Principal Financial Group Inc. Has $14.04 Million Stake in Dropbox, Inc. (NASDAQ:DBX)

Principal Financial Group Inc. lowered its holdings in Dropbox, Inc. (NASDAQ:DBX) by 31.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 552,047 shares of the company’s stock after selling 254,130 shares during the period. Principal Financial Group Inc.’s holdings in Dropbox were worth $14,039,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. QRG Capital Management Inc. grew its stake in Dropbox by 10.6% in the third quarter. QRG Capital Management Inc. now owns 221,716 shares of the company’s stock valued at $5,638,000 after purchasing an additional 21,190 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Dropbox by 6.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company’s stock valued at $59,907,000 after buying an additional 134,503 shares during the last quarter. Fort L.P. bought a new position in shares of Dropbox in the third quarter valued at $224,000. Harbor Capital Advisors Inc. increased its holdings in Dropbox by 13.2% during the third quarter. Harbor Capital Advisors Inc. now owns 7,956 shares of the company’s stock worth $202,000 after buying an additional 926 shares during the last quarter. Finally, Smith Group Asset Management LLC bought a new stake in Dropbox during the third quarter worth $1,189,000. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Dropbox

In related news, CFO Timothy Regan sold 3,177 shares of Dropbox stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $25.00, for a total transaction of $79,425.00. Following the completion of the sale, the chief financial officer now directly owns 481,747 shares of the company’s stock, valued at approximately $12,043,675. This trade represents a 0.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Andrew Houston sold 3,493 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.00, for a total value of $87,325.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $206,666,650. This trade represents a 0.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 459,952 shares of company stock worth $11,544,337 over the last ninety days. Insiders own 26.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, UBS Group decreased their price objective on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Dropbox has a consensus rating of “Hold” and an average price target of $28.67.

Dropbox Trading Down 2.2 %

DBX stock opened at $27.06 on Friday. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.43. The business’s 50 day simple moving average is $25.75 and its 200 day simple moving average is $23.88. The firm has a market capitalization of $8.81 billion, a PE ratio of 15.64, a PEG ratio of 1.78 and a beta of 0.61.

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.