Voya Investment Management LLC Sells 363,193 Shares of Dropbox, Inc. $DBX

Key Points

• Voya Investment Management reduced its stake in Dropbox by 16.2%, now owning 1,880,406 shares, valued at approximately $50 million.
• Other investors, such as Commerce Bank and UBS Group, have significantly increased their positions in Dropbox, indicating growing interest among institutional investors.
• Recent analyst ratings reflect a bearish sentiment, with Wall Street Zen downgrading Dropbox from "buy" to "hold" and UBS lowering its price target from $31 to $29.

Voya Investment Management LLC trimmed its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 16.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,880,406 shares of the company's stock after selling 363,193 shares during the period. Voya Investment Management LLC owned about 0.67% of Dropbox worth $50,226,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of DBX. Focus Partners Wealth bought a new stake in Dropbox in the fourth quarter valued at $219,000. Janus Henderson Group PLC grew its holdings in shares of Dropbox by 3.0% during the fourth quarter. Janus Henderson Group PLC now owns 267,014 shares of the company's stock worth $8,022,000 after purchasing an additional 7,662 shares during the last quarter. Rafferty Asset Management LLC grew its holdings in shares of Dropbox by 9.5% during the fourth quarter. Rafferty Asset Management LLC now owns 20,088 shares of the company's stock worth $603,000 after purchasing an additional 1,742 shares during the last quarter. Strategic Global Advisors LLC bought a new stake in shares of Dropbox during the fourth quarter worth $2,175,000. Finally, Two Sigma Advisers LP grew its holdings in shares of Dropbox by 44.7% during the fourth quarter. Two Sigma Advisers LP now owns 131,100 shares of the company's stock worth $3,938,000 after purchasing an additional 40,500 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors.

Dropbox Trading Down 2.1%

Shares of DBX traded down $0.66 during trading hours on Thursday, hitting $31.03. 2,963,729 shares of the stock traded hands, compared to its average volume of 3,702,678. Dropbox, Inc. has a 1-year low of $24.25 and a 1-year high of $33.33. The firm has a market capitalization of $8.37 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 4.25 and a beta of 0.70. The business has a fifty day moving average of $28.31 and a 200-day moving average of $27.95.

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, beating the consensus estimate of $0.63 by $0.08. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The firm had revenue of $625.70 million for the quarter, compared to analyst estimates of $618.60 million. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The company's quarterly revenue was down 1.4% on a year-over-year basis. As a group, equities research analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DBX. Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. UBS Group cut Dropbox from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $29.00 to $27.00 in a report on Thursday. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $29.67.

Insiders Place Their Bets

In related news, CTO Ali Dasdan sold 12,812 shares of Dropbox stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $384,360.00. Following the sale, the chief technology officer owned 551,060 shares of the company's stock, valued at approximately $16,531,800. This trade represents a 2.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andrew Houston sold 45,835 shares of Dropbox stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.04, for a total value of $1,376,883.40. The disclosure for this sale can be found here. Insiders have sold 314,333 shares of company stock worth $8,938,399 in the last 90 days. Company insiders own 29.95% of the company's stock.

About Dropbox

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.