Bessemer Group Inc. Trims Stock Position in Dropbox, Inc. $DBX

Bessemer Group Inc. lessened its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 69.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,194 shares of the company’s stock after selling 27,470 shares during the quarter. Bessemer Group Inc.’s holdings in Dropbox were worth $349,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Elequin Capital LP raised its position in shares of Dropbox by 71.0% during the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company’s stock valued at $30,000 after buying an additional 469 shares during the period. Brooklyn Investment Group increased its holdings in Dropbox by 250.3% in the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock valued at $37,000 after purchasing an additional 991 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Dropbox in the second quarter valued at approximately $41,000. SBI Securities Co. Ltd. raised its position in Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock valued at $48,000 after purchasing an additional 449 shares during the period. Finally, UMB Bank n.a. raised its position in Dropbox by 29.7% in the second quarter. UMB Bank n.a. now owns 3,243 shares of the company’s stock valued at $93,000 after purchasing an additional 742 shares during the period. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, October 8th. Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a research report on Sunday, October 26th. Finally, UBS Group lowered Dropbox from a “neutral” rating to a “sell” rating and cut their target price for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $29.67.

Dropbox Stock Up 0.8%

NASDAQ:DBX opened at $29.00 on Monday. The company has a fifty day simple moving average of $29.73 and a two-hundred day simple moving average of $28.70. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 17.68, a price-to-earnings-growth ratio of 3.82 and a beta of 0.66. Dropbox, Inc. has a 52 week low of $24.42 and a 52 week high of $33.33.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.63 by $0.08. The business had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 earnings per share. On average, analysts expect that Dropbox, Inc. will post 1.64 EPS for the current year.

Insiders Place Their Bets

In other Dropbox news, insider William T. Yoon sold 11,430 shares of the business’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $30.16, for a total value of $344,728.80. Following the completion of the transaction, the insider owned 223,662 shares in the company, valued at $6,745,645.92. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Timothy Regan sold 5,000 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $29.76, for a total transaction of $148,800.00. Following the completion of the transaction, the chief financial officer owned 471,621 shares of the company’s stock, valued at approximately $14,035,440.96. This trade represents a 1.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 316,132 shares of company stock valued at $9,178,284. Corporate insiders own 28.59% of the company’s stock.

Dropbox Company Profile

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.