Voya Investment Management LLC Trims Position in 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 holdings in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 16.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,880,406 shares of the company's stock after selling 363,193 shares during the period. Voya Investment Management LLC owned 0.67% of Dropbox worth $50,226,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Dropbox in the first quarter valued at about $647,000. Rehmann Capital Advisory Group purchased a new position in Dropbox during the first quarter worth about $675,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Dropbox by 8.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,761,252 shares of the company's stock worth $52,908,000 after purchasing an additional 137,916 shares in the last quarter. Commerce Bank raised its holdings in Dropbox by 94.9% during the first quarter. Commerce Bank now owns 203,052 shares of the company's stock worth $5,424,000 after purchasing an additional 98,867 shares in the last quarter. Finally, Two Sigma Advisers LP raised its holdings in 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 in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on DBX shares. Wall Street Zen cut shares of Dropbox from a "buy" rating to a "hold" rating in a report on Friday, September 5th. UBS Group cut their price target on shares of Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $30.33.

Insider Activity at Dropbox

In other news, CFO Timothy Regan sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $27.94, for a total value of $279,400.00. Following the sale, the chief financial officer directly owned 516,094 shares in the company, valued at $14,419,666.36. This represents a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ashraf Alkarmi sold 10,098 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $27.30, for a total transaction of $275,675.40. Following the completion of the sale, the insider owned 469,333 shares in the company, valued at $12,812,790.90. This represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 314,333 shares of company stock valued at $8,938,399 in the last ninety days. Company insiders own 29.95% of the company's stock.

Dropbox Stock Performance

Shares of DBX opened at $30.91 on Friday. The firm's 50-day moving average is $28.05 and its two-hundred day moving average is $27.84. Dropbox, Inc. has a twelve month low of $24.25 and a twelve month high of $33.33. The firm has a market capitalization of $8.34 billion, a P/E ratio of 18.85, a PEG ratio of 4.09 and a beta of 0.70.

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

Dropbox 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.

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