Dropbox, Inc. (NASDAQ:DBX) Shares Sold by Waterfront Wealth Inc.

Waterfront Wealth Inc. lessened its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 31.6% in the fourth quarter, HoldingsChannel reports. The firm owned 17,589 shares of the company’s stock after selling 8,120 shares during the quarter. Waterfront Wealth Inc.’s holdings in Dropbox were worth $519,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC boosted its holdings in shares of Dropbox by 1,287.7% during the third quarter. Wedge Capital Management L L P NC now owns 2,725,139 shares of the company’s stock worth $74,206,000 after purchasing an additional 2,528,754 shares during the last quarter. Baupost Group LLC MA boosted its stake in Dropbox by 30.6% in the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock worth $245,777,000 after buying an additional 2,476,021 shares during the last quarter. AQR Capital Management LLC grew its holdings in Dropbox by 102.3% in the 1st quarter. AQR Capital Management LLC now owns 2,556,821 shares of the company’s stock valued at $54,230,000 after buying an additional 1,292,761 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Dropbox by 179.7% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,745,670 shares of the company’s stock worth $37,741,000 after acquiring an additional 1,121,458 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its position in shares of Dropbox by 65.8% in the fourth 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 during the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Price Performance

NASDAQ DBX traded up $0.07 on Thursday, reaching $22.87. The company had a trading volume of 288,088 shares, compared to its average volume of 3,929,641. Dropbox, Inc. has a 1 year low of $19.55 and a 1 year high of $33.43. The firm has a 50-day moving average of $25.13 and a 200-day moving average of $27.52. The firm has a market capitalization of $7.87 billion, a PE ratio of 17.27, a P/E/G ratio of 2.58 and a beta of 0.71.

Dropbox (NASDAQ:DBX) last announced its 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). The firm had revenue of $635.00 million during the quarter, compared to analysts’ expectations of $630.77 million. Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. As a group, sell-side analysts expect that Dropbox, Inc. will post 1.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DBX. Citigroup dropped their price target on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a research report on Friday, March 22nd. KeyCorp increased their target price on Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 19th. The Goldman Sachs Group downgraded Dropbox from a “neutral” rating to a “sell” rating and lowered their price target for the company from $26.00 to $24.00 in a research report on Friday, February 16th. Bank of America downgraded Dropbox from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $34.00 to $28.00 in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. cut Dropbox from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $30.00 in a report on Friday, February 16th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Dropbox currently has a consensus rating of “Hold” and an average price target of $29.78.

Insiders Place Their Bets

In other news, CEO Andrew Houston sold 164,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $197,242,650.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $32.50, for a total transaction of $97,500.00. Following the transaction, the chief financial officer now directly owns 434,761 shares in the company, valued at approximately $14,129,732.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Houston sold 164,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $197,242,650.76. The disclosure for this sale can be found here. Insiders have sold 189,721 shares of company stock worth $4,548,575 in the last quarter. 26.40% of the stock is owned by corporate insiders.

Dropbox 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.