Dropbox, Inc. $DBX Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC cut its holdings in Dropbox, Inc. (NASDAQ:DBX) by 91.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,588 shares of the company’s stock after selling 49,947 shares during the quarter. Sterling Capital Management LLC’s holdings in Dropbox were worth $104,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of DBX. Louisiana State Employees Retirement System purchased a new stake in Dropbox in the 1st quarter valued at approximately $1,150,000. OP Asset Management Ltd purchased a new position in Dropbox during the first quarter worth $3,196,000. Assenagon Asset Management S.A. raised its holdings in shares of Dropbox by 29.4% in the first quarter. Assenagon Asset Management S.A. now owns 143,978 shares of the company’s stock worth $3,271,000 after acquiring an additional 32,695 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Dropbox in the first quarter worth $5,221,000. Finally, Corient Private Wealth LLC lifted its position in shares of Dropbox by 166.6% in the fourth quarter. Corient Private Wealth LLC now owns 61,456 shares of the company’s stock valued at $1,708,000 after acquiring an additional 38,402 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Dropbox

In other news, CEO Ashraf Alkarmi sold 22,700 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total transaction of $632,422.00. Following the completion of the sale, the chief executive officer directly owned 1,080,746 shares of the company’s stock, valued at $30,109,583.56. The trade was a 2.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Houston sold 37,498 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $25.96, for a total transaction of $973,448.08. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 128,497 shares of company stock worth $3,464,440. 35.48% of the stock is currently owned by insiders.

Dropbox Trading Down 0.1%

Dropbox stock opened at $28.83 on Thursday. The stock has a fifty day moving average price of $26.89 and a 200 day moving average price of $25.87. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $32.40. The firm has a market capitalization of $6.73 billion, a P/E ratio of 15.75, a PEG ratio of 3.16 and a beta of 0.66.

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Citigroup increased their price objective on Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. 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 reaffirmed an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. William Blair reaffirmed an “underperform” rating on shares of Dropbox in a research note on Monday, March 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $27.00.

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.