Thrivent Financial for Lutherans Sells 429,184 Shares of Dropbox, Inc. $DBX

Key Points

• Thrivent Financial for Lutherans cut its Dropbox stake sharply in Q4, selling 429,184 shares and reducing its position by 79.6% to 110,286 shares worth about $3.1 million.
• Dropbox recently reported better-than-expected earnings, with Q1 EPS of $0.76 versus estimates of $0.71 and revenue of $629.5 million, slightly above forecasts.
• Analyst sentiment remains mixed: the stock has an average rating of “Reduce” with a $27 price target, even as shares traded around $27.43 and several analysts adjusted ratings and targets.

Thrivent Financial for Lutherans trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 79.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 110,286 shares of the company's stock after selling 429,184 shares during the period. Thrivent Financial for Lutherans' holdings in Dropbox were worth $3,066,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. LSV Asset Management grew its holdings in Dropbox by 38.1% during the third quarter. LSV Asset Management now owns 11,613,642 shares of the company's stock valued at $350,848,000 after purchasing an additional 3,205,140 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Dropbox by 2.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 6,806,508 shares of the company's stock valued at $205,625,000 after purchasing an additional 144,347 shares during the period. Jacobs Levy Equity Management Inc. grew its holdings in Dropbox by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company's stock valued at $153,935,000 after purchasing an additional 70,867 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Dropbox by 22.5% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company's stock valued at $70,015,000 after purchasing an additional 463,258 shares during the period. Finally, Northern Trust Corp grew its holdings in Dropbox by 29.1% during the third quarter. Northern Trust Corp now owns 2,488,077 shares of the company's stock valued at $75,165,000 after purchasing an additional 560,694 shares during the period. 94.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on DBX. JPMorgan Chase & Co. reduced their price objective on Dropbox from $29.00 to $25.00 and set a "neutral" rating for the company in a report on Friday, February 20th. UBS Group reduced their price objective on Dropbox from $27.00 to $23.00 and set a "sell" rating for the company in a report on Friday, February 20th. Royal Bank Of Canada increased their price objective on Dropbox from $30.00 to $32.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Wall Street Zen raised Dropbox from a "hold" rating to a "buy" rating in a report on Saturday, May 16th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Dropbox in a report on Monday, May 4th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $27.00.

Dropbox Trading Up 0.7%

Dropbox stock opened at $27.43 on Friday. The firm's 50 day simple moving average is $24.63 and its 200 day simple moving average is $26.39. The firm has a market capitalization of $6.40 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 3.09 and a beta of 0.64. Dropbox, Inc. has a 1-year low of $21.69 and a 1-year high of $32.40.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. The business had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. Dropbox's revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.70 EPS. Research analysts forecast that Dropbox, Inc. will post 2.03 earnings per share for the current year.

Insider Buying and Selling

In related news, insider William T. Yoon sold 7,230 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $199,331.10. Following the sale, the insider owned 366,963 shares in the company, valued at approximately $10,117,169.91. This trade represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew Houston sold 30,332 shares of Dropbox stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.50, for a total value of $834,130.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 346,569 shares of company stock valued at $8,610,488 in the last ninety days. 35.48% of the stock is owned by insiders.

Dropbox Profile

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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