Vanguard Group Inc. Cuts Stock Position in Dropbox, Inc. $DBX

Vanguard Group Inc. cut its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 4.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,133,610 shares of the company’s stock after selling 1,137,585 shares during the quarter. Vanguard Group Inc. owned approximately 0.09% of Dropbox worth $729,076,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. LSV Asset Management grew its position in shares of Dropbox by 38.1% during the third quarter. LSV Asset Management now owns 11,613,642 shares of the company’s stock worth $350,848,000 after purchasing an additional 3,205,140 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Dropbox by 10.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 6,662,161 shares of the company’s stock worth $190,538,000 after buying an additional 605,258 shares in the last quarter. Wedge Capital Management L L P NC lifted its stake in Dropbox by 2.7% in the 3rd quarter. Wedge Capital Management L L P NC now owns 2,287,185 shares of the company’s stock worth $69,096,000 after purchasing an additional 59,625 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of Dropbox by 47.8% in the third quarter. Allianz Asset Management GmbH now owns 2,123,932 shares of the company’s stock worth $64,164,000 after buying an additional 686,577 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Dropbox by 14.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,123,102 shares of the company’s stock valued at $60,443,000 after buying an additional 268,442 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

Dropbox Stock Down 3.8%

Shares of DBX opened at $24.50 on Tuesday. The business has a fifty day moving average of $26.41 and a 200 day moving average of $28.36. The company has a market cap of $6.34 billion, a PE ratio of 13.17, a P/E/G ratio of 2.08 and a beta of 0.63. Dropbox, Inc. has a 52-week low of $23.63 and a 52-week high of $32.40.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, February 19th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.02. The business had revenue of $636.20 million for the quarter, compared to the consensus estimate of $627.83 million. Dropbox had a net margin of 20.17% and a negative return on equity of 37.47%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.73 earnings per share. As a group, research analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Transactions at Dropbox

In other Dropbox news, CEO Andrew Houston sold 164,502 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $25.66, for a total value of $4,221,121.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sarah Elizabeth Schubach sold 1,416 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $24.49, for a total value of $34,677.84. Following the transaction, the chief accounting officer owned 86,319 shares of the company’s stock, valued at $2,113,952.31. This trade represents a 1.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 424,757 shares of company stock worth $11,535,896 over the last three months. 29.95% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

DBX has been the subject of a number of research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, January 21st. JPMorgan Chase & Co. lowered their price objective on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a research report on Friday. Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Royal Bank Of Canada decreased their target price on shares of Dropbox from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, UBS Group lowered their price target on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating for the company in a report on Friday. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $27.50.

About Dropbox

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.