Exchange Traded Concepts LLC Sells 74,873 Shares of Dropbox, Inc. $DBX

Exchange Traded Concepts LLC cut its holdings in Dropbox, Inc. (NASDAQ:DBX) by 92.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,180 shares of the company’s stock after selling 74,873 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Dropbox were worth $172,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DBX. Rossby Financial LCC lifted its position in Dropbox by 128.5% in the 3rd quarter. Rossby Financial LCC now owns 937 shares of the company’s stock valued at $28,000 after acquiring an additional 527 shares in the last quarter. Palisade Asset Management LLC bought a new position in Dropbox in the 3rd quarter valued at approximately $30,000. First Horizon Corp bought a new position in Dropbox in the 3rd quarter valued at approximately $31,000. LRI Investments LLC lifted its position in Dropbox by 666.7% in the 3rd quarter. LRI Investments LLC now owns 1,150 shares of the company’s stock valued at $35,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after acquiring an additional 558 shares in the last quarter. 94.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CAO Sarah Elizabeth Schubach sold 1,416 shares of the company’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $22.60, for a total value of $32,001.60. Following the completion of the sale, the chief accounting officer directly owned 82,073 shares in the company, valued at $1,854,849.80. This represents a 1.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew Houston sold 111,166 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $22.89, for a total value of $2,544,589.74. Following the completion of the sale, the chief executive officer owned 8,266,666 shares of the company’s stock, valued at $189,223,984.74. This trade represents a 1.33% 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 quarter, insiders have sold 471,774 shares of company stock valued at $11,823,909. Company insiders own 28.59% of the company’s stock.

Dropbox Price Performance

NASDAQ:DBX opened at $23.60 on Wednesday. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.65 and a beta of 0.61. Dropbox, Inc. has a one year low of $22.00 and a one year high of $32.40. The business has a fifty day moving average price of $24.76 and a 200-day moving average price of $27.35.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.66 by $0.02. The firm had revenue of $636.20 million during the quarter, compared to analyst estimates of $627.83 million. Dropbox had a negative return on equity of 37.47% and a net margin of 20.17%.Dropbox’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.73 EPS. On average, equities research analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

DBX has been the topic of several research analyst reports. Royal Bank Of Canada lowered their price target on Dropbox from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Friday, February 20th. UBS Group lowered their price target on Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a report on Friday, February 20th. Wall Street Zen cut Dropbox from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. lowered their price target on Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $27.50.

Dropbox Company 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.