Legal & General Group Plc Sells 91,214 Shares of Dropbox, Inc. $DBX

Legal & General Group Plc reduced its stake in Dropbox, Inc. (NASDAQ:DBX) by 23.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 297,451 shares of the company’s stock after selling 91,214 shares during the quarter. Legal & General Group Plc’s holdings in Dropbox were worth $8,269,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Rossby Financial LCC increased its holdings in shares of Dropbox by 128.5% in the 3rd quarter. Rossby Financial LCC now owns 937 shares of the company’s stock worth $28,000 after buying an additional 527 shares during the last quarter. Palisade Asset Management LLC purchased a new stake in Dropbox in the 3rd quarter valued at about $30,000. Larson Financial Group LLC boosted its position in Dropbox by 228.0% in the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after buying an additional 791 shares during the period. Geneos Wealth Management Inc. boosted its position in Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after buying an additional 558 shares during the period. Finally, Hantz Financial Services Inc. lifted its position in shares of Dropbox by 342.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,448 shares of the company’s stock worth $44,000 after purchasing an additional 1,121 shares during the period. 94.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Citigroup upped their price target on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Royal Bank Of Canada restated an “outperform” rating on shares of Dropbox in a research note on Monday. William Blair reiterated an “underperform” rating on shares of Dropbox in a research note on Monday, March 23rd. JPMorgan Chase & Co. lowered their price target on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. One 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, Dropbox currently has a consensus rating of “Reduce” and a consensus target price of $27.00.

Dropbox Price Performance

Shares of 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 stock has a market cap of $6.42 billion, a PE ratio of 15.04, a P/E/G ratio of 2.98 and a beta of 0.67. The firm has a 50-day simple moving average of $25.11 and a two-hundred day simple moving average of $26.19.

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

Insiders Place Their Bets

In related news, CEO Ashraf Alkarmi sold 22,700 shares of Dropbox stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total value of $632,422.00. Following the completion of the transaction, the chief executive officer owned 1,080,746 shares in the company, valued at $30,109,583.56. The trade was a 2.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew William Moore sold 8,443 shares of Dropbox stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $27.57, for a total transaction of $232,773.51. Following the completion of the transaction, the director owned 4,737 shares of the company’s stock, valued at $130,599.09. This represents a 64.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In 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.