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

Thrivent Financial for Lutherans lessened its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 79.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 110,286 shares of the company’s stock after selling 429,184 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Dropbox were worth $3,066,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Rossby Financial LCC boosted its position in shares of Dropbox by 128.5% during the 3rd quarter. Rossby Financial LCC now owns 937 shares of the company’s stock valued at $28,000 after acquiring an additional 527 shares during the last quarter. Palisade Asset Management LLC purchased a new stake in Dropbox during the third quarter valued at about $30,000. LRI Investments LLC raised its position in Dropbox by 666.7% during the third quarter. LRI Investments LLC now owns 1,150 shares of the company’s stock valued at $35,000 after purchasing an additional 1,000 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Dropbox by 78.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after purchasing an additional 558 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its position in Dropbox by 342.8% during the third quarter. Hantz Financial Services Inc. now owns 1,448 shares of the company’s stock valued at $44,000 after purchasing an additional 1,121 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

Dropbox Price Performance

NASDAQ DBX opened at $27.43 on Friday. The stock has a market capitalization of $6.40 billion, a PE ratio of 14.99, a PEG 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. The business’s 50-day moving average is $24.63 and its 200 day moving average is $26.39.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. The company had revenue of $629.50 million for the quarter, compared to analysts’ expectations of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.Dropbox’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the firm earned $0.70 earnings per share. As a group, equities research analysts anticipate that Dropbox, Inc. will post 2.03 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on DBX shares. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. JPMorgan Chase & Co. lowered their price target on Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. Citigroup raised their price target on Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Finally, UBS Group lowered their price target on Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a research report on Friday, February 20th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $27.00.

Insider Buying and Selling

In related news, CAO Sarah Elizabeth Schubach sold 1,306 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $28.14, for a total value of $36,750.84. Following the sale, the chief accounting officer directly owned 131,120 shares of the company’s stock, valued at $3,689,716.80. This trade represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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, insider William T. Yoon sold 7,230 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $199,331.10. Following the completion of the sale, the insider directly owned 366,963 shares in the company, valued at $10,117,169.91. The trade was a 1.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold 346,569 shares of company stock valued at $8,610,488 over the last ninety days. Corporate insiders own 35.48% of the company’s stock.

Dropbox Company 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.