ICONIQ Capital LLC trimmed its holdings in shares of Dropbox Inc (NASDAQ:DBX) by 21.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 872,812 shares of the company’s stock after selling 238,752 shares during the quarter. Dropbox makes up approximately 1.4% of ICONIQ Capital LLC’s investment portfolio, making the stock its 11th largest position. ICONIQ Capital LLC owned approximately 0.19% of Dropbox worth $21,864,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Tortoise Index Solutions LLC acquired a new position in Dropbox in the 1st quarter valued at $29,000. Meridian Wealth Management LLC acquired a new position in Dropbox in the 2nd quarter valued at $34,000. Glen Harbor Capital Management LLC raised its stake in Dropbox by 203.0% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after purchasing an additional 1,072 shares during the last quarter. CSat Investment Advisory L.P. acquired a new position in Dropbox in the 2nd quarter valued at $45,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Dropbox in the 2nd quarter valued at $55,000. 40.40% of the stock is owned by institutional investors and hedge funds.
In related news, CFO Ajay Vashee sold 13,731 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $25.00, for a total transaction of $343,275.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Timothy Regan sold 4,125 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $25.60, for a total value of $105,600.00. The disclosure for this sale can be found here. Insiders sold a total of 84,472 shares of company stock valued at $1,891,604 over the last ninety days. Corporate insiders own 31.20% of the company’s stock.
DBX has been the subject of several recent research reports. Sanford C. Bernstein initiated coverage on Dropbox in a research note on Wednesday, August 7th. They issued an “underperform” rating and a $19.00 price objective for the company. Bank of America dropped coverage on Dropbox in a research note on Friday, August 9th. TheStreet downgraded Dropbox from a “c-” rating to a “d+” rating in a research note on Friday, August 9th. Zacks Investment Research downgraded Dropbox from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. Finally, William Blair dropped coverage on Dropbox in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $28.13.
Shares of DBX remained flat at $$21.03 during midday trading on Friday. The company’s stock had a trading volume of 3,318,177 shares, compared to its average volume of 3,144,932. Dropbox Inc has a twelve month low of $17.20 and a twelve month high of $27.35. The company has a market capitalization of $8.69 billion, a PE ratio of -16.05 and a beta of 1.53. The business has a fifty day simple moving average of $19.22 and a 200 day simple moving average of $22.31. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.18 and a current ratio of 1.18.
Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.15. Dropbox had a negative return on equity of 6.57% and a negative net margin of 2.91%. The business had revenue of $401.50 million during the quarter, compared to the consensus estimate of $401.09 million. During the same period last year, the company earned $0.11 EPS. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. On average, sell-side analysts predict that Dropbox Inc will post -0.12 EPS for the current year.
Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.
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