Rhumbline Advisers Sells 30,340 Shares of Dropbox, Inc. $DBX

Rhumbline Advisers lessened its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 5.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 537,753 shares of the company’s stock after selling 30,340 shares during the period. Rhumbline Advisers owned 0.20% of Dropbox worth $16,245,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. LSV Asset Management grew its holdings in Dropbox by 10.2% during the 2nd quarter. LSV Asset Management now owns 8,408,502 shares of the company’s stock worth $240,483,000 after acquiring an additional 774,986 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Dropbox by 10.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 6,662,161 shares of the company’s stock valued at $190,538,000 after purchasing an additional 605,258 shares in the last quarter. Wedge Capital Management L L P NC grew its stake in Dropbox by 2.7% during the third quarter. Wedge Capital Management L L P NC now owns 2,287,185 shares of the company’s stock worth $69,096,000 after purchasing an additional 59,625 shares during the period. Allianz Asset Management GmbH increased its holdings in Dropbox by 47.8% in the third quarter. Allianz Asset Management GmbH now owns 2,123,932 shares of the company’s stock worth $64,164,000 after purchasing an additional 686,577 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Dropbox by 14.5% in the second quarter. Russell Investments Group Ltd. now owns 2,123,102 shares of the company’s stock valued at $60,443,000 after buying an additional 268,442 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analysts Set New Price Targets

DBX has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Royal Bank Of Canada reduced 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. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $31.33.

Insiders Place Their Bets

In related news, CFO Timothy Regan sold 1,500 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $29.64, for a total value of $44,460.00. Following the completion of the sale, the chief financial officer directly owned 439,147 shares of the company’s stock, valued at approximately $13,016,317.08. This represents a 0.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Sarah Elizabeth Schubach sold 1,168 shares of Dropbox stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $26.84, for a total transaction of $31,349.12. Following the transaction, the chief accounting officer directly owned 92,702 shares in the company, valued at $2,488,121.68. This represents a 1.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 429,007 shares of company stock valued at $11,671,198. Corporate insiders own 29.95% of the company’s stock.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $24.68 on Thursday. The company has a 50-day moving average price of $26.59 and a 200-day moving average price of $28.38. The stock has a market capitalization of $6.39 billion, a P/E ratio of 13.94, a P/E/G ratio of 2.00 and a beta of 0.63. Dropbox, Inc. has a 1 year low of $23.63 and a 1 year high of $33.19.

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.