Vanguard Group Inc. Sells 1,571,456 Shares of Dropbox, Inc. $DBX

Vanguard Group Inc. cut its holdings in Dropbox, Inc. (NASDAQ:DBX) by 6.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 22,562,154 shares of the company’s stock after selling 1,571,456 shares during the period. Vanguard Group Inc. owned about 0.09% of Dropbox worth $627,228,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rossby Financial LCC boosted its position in shares of Dropbox by 128.5% during the third quarter. Rossby Financial LCC now owns 937 shares of the company’s stock worth $28,000 after purchasing an additional 527 shares in the last quarter. Palisade Asset Management LLC acquired a new stake in shares of Dropbox during the third quarter worth $30,000. First Horizon Corp acquired a new stake in shares of Dropbox during the third quarter worth $31,000. LRI Investments LLC increased its stake in Dropbox by 666.7% in the 3rd quarter. LRI Investments LLC now owns 1,150 shares of the company’s stock valued at $35,000 after buying an additional 1,000 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its stake 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 last quarter. 94.84% of the stock is owned by institutional investors.

Dropbox Price Performance

Shares of NASDAQ:DBX opened at $24.93 on Monday. The firm has a 50 day simple moving average of $24.32 and a 200 day simple moving average of $26.61. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.76 and a beta of 0.64. Dropbox, Inc. has a one year low of $21.69 and a one year high of $32.40.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, February 19th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.02. The firm had revenue of $636.20 million during 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 company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.73 earnings per share. As a group, analysts expect that Dropbox, Inc. will post 2.03 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DBX. UBS Group lowered their price objective on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a research note on Friday, February 20th. Royal Bank Of Canada reduced their target price on shares of Dropbox from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Friday, February 20th. William Blair reissued an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, January 21st. Finally, Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $27.50.

Insider Buying and Selling at Dropbox

In other news, CAO Sarah Elizabeth Schubach sold 1,416 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $24.49, for a total transaction of $34,677.84. Following the completion of the sale, the chief accounting officer directly owned 86,319 shares in the company, valued at $2,113,952.31. This represents a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Ali Dasdan sold 7,306 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $24.89, for a total transaction of $181,846.34. Following the sale, the chief technology officer owned 499,379 shares of the company’s stock, valued at approximately $12,429,543.31. This trade represents a 1.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 247,519 shares of company stock worth $5,952,284 over the last ninety days. Insiders own 35.48% of the company’s stock.

Dropbox Company 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.