State of Alaska Department of Revenue Cuts Stock Holdings in Dropbox, Inc. $DBX

Key Points

• State of Alaska Department of Revenue cut its Dropbox stake by 89.0% in Q4, selling 139,784 shares and leaving 17,263 shares valued at $479,000.
• Company insiders, including CEO Andrew Houston (who sold 111,166 shares at an average $22.89), disposed of 412,021 shares worth $10.17M last quarter, though insiders still own 35.48% of the stock.
• Analyst sentiment has turned cautious, with multiple price-target cuts and a MarketBeat consensus rating of "Reduce" and a $27.50 target.

State of Alaska Department of Revenue lowered its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 89.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,263 shares of the company's stock after selling 139,784 shares during the quarter. State of Alaska Department of Revenue's holdings in Dropbox were worth $479,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Empowered Funds LLC boosted its holdings in Dropbox by 7.3% during the 1st quarter. Empowered Funds LLC now owns 38,795 shares of the company's stock worth $1,036,000 after acquiring an additional 2,655 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of Dropbox by 10.8% in the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company's stock valued at $704,000 after purchasing an additional 2,405 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Dropbox by 88.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company's stock valued at $48,000 after purchasing an additional 787 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in Dropbox by 75.8% during the second quarter. Cresset Asset Management LLC now owns 15,230 shares of the company's stock worth $436,000 after purchasing an additional 6,569 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Dropbox by 360.9% during the second quarter. Federated Hermes Inc. now owns 117,852 shares of the company's stock worth $3,371,000 after purchasing an additional 92,280 shares during the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Performance

DBX opened at $24.02 on Friday. Dropbox, Inc. has a fifty-two week low of $21.69 and a fifty-two week high of $32.40. The firm has a 50-day moving average of $24.36 and a 200 day moving average of $26.77. The firm has a market cap of $5.79 billion, a P/E ratio of 12.91, a PEG ratio of 1.69 and a beta of 0.61.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.66 by $0.02. The business had revenue of $636.20 million for the quarter, compared to analyst estimates of $627.83 million. Dropbox had a net margin of 20.17% and a negative return on equity of 37.47%. The company's revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.73 earnings per share. Equities research analysts predict that Dropbox, Inc. will post 2.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

DBX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Dropbox from $29.00 to $25.00 and set a "neutral" rating for the company in a research report on Friday, February 20th. UBS Group cut their target price on Dropbox from $27.00 to $23.00 and set a "sell" rating on the stock in a research note on Friday, February 20th. Wall Street Zen lowered Dropbox from a "buy" rating to a "hold" rating in a report on Friday, January 23rd. Royal Bank Of Canada decreased their price target on Dropbox from $35.00 to $30.00 and set an "outperform" rating for the company in a research report on Friday, February 20th. Finally, William Blair reiterated an "underperform" rating on shares of Dropbox in a report on Monday, March 23rd. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Dropbox currently has a consensus rating of "Reduce" and a consensus target price of $27.50.

Insider Activity at Dropbox

In related news, CEO Andrew Houston sold 111,166 shares of Dropbox stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $22.89, for a total value of $2,544,589.74. Following the sale, the chief executive officer owned 8,266,666 shares of the company's stock, valued at approximately $189,223,984.74. The trade was a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 7,306 shares of the company's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $24.89, for a total value of $181,846.34. Following the completion of the transaction, the chief technology officer owned 499,379 shares in the company, valued at approximately $12,429,543.31. The trade was a 1.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 412,021 shares of company stock worth $10,173,406. Company insiders own 35.48% of the company's stock.

About Dropbox

Dropbox, Inc NASDAQ: DBX is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.

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