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

Geode Capital Management LLC reduced its holdings in Dropbox, Inc. (NASDAQ:DBX) by 2.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,046,562 shares of the company’s stock after selling 81,452 shares during the quarter. Geode Capital Management LLC owned about 1.56% of Dropbox worth $114,835,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Dropbox in the 4th quarter valued at approximately $454,000. AlphaQuest LLC lifted its holdings in shares of Dropbox by 79.6% in the 4th quarter. AlphaQuest LLC now owns 59,526 shares of the company’s stock valued at $1,655,000 after buying an additional 26,380 shares during the period. Kestra Investment Management LLC lifted its holdings in shares of Dropbox by 4.1% in the 4th quarter. Kestra Investment Management LLC now owns 38,511 shares of the company’s stock valued at $1,071,000 after buying an additional 1,500 shares during the period. New Age Alpha Advisors LLC lifted its holdings in shares of Dropbox by 12.3% in the 4th quarter. New Age Alpha Advisors LLC now owns 43,140 shares of the company’s stock valued at $1,199,000 after buying an additional 4,736 shares during the period. Finally, Hantz Financial Services Inc. lifted its holdings in shares of Dropbox by 143.0% in the 4th quarter. Hantz Financial Services Inc. now owns 3,519 shares of the company’s stock valued at $98,000 after buying an additional 2,071 shares during the period. 94.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on DBX shares. Weiss Ratings reissued a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. JPMorgan Chase & Co. dropped their price objective on Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. UBS Group dropped their price objective on Dropbox from $27.00 to $23.00 and set a “sell” rating for the company in a research note on Friday, February 20th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research note on Monday. Finally, Citigroup raised 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. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $27.00.

Dropbox Price Performance

NASDAQ DBX opened at $27.52 on Friday. Dropbox, Inc. has a 1-year low of $21.69 and a 1-year high of $32.40. The company has a market capitalization of $6.42 billion, a P/E ratio of 15.04, a PEG ratio of 2.98 and a beta of 0.67. The business has a 50 day moving average price of $25.11 and a 200 day moving average price of $26.19.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The firm had revenue of $629.50 million during the quarter, compared to the consensus estimate 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 business posted $0.70 EPS. On average, research analysts expect that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Dropbox

In related news, insider William T. Yoon sold 7,230 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total transaction of $199,331.10. Following the sale, the insider owned 366,963 shares of the company’s stock, valued at $10,117,169.91. This trade represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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, CAO Sarah Elizabeth Schubach sold 1,305 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $27.66, for a total value of $36,096.30. Following the sale, the chief accounting officer directly owned 129,815 shares in the company, valued at approximately $3,590,682.90. The trade was a 1.00% decrease in their position. 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 quarter, insiders have sold 239,883 shares of company stock valued at $6,006,972. 35.48% of the stock is owned by company insiders.

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.