West Tower Group LLC Sells 15,000 Shares of Dropbox, Inc. (NASDAQ:DBX)

West Tower Group LLC reduced its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 50.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,520 shares of the company’s stock after selling 15,000 shares during the quarter. West Tower Group LLC’s holdings in Dropbox were worth $436,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Dropbox by 4.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 38,512 shares of the company’s stock valued at $979,000 after purchasing an additional 1,800 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Dropbox by 0.8% in the third quarter. Victory Capital Management Inc. now owns 735,053 shares of the company’s stock valued at $18,692,000 after purchasing an additional 5,772 shares in the last quarter. Natixis Advisors LLC purchased a new position in shares of Dropbox in the third quarter valued at $270,000. Thrivent Financial for Lutherans grew its position in shares of Dropbox by 12.6% in the third quarter. Thrivent Financial for Lutherans now owns 65,771 shares of the company’s stock valued at $1,672,000 after purchasing an additional 7,385 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its position in shares of Dropbox by 12.0% in the third quarter. Advisors Asset Management Inc. now owns 27,593 shares of the company’s stock valued at $702,000 after purchasing an additional 2,960 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Andrew Houston sold 500,323 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total value of $14,834,576.95. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $245,106,646.90. The trade was a 5.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Eric Cox sold 3,765 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $26.30, for a total value of $99,019.50. Following the transaction, the insider now owns 309,550 shares in the company, valued at approximately $8,141,165. This represents a 1.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 634,504 shares of company stock valued at $18,935,530. Insiders own 28.59% of the company’s stock.

Wall Street Analyst Weigh In

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

Dropbox Stock Up 0.4 %

Dropbox stock opened at $26.39 on Wednesday. The business has a 50-day simple moving average of $29.54 and a 200 day simple moving average of $27.92. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.33. The stock has a market cap of $7.96 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 1.70 and a beta of 0.77.

Dropbox (NASDAQ:DBX) last issued 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 firm had revenue of $643.60 million for the quarter, compared to the consensus estimate of $638.61 million. On average, research analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

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.