Vanguard Group Inc. Has $729.08 Million Stock Position in Dropbox, Inc. $DBX

Vanguard Group Inc. reduced its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 4.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 24,133,610 shares of the company’s stock after selling 1,137,585 shares during the period. Vanguard Group Inc. owned about 8.94% of Dropbox worth $729,076,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in DBX. LSV Asset Management increased its position in shares of Dropbox by 38.1% during the third quarter. LSV Asset Management now owns 11,613,642 shares of the company’s stock valued at $350,848,000 after acquiring an additional 3,205,140 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Dropbox by 10.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 6,662,161 shares of the company’s stock worth $190,538,000 after purchasing an additional 605,258 shares during the period. Wedge Capital Management L L P NC boosted its holdings in Dropbox by 2.7% in the 3rd quarter. Wedge Capital Management L L P NC now owns 2,287,185 shares of the company’s stock worth $69,096,000 after buying an additional 59,625 shares during the period. Allianz Asset Management GmbH grew its position in shares of Dropbox by 47.8% in the third quarter. Allianz Asset Management GmbH now owns 2,123,932 shares of the company’s stock valued at $64,164,000 after purchasing an additional 686,577 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Dropbox by 14.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 2,123,102 shares of the company’s stock valued at $60,443,000 after buying an additional 268,442 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on DBX shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, January 21st. JPMorgan Chase & Co. decreased their target price on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a research report on Friday. Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Royal Bank Of Canada dropped their target price on shares of Dropbox from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Friday. Finally, UBS Group dropped their price target on Dropbox from $27.00 to $23.00 and set a “sell” rating for the company in a research note on Friday. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $27.50.

Insider Activity at Dropbox

In other news, CEO Andrew Houston sold 164,502 shares of Dropbox stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $25.66, for a total transaction of $4,221,121.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Sarah Elizabeth Schubach sold 1,416 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $24.49, for a total value of $34,677.84. Following the transaction, the chief accounting officer owned 86,319 shares of the company’s stock, valued at approximately $2,113,952.31. This trade represents a 1.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 424,757 shares of company stock worth $11,535,896 in the last 90 days. 29.95% of the stock is currently owned by corporate insiders.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $24.50 on Tuesday. The firm’s 50 day moving average price is $26.41 and its 200-day moving average price is $28.36. Dropbox, Inc. has a 52-week low of $23.63 and a 52-week high of $32.40. The company has a market cap of $6.34 billion, a PE ratio of 13.17, a P/E/G ratio of 2.08 and a beta of 0.63.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.02. Dropbox had a negative return on equity of 37.47% and a net margin of 20.17%.The firm had revenue of $636.20 million during the quarter, compared to analysts’ expectations of $627.83 million. During the same quarter in the previous year, the business earned $0.73 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. On average, analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.