First Horizon Advisors Inc. Lowers Position in Dropbox, Inc. (NASDAQ:DBX)

First Horizon Advisors Inc. cut its stake in Dropbox, Inc. (NASDAQ:DBX) by 28.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,903 shares of the company’s stock after selling 6,692 shares during the period. First Horizon Advisors Inc.’s holdings in Dropbox were worth $508,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Pacer Advisors Inc. lifted its holdings in Dropbox by 4.5% in the third quarter. Pacer Advisors Inc. now owns 7,788,652 shares of the company’s stock worth $198,065,000 after buying an additional 333,245 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in Dropbox by 6.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company’s stock worth $158,670,000 after buying an additional 365,893 shares during the period. Geode Capital Management LLC lifted its holdings in Dropbox by 0.6% in the third quarter. Geode Capital Management LLC now owns 4,366,271 shares of the company’s stock worth $111,368,000 after buying an additional 25,893 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Dropbox by 8.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock worth $71,108,000 after buying an additional 228,685 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Dropbox by 6.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company’s stock worth $59,907,000 after buying an additional 134,503 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Andrew Houston sold 137,499 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $30.05, for a total value of $4,131,844.95. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $248,413,313.30. The trade was a 1.64 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $32.19, for a total transaction of $80,475.00. Following the completion of the transaction, the chief financial officer now owns 396,264 shares of the company’s stock, valued at approximately $12,755,738.16. The trade was a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 900,238 shares of company stock worth $26,680,195. Insiders own 28.59% of the company’s stock.

Analyst Ratings Changes

Separately, Jefferies Financial Group lifted their target price on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 6th.

Dropbox Stock Performance

DBX stock opened at $26.26 on Tuesday. The firm has a 50 day moving average price of $30.91 and a 200-day moving average price of $27.67. Dropbox, Inc. has a 52-week low of $20.68 and a 52-week high of $33.33. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of 18.62, a PEG ratio of 1.70 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, February 20th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.11). Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The business had revenue of $643.60 million for the quarter, compared to analysts’ expectations of $638.61 million. As a group, sell-side analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Dropbox 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.