Covestor Ltd Lowers Position in Dropbox, Inc. (NASDAQ:DBX)

Covestor Ltd reduced its stake in Dropbox, Inc. (NASDAQ:DBX) by 22.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 3,149 shares of the company’s stock after selling 894 shares during the period. Covestor Ltd’s holdings in Dropbox were worth $95,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of DBX. Arrowstreet Capital Limited Partnership lifted its stake in Dropbox by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,224,864 shares of the company’s stock worth $156,955,000 after purchasing an additional 1,440,887 shares in the last quarter. LSV Asset Management lifted its stake in Dropbox by 24.0% during the 4th quarter. LSV Asset Management now owns 6,446,121 shares of the company’s stock worth $193,641,000 after acquiring an additional 1,245,563 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in Dropbox during the 4th quarter worth about $25,375,000. Norges Bank purchased a new position in Dropbox during the 4th quarter valued at about $20,482,000. Finally, Trexquant Investment LP acquired a new position in Dropbox in the 4th quarter valued at about $7,041,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analyst Ratings Changes

Separately, Jefferies Financial Group raised their price objective on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, January 6th.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $27.08 on Friday. The stock has a market cap of $8.17 billion, a P/E ratio of 19.21, a PEG ratio of 1.70 and a beta of 0.75. The business’s fifty day simple moving average is $27.80 and its 200-day simple moving average is $28.21. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.33.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.11). Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The company had revenue of $643.60 million during the quarter, compared to analyst estimates of $638.61 million. On average, equities analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Insider Activity at Dropbox

In other news, CEO Andrew Houston sold 80,499 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $30.97, for a total value of $2,493,054.03. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $256,018,646.02. This represents a 0.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $30.37, for a total value of $75,925.00. Following the sale, the chief financial officer now owns 401,264 shares of the company’s stock, valued at approximately $12,186,387.68. The trade was a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 94,264 shares of company stock valued at $2,895,324 over the last 90 days. 28.59% of the stock is owned by corporate insiders.

Dropbox Profile

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.