Daiwa Securities Group Inc. Lowers Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Daiwa Securities Group Inc. cut its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 16.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,050 shares of the company’s stock after selling 3,117 shares during the period. Daiwa Securities Group Inc.’s holdings in Dropbox were worth $473,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in DBX. Contravisory Investment Management Inc. purchased a new position in Dropbox during the fourth quarter valued at $26,000. Fifth Third Bancorp lifted its holdings in Dropbox by 424.2% during the third quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock valued at $30,000 after purchasing an additional 878 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its holdings in Dropbox by 29,175.0% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock valued at $32,000 after purchasing an additional 1,167 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new position in Dropbox during the third quarter valued at $62,000. Finally, Shell Asset Management Co. lifted its holdings in Dropbox by 51.4% during the third quarter. Shell Asset Management Co. now owns 2,643 shares of the company’s stock valued at $72,000 after purchasing an additional 897 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Trading Up 0.9 %

Dropbox stock opened at $24.15 on Friday. Dropbox, Inc. has a 12-month low of $19.55 and a 12-month high of $33.43. The stock has a market cap of $8.31 billion, a P/E ratio of 18.30, a PEG ratio of 2.70 and a beta of 0.71. The company has a 50-day moving average price of $23.81 and a 200 day moving average price of $27.30.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, February 15th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. The firm had revenue of $635.00 million for the quarter, compared to analyst estimates of $630.77 million. As a group, analysts forecast that Dropbox, Inc. will post 1.14 EPS for the current year.

Insider Buying and Selling

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

Analyst Ratings Changes

Several research firms have issued reports on DBX. The Goldman Sachs Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $26.00 to $24.00 in a report on Friday, February 16th. JMP Securities downgraded shares of Dropbox from an “outperform” rating to a “market perform” rating in a report on Friday, February 16th. KeyCorp raised their price target on shares of Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, January 19th. Bank of America downgraded shares of Dropbox from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $34.00 to $28.00 in a research note on Friday, February 16th. Finally, JPMorgan Chase & Co. downgraded shares of Dropbox from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $33.00 to $30.00 in a research note on Friday, February 16th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $29.78.

About Dropbox

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.