0.66.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.70 earnings per share for the quarter, beating 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 business had revenue of $624.70 million during the quarter, compared to analyst estimates of $619.56 million. During the same period in the previous year, the company posted $0.58 EPS. Dropbox's revenue was down 1.0% on a year-over-year basis. Research analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insider Activity at Dropbox

In other Dropbox news, CEO Andrew Houston sold 319,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $28.48, for a total value of $9,085,120.00. Following the sale, the chief executive officer owned 8,266,666 shares in the company, valued at approximately $235,434,647.68. This represents a 3.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Timothy Regan sold 2,500 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $28.10, for a total transaction of $70,250.00. Following the sale, the chief financial officer directly owned 528,594 shares in the company, valued at approximately $14,853,491.40. The trade was a 0.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 361,625 shares of company stock worth $10,299,685 in the last three months. Company insiders own 28.59% of the company's stock.

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.