Dropbox, Inc. (NASDAQ:DBX) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 93.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,122 shares of the company’s stock after selling 440,690 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Dropbox were worth $888,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. DekaBank Deutsche Girozentrale boosted its position in shares of Dropbox by 65.8% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 2,189,593 shares of the company’s stock worth $64,825,000 after acquiring an additional 869,043 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of Dropbox by 5.6% in the 3rd quarter. Nordea Investment Management AB now owns 2,146,895 shares of the company’s stock valued at $59,050,000 after purchasing an additional 113,947 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Dropbox by 5.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,418,927 shares of the company’s stock valued at $120,327,000 after purchasing an additional 227,633 shares during the last quarter. Pzena Investment Management LLC purchased a new stake in shares of Dropbox in the 3rd quarter valued at about $463,000. Finally, Trexquant Investment LP purchased a new stake in shares of Dropbox in the 3rd quarter valued at about $6,898,000. 94.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Dropbox

In other news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $32.50, for a total transaction of $97,500.00. Following the completion of the sale, the chief financial officer now directly owns 434,761 shares in the company, valued at $14,129,732.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $32.50, for a total transaction of $97,500.00. Following the completion of the sale, the chief financial officer now directly owns 434,761 shares in the company, valued at $14,129,732.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bart Volkmer sold 6,682 shares of Dropbox stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $23.12, for a total transaction of $154,487.84. Following the sale, the insider now owns 372,332 shares of the company’s stock, valued at $8,608,315.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 189,721 shares of company stock worth $4,548,575. Corporate insiders own 26.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. downgraded Dropbox from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $33.00 to $30.00 in a report on Friday, February 16th. Bank of America downgraded Dropbox from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $34.00 to $28.00 in a research note on Friday, February 16th. Citigroup reduced their price objective on Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. JMP Securities downgraded Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. Finally, KeyCorp upped their price objective on Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, January 19th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $29.78.

Dropbox Price Performance

DBX opened at $24.02 on Thursday. The stock has a market cap of $8.26 billion, a P/E ratio of 18.20, a P/E/G ratio of 2.62 and a beta of 0.71. The stock’s 50 day simple moving average is $24.00 and its 200 day simple moving average is $27.35. Dropbox, Inc. has a 1-year low of $19.55 and a 1-year high of $33.43.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, February 15th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. The company had revenue of $635.00 million for the quarter, compared to analysts’ expectations of $630.77 million. Research analysts expect that Dropbox, Inc. will post 1.14 EPS for the current fiscal year.

Dropbox Company 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.