Renaissance Technologies LLC Sells 655,297 Shares of Dropbox, Inc. $DBX

Renaissance Technologies LLC cut its stake in Dropbox, Inc. (NASDAQ:DBX) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,721,067 shares of the company’s stock after selling 655,297 shares during the quarter. Renaissance Technologies LLC owned 3.20% of Dropbox worth $175,423,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Empowered Funds LLC grew its holdings in Dropbox by 7.3% during the first quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock valued at $1,036,000 after purchasing an additional 2,655 shares during the period. Cetera Investment Advisers raised its holdings in Dropbox by 10.8% in the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock worth $704,000 after purchasing an additional 2,405 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Dropbox by 88.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company’s stock worth $48,000 after purchasing an additional 787 shares during the period. Cresset Asset Management LLC raised its holdings in Dropbox by 75.8% in the second quarter. Cresset Asset Management LLC now owns 15,230 shares of the company’s stock worth $436,000 after purchasing an additional 6,569 shares during the period. Finally, Federated Hermes Inc. boosted its position in shares of Dropbox by 360.9% during the second quarter. Federated Hermes Inc. now owns 117,852 shares of the company’s stock worth $3,371,000 after purchasing an additional 92,280 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Stock Up 2.7%

Dropbox stock opened at $29.19 on Friday. The company has a 50 day moving average of $27.85 and a 200-day moving average of $26.02. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $32.40. The stock has a market capitalization of $6.81 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 3.11 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the business posted $0.70 earnings per share. Equities analysts anticipate that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on DBX. Royal Bank Of Canada reissued an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Dropbox in a research note on Monday, May 4th. Finally, Citigroup raised their price target on Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Dropbox presently has an average rating of “Reduce” and an average target price of $27.00.

Insider Transactions at Dropbox

In other news, CEO Ashraf Alkarmi sold 22,700 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total value of $632,422.00. Following the sale, the chief executive officer directly owned 1,080,746 shares in the company, valued at $30,109,583.56. The trade was a 2.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Karen Peacock sold 2,000 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $29.00, for a total value of $58,000.00. Following the transaction, the director directly owned 24,366 shares of the company’s stock, valued at $706,614. This represents a 7.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 129,082 shares of company stock worth $3,489,910. 35.48% of the stock is currently owned by company insiders.

Dropbox Profile

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.