Vanguard Group Inc. Reduces Position in Dropbox, Inc. $DBX

Vanguard Group Inc. lowered its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 6.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,719,595 shares of the company's stock after selling 1,775,229 shares during the period. Vanguard Group Inc. owned about 8.52% of Dropbox worth $686,970,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. LPL Financial LLC grew its stake in Dropbox by 31.2% during the fourth quarter. LPL Financial LLC now owns 24,506 shares of the company's stock worth $736,000 after buying an additional 5,823 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Dropbox by 31.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 39,526 shares of the company's stock worth $1,187,000 after acquiring an additional 9,570 shares during the period. Raymond James Financial Inc. bought a new position in Dropbox during the fourth quarter valued at about $2,511,000. Sterling Capital Management LLC boosted its holdings in Dropbox by 40.2% during the fourth quarter. Sterling Capital Management LLC now owns 11,112 shares of the company's stock worth $334,000 after buying an additional 3,187 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its holdings in shares of Dropbox by 34.7% during the fourth quarter. CreativeOne Wealth LLC now owns 12,274 shares of the company's stock valued at $369,000 after acquiring an additional 3,159 shares during the period. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DBX has been the topic of several recent research reports. UBS Group lowered their price objective on Dropbox from $31.00 to $29.00 and set a "neutral" rating on the stock in a research report on Friday, August 8th. Citigroup upped their price objective on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th.

Dropbox Stock Down 2.0%

Shares of DBX stock traded down $0.55 during trading hours on Monday, hitting $27.28. 2,629,041 shares of the company were exchanged, compared to its average volume of 3,767,000. The firm has a fifty day moving average of $27.70 and a 200 day moving average of $28.07. Dropbox, Inc. has a 1 year low of $22.72 and a 1 year high of $33.33. The firm has a market cap of $7.36 billion, a PE ratio of 16.60, a PEG ratio of 3.74 and a beta of 0.64.

Dropbox (NASDAQ:DBX - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. The firm had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%. The firm's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 earnings per share. Analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Ashraf Alkarmi sold 10,098 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $28.10, for a total value of $283,753.80. Following the sale, the insider directly owned 492,856 shares of the company's stock, valued at $13,849,253.60. This trade represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Timothy Regan sold 10,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $27.94, for a total value of $279,400.00. Following the completion of the sale, the chief financial officer owned 516,094 shares in the company, valued at $14,419,666.36. This trade represents a 1.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 450,598 shares of company stock valued at $12,770,529 over the last 90 days. 28.59% of the stock is owned by company insiders.

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.