Allspring Global Investments Holdings LLC Cuts Stake in Dropbox, Inc. (NASDAQ:DBX)

Allspring Global Investments Holdings LLC decreased its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 93.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,122 shares of the company's stock after selling 440,690 shares during the period. Allspring Global Investments Holdings LLC's holdings in Dropbox were worth $888,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DBX. DekaBank Deutsche Girozentrale boosted its position in Dropbox by 65.8% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 2,189,593 shares of the company's stock worth $64,825,000 after purchasing an additional 869,043 shares during the period. Nordea Investment Management AB grew its stake in Dropbox by 5.6% in the 3rd quarter. Nordea Investment Management AB now owns 2,146,895 shares of the company's stock valued at $59,050,000 after buying an additional 113,947 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Dropbox by 5.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,418,927 shares of the company's stock valued at $120,327,000 after acquiring an additional 227,633 shares during the period. Pzena Investment Management LLC purchased a new stake in shares of Dropbox during the third quarter worth $463,000. Finally, Trexquant Investment LP bought a new position in shares of Dropbox in the third quarter worth $6,898,000. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Stock Performance

Shares of NASDAQ DBX traded down $0.09 during midday trading on Thursday, hitting $23.93. 2,065,064 shares of the company traded hands, compared to its average volume of 3,895,247. Dropbox, Inc. has a 12-month low of $19.55 and a 12-month high of $33.43. The stock has a 50-day moving average price of $24.00 and a 200 day moving average price of $27.35. The firm has a market cap of $8.23 billion, a P/E ratio of 18.20, a P/E/G ratio of 2.64 and a beta of 0.71.

Dropbox (NASDAQ:DBX - Get Free Report) last released its earnings results on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.26 by ($0.01). The firm had revenue of $635.00 million during the quarter, compared to analysts' expectations of $630.77 million. Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. As a group, equities analysts expect that Dropbox, Inc. will post 1.14 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on DBX shares. Bank of America downgraded shares of Dropbox from a "buy" rating to an "underperform" rating and cut their price target for the company from $34.00 to $28.00 in a report on Friday, February 16th. Citigroup reduced their price objective on Dropbox from $31.00 to $27.00 and set a "neutral" rating on the stock in a research report on Friday, March 22nd. KeyCorp boosted their target price on Dropbox from $32.00 to $37.00 and gave the stock an "overweight" rating in a research report on Friday, January 19th. The Goldman Sachs Group lowered shares of Dropbox from a "neutral" rating to a "sell" rating and lowered their price objective for the stock from $26.00 to $24.00 in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. cut Dropbox from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $33.00 to $30.00 in a research note on Friday, February 16th. Three analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $29.78.

Insider Buying and Selling at Dropbox

In other news, CEO Andrew Houston sold 164,000 shares of the company's stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total value of $3,913,040.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at $197,242,650.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Dropbox news, insider Bart Volkmer sold 6,682 shares of the firm's stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $23.12, for a total value of $154,487.84. Following the transaction, the insider now directly owns 372,332 shares of the company's stock, valued at $8,608,315.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andrew Houston sold 164,000 shares of the business's stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total value of $3,913,040.00. Following the sale, the chief executive officer now owns 8,266,666 shares of the company's stock, valued at $197,242,650.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 189,721 shares of company stock worth $4,548,575. 26.40% of the stock is owned by insiders.

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.