First Horizon Advisors Inc. Trims Stake in Dropbox, Inc. (NASDAQ:DBX)

First Horizon Advisors Inc. lowered its holdings in Dropbox, Inc. (NASDAQ:DBX) by 18.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,595 shares of the company’s stock after selling 5,163 shares during the period. First Horizon Advisors Inc.’s holdings in Dropbox were worth $600,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of DBX. Vanguard Group Inc. lifted its holdings in shares of Dropbox by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock worth $665,323,000 after acquiring an additional 105,250 shares during the last quarter. UniSuper Management Pty Ltd boosted its holdings in shares of Dropbox by 94.7% in the first quarter. UniSuper Management Pty Ltd now owns 3,700 shares of the company’s stock worth $90,000 after buying an additional 1,800 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Dropbox by 10.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 435,928 shares of the company’s stock valued at $10,591,000 after purchasing an additional 41,680 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in Dropbox during the 1st quarter valued at approximately $65,000. Finally, Advisors Asset Management Inc. bought a new position in Dropbox during the first quarter valued at approximately $291,000. Institutional investors own 94.84% of the company’s stock.

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 3,177 shares of Dropbox stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.00, for a total value of $79,425.00. Following the transaction, the chief financial officer now owns 481,747 shares in the company, valued at $12,043,675. The trade was a 0.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andrew Houston sold 3,493 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.00, for a total transaction of $87,325.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $206,666,650. This represents a 0.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 464,782 shares of company stock worth $11,673,797. 26.40% of the stock is currently owned by corporate insiders.

Dropbox Price Performance

NASDAQ:DBX opened at $27.64 on Friday. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.43. The company has a 50-day moving average of $25.94 and a 200 day moving average of $23.96. The firm has a market cap of $8.56 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 1.49 and a beta of 0.61.

Wall Street Analysts Forecast Growth

Separately, UBS Group cut their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $28.67.

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.