Dropbox, Inc. $DBX Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its stake in Dropbox, Inc. (NASDAQ:DBX) by 7.7% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 411,177 shares of the company’s stock after selling 34,497 shares during the quarter. Principal Financial Group Inc.’s holdings in Dropbox were worth $12,422,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Neo Ivy Capital Management acquired a new stake in shares of Dropbox in the 2nd quarter worth approximately $30,000. First Horizon Corp bought a new stake in Dropbox during the third quarter worth approximately $31,000. LRI Investments LLC lifted its position in Dropbox by 666.7% in the third quarter. LRI Investments LLC now owns 1,150 shares of the company’s stock worth $35,000 after purchasing an additional 1,000 shares during the period. Geneos Wealth Management Inc. lifted its position in Dropbox by 78.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after purchasing an additional 558 shares during the period. Finally, Cullen Frost Bankers Inc. bought a new position in Dropbox during the 2nd quarter valued at $41,000. 94.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on DBX shares. Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada cut their price target on shares of Dropbox from $38.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, January 5th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $31.33.

Dropbox Trading Down 2.3%

Shares of DBX opened at $24.41 on Thursday. The business’s 50-day moving average price is $27.03 and its 200 day moving average price is $28.48. The stock has a market capitalization of $6.32 billion, a P/E ratio of 13.79, a P/E/G ratio of 2.04 and a beta of 0.63. Dropbox, Inc. has a 1-year low of $24.17 and a 1-year high of $33.27.

Insiders Place Their Bets

In other news, CEO Andrew Houston sold 164,502 shares of Dropbox stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $25.66, for a total value of $4,221,121.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William T. Yoon sold 7,142 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $29.19, for a total transaction of $208,474.98. Following the sale, the insider owned 206,228 shares in the company, valued at $6,019,795.32. This represents a 3.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 568,556 shares of company stock worth $15,851,617 over the last ninety days. 29.95% 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.