Dropbox, Inc. (NASDAQ:DBX) Position Lessened by Cresset Asset Management LLC

Cresset Asset Management LLC trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 85.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,112 shares of the company’s stock after selling 79,177 shares during the period. Cresset Asset Management LLC’s holdings in Dropbox were worth $394,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of DBX. BOKF NA acquired a new position in Dropbox during the fourth quarter worth $550,000. Captrust Financial Advisors increased its position in Dropbox by 7.1% during the fourth quarter. Captrust Financial Advisors now owns 80,124 shares of the company’s stock worth $2,407,000 after buying an additional 5,300 shares during the last quarter. Caxton Associates LP acquired a new position in Dropbox during the fourth quarter worth $1,886,000. Bayesian Capital Management LP acquired a new position in Dropbox during the fourth quarter worth $2,283,000. Finally, Algert Global LLC increased its position in Dropbox by 2.6% during the fourth quarter. Algert Global LLC now owns 375,297 shares of the company’s stock worth $11,274,000 after buying an additional 9,465 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Dropbox

In related news, CFO Timothy Regan sold 2,500 shares of the stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $28.29, for a total value of $70,725.00. Following the completion of the sale, the chief financial officer now owns 562,568 shares in the company, valued at approximately $15,915,048.72. This trade represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Cox sold 3,765 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $26.30, for a total transaction of $99,019.50. Following the completion of the sale, the insider now owns 309,550 shares of the company’s stock, valued at approximately $8,141,165. The trade was a 1.20% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,265 shares of company stock worth $303,520. Company insiders own 29.95% of the company’s stock.

Dropbox Stock Performance

Shares of NASDAQ:DBX opened at $29.46 on Friday. The company has a market cap of $8.89 billion, a P/E ratio of 20.89, a P/E/G ratio of 1.70 and a beta of 0.68. The stock’s 50-day moving average is $27.36 and its 200-day moving average is $28.63. Dropbox, Inc. has a 52-week low of $20.68 and a 52-week high of $33.33.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.08. The company had revenue of $624.70 million for the quarter, compared to the consensus estimate of $619.56 million. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The firm’s revenue was down 1.0% compared to the same quarter last year. During the same period last year, the business posted $0.58 earnings per share. As a group, equities analysts predict that Dropbox, Inc. will post 1.64 EPS for the current year.

Analyst Ratings Changes

DBX has been the topic of several analyst reports. Citigroup increased their target price on shares of Dropbox from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. UBS Group raised their price target on Dropbox from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, May 9th.

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.