Renaissance Technologies LLC Sells 655,297 Shares of Dropbox, Inc. $DBX

Renaissance Technologies LLC trimmed its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 7.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 7,721,067 shares of the company’s stock after selling 655,297 shares during the period. Renaissance Technologies LLC’s holdings in Dropbox were worth $175,423,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of DBX. WealthCollab LLC boosted its position in Dropbox by 20.6% during the fourth quarter. WealthCollab LLC now owns 2,356 shares of the company’s stock valued at $65,000 after purchasing an additional 403 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Dropbox by 8.3% during the 4th quarter. Parallel Advisors LLC now owns 5,765 shares of the company’s stock worth $160,000 after purchasing an additional 440 shares in the last quarter. Lakewood Asset Management LLC raised its stake in shares of Dropbox by 1.0% during the 4th quarter. Lakewood Asset Management LLC now owns 44,905 shares of the company’s stock worth $1,248,000 after purchasing an additional 458 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Dropbox by 1.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,254 shares of the company’s stock valued at $730,000 after buying an additional 466 shares during the last quarter. Finally, Merit Financial Group LLC boosted its holdings in shares of Dropbox by 4.4% in the 3rd quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock valued at $344,000 after buying an additional 480 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Trading Up 2.7%

Shares of NASDAQ DBX opened at $29.19 on Friday. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $32.40. The stock has a 50 day moving average of $27.85 and a 200-day moving average of $26.02. The company has a market capitalization of $6.81 billion, a P/E ratio of 15.95, a P/E/G ratio of 3.11 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The business had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. During the same period in the previous year, the firm earned $0.70 EPS. The firm’s revenue was up .8% compared to the same quarter last year. Analysts predict that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on DBX shares. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Royal Bank Of Canada reissued an “outperform” rating on shares of Dropbox in a research report on Monday, June 1st. Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a research note on Monday, May 4th. Finally, Citigroup boosted their price objective on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $27.00.

Insider Transactions at Dropbox

In other Dropbox news, CEO Andrew Houston sold 37,498 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $25.96, for a total value of $973,448.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrew William Moore sold 8,443 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.57, for a total transaction of $232,773.51. Following the completion of the transaction, the director directly owned 4,737 shares in the company, valued at $130,599.09. The trade was a 64.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 129,082 shares of company stock valued at $3,489,910. Corporate insiders own 35.48% of the company’s stock.

Dropbox 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.