Smartleaf Asset Management LLC Lowers Position in Dropbox, Inc. $DBX

Smartleaf Asset Management LLC cut its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 9.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,067 shares of the company’s stock after selling 517 shares during the period. Smartleaf Asset Management LLC’s holdings in Dropbox were worth $135,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of DBX. Wedge Capital Management L L P NC lifted its position in Dropbox by 1,640.3% during the first quarter. Wedge Capital Management L L P NC now owns 2,141,026 shares of the company’s stock valued at $57,187,000 after purchasing an additional 2,017,997 shares in the last quarter. Seizert Capital Partners LLC lifted its position in Dropbox by 524.8% during the first quarter. Seizert Capital Partners LLC now owns 1,879,374 shares of the company’s stock valued at $50,198,000 after purchasing an additional 1,578,566 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Dropbox by 291.2% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,797,823 shares of the company’s stock valued at $54,007,000 after purchasing an additional 1,338,234 shares in the last quarter. LSV Asset Management lifted its position in Dropbox by 18.4% during the first quarter. LSV Asset Management now owns 7,633,516 shares of the company’s stock valued at $203,891,000 after purchasing an additional 1,187,395 shares in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new position in Dropbox during the fourth quarter valued at $16,015,000. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Trading Up 2.1%

NASDAQ:DBX opened at $28.82 on Thursday. The company has a market capitalization of $7.78 billion, a P/E ratio of 17.57, a P/E/G ratio of 3.73 and a beta of 0.64. Dropbox, Inc. has a 12 month low of $22.72 and a 12 month high of $33.33. The business’s 50-day moving average is $27.67 and its 200 day moving average is $27.92.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The company had revenue of $625.70 million for the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.60 earnings per share. On average, research analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insider Buying and Selling

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $27.95, for a total transaction of $69,875.00. Following the sale, the chief financial officer directly owned 482,121 shares of the company’s stock, valued at $13,475,281.95. The trade was a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ashraf Alkarmi sold 10,098 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $27.30, for a total value of $275,675.40. Following the sale, the insider directly owned 469,333 shares in the company, valued at $12,812,790.90. The trade was a 2.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 564,572 shares of company stock valued at $15,930,931 in the last ninety days. Company insiders own 29.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DBX. UBS Group lowered their price objective on Dropbox from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Friday, August 8th. Citigroup boosted their price objective on Dropbox from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, May 9th. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $30.33.

About Dropbox

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.