Geode Capital Management LLC Sells 154,262 Shares of Dropbox, Inc. (NASDAQ:DBX)

Geode Capital Management LLC reduced its position in Dropbox, Inc. (NASDAQ:DBX) by 3.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,212,009 shares of the company’s stock after selling 154,262 shares during the quarter. Geode Capital Management LLC owned about 1.36% of Dropbox worth $127,136,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of DBX. HighTower Advisors LLC grew its position in Dropbox by 68.2% during the third quarter. HighTower Advisors LLC now owns 26,576 shares of the company’s stock worth $683,000 after buying an additional 10,777 shares in the last quarter. Quarry LP boosted its position in shares of Dropbox by 23.4% during the 3rd quarter. Quarry LP now owns 2,424 shares of the company’s stock valued at $62,000 after acquiring an additional 459 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new position in shares of Dropbox during the third quarter worth about $688,000. M&T Bank Corp bought a new position in shares of Dropbox in the 3rd quarter worth $229,000. Finally, 3Chopt Investment Partners LLC increased its stake in Dropbox by 6.2% in the third quarter. 3Chopt Investment Partners LLC now owns 120,830 shares of the company’s stock valued at $3,073,000 after acquiring an additional 7,059 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Dropbox Stock Down 0.2 %

Dropbox stock opened at $25.42 on Wednesday. The firm has a fifty day simple moving average of $28.18 and a two-hundred day simple moving average of $28.16. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.33. The company has a market capitalization of $7.67 billion, a PE ratio of 18.03, a P/E/G ratio of 1.70 and a beta of 0.75.

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 the consensus estimate of $0.62 by ($0.11). Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The company had revenue of $643.60 million for the quarter, compared to the consensus estimate of $638.61 million. As a group, equities analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Activity at Dropbox

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

Analyst Upgrades and Downgrades

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

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.