Sterling Capital Management LLC Decreases Stake in Dropbox, Inc. $DBX

Sterling Capital Management LLC decreased its holdings in Dropbox, Inc. (NASDAQ:DBX) by 91.6% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 4,588 shares of the company’s stock after selling 49,947 shares during the period. Sterling Capital Management LLC’s holdings in Dropbox were worth $104,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Louisiana State Employees Retirement System purchased a new stake in Dropbox during the first quarter worth approximately $1,150,000. OP Asset Management Ltd purchased a new position in shares of Dropbox in the 1st quarter valued at $3,196,000. Assenagon Asset Management S.A. lifted its holdings in shares of Dropbox by 29.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 143,978 shares of the company’s stock valued at $3,271,000 after acquiring an additional 32,695 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Dropbox during the 1st quarter worth $5,221,000. Finally, Corient Private Wealth LLC boosted its position in Dropbox by 166.6% during the 4th quarter. Corient Private Wealth LLC now owns 61,456 shares of the company’s stock worth $1,708,000 after purchasing an additional 38,402 shares during the period. 94.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on DBX. Citigroup raised their price objective on Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. William Blair reissued an “underperform” rating on shares of Dropbox in a research report on Monday, March 23rd. Finally, Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $27.00.

Insiders Place Their Bets

In other Dropbox news, Director Andrew William Moore sold 8,443 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $130,599.09. This trade represents a 64.06% decrease in their position. The sale 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. Also, CEO Ashraf Alkarmi sold 22,700 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total transaction of $632,422.00. Following the transaction, the chief executive officer directly owned 1,080,746 shares of the company’s stock, valued at approximately $30,109,583.56. This represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 128,497 shares of company stock valued at $3,464,440. 35.48% of the stock is owned by insiders.

Dropbox Stock Performance

Shares of DBX opened at $28.83 on Thursday. Dropbox, Inc. has a one year low of $21.69 and a one year high of $32.40. The stock has a 50-day moving average price of $26.89 and a 200 day moving average price of $25.87. The company has a market capitalization of $6.73 billion, a P/E ratio of 15.75, a P/E/G ratio of 3.16 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The company 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%.Dropbox’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the company posted $0.70 EPS. As a group, equities research analysts forecast that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

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.