Dropbox, Inc. $DBX Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC lessened its position in Dropbox, Inc. (NASDAQ:DBX) by 94.2% in the 4th quarter, Holdings Channel reports. The fund owned 23,562 shares of the company’s stock after selling 384,396 shares during the period. Intech Investment Management LLC’s holdings in Dropbox were worth $655,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Baker Avenue Asset Management LP lifted its stake in shares of Dropbox by 34.1% in the 4th quarter. Baker Avenue Asset Management LP now owns 19,002 shares of the company’s stock worth $528,000 after acquiring an additional 4,827 shares during the period. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Dropbox in the 4th quarter worth $454,000. AlphaQuest LLC lifted its stake in shares of Dropbox by 79.6% in the 4th quarter. AlphaQuest LLC now owns 59,526 shares of the company’s stock worth $1,655,000 after acquiring an additional 26,380 shares during the period. Kestra Investment Management LLC lifted its stake in shares of Dropbox by 4.1% in the 4th quarter. Kestra Investment Management LLC now owns 38,511 shares of the company’s stock worth $1,071,000 after acquiring an additional 1,500 shares during the period. Finally, New Age Alpha Advisors LLC lifted its stake in shares of Dropbox by 12.3% in the 4th quarter. New Age Alpha Advisors LLC now owns 43,140 shares of the company’s stock worth $1,199,000 after acquiring an additional 4,736 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Stock Down 0.8%

Shares of NASDAQ DBX opened at $27.30 on Tuesday. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $32.40. The firm has a 50-day moving average price of $25.20 and a 200 day moving average price of $26.15. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of 14.92, a price-to-earnings-growth ratio of 3.01 and a beta of 0.67.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm had revenue of $629.50 million during the quarter, compared to analysts’ expectations of $620.56 million. During the same quarter last year, the business earned $0.70 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Equities research analysts expect that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other Dropbox news, CEO Ashraf Alkarmi sold 22,700 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total transaction of $632,422.00. Following the completion of the transaction, the chief executive officer directly owned 1,080,746 shares in the company, valued at approximately $30,109,583.56. This trade represents a 2.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William T. Yoon sold 7,230 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.57, for a total transaction of $199,331.10. Following the transaction, the insider owned 366,963 shares of the company’s stock, valued at $10,117,169.91. This trade represents a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 239,883 shares of company stock worth $6,006,972 in the last three months. Company insiders own 35.48% of the company’s stock.

Analysts Set New Price Targets

DBX has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Citigroup raised their price objective on shares of Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. JPMorgan Chase & Co. reduced their price objective on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. Finally, William Blair reiterated an “underperform” rating on shares of Dropbox in a research note on Monday, March 23rd. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $27.00.

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.