Securian Asset Management Inc. Cuts Stake in Dropbox, Inc. (NASDAQ:DBX)

Securian Asset Management Inc. reduced its stake in Dropbox, Inc. (NASDAQ:DBX) by 8.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 16,827 shares of the company’s stock after selling 1,621 shares during the quarter. Securian Asset Management Inc.’s holdings in Dropbox were worth $505,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DBX. EverSource Wealth Advisors LLC boosted its holdings in shares of Dropbox by 96.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company’s stock worth $26,000 after buying an additional 424 shares during the last quarter. Avion Wealth boosted its holdings in shares of Dropbox by 4,472.7% in the 4th quarter. Avion Wealth now owns 1,006 shares of the company’s stock worth $30,000 after buying an additional 984 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Dropbox in the 4th quarter worth about $40,000. Allworth Financial LP boosted its holdings in shares of Dropbox by 33.5% in the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock worth $45,000 after buying an additional 365 shares during the last quarter. Finally, V Square Quantitative Management LLC boosted its holdings in shares of Dropbox by 39.0% in the 4th quarter. V Square Quantitative Management LLC now owns 1,717 shares of the company’s stock worth $52,000 after buying an additional 482 shares during the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Up 2.6 %

NASDAQ DBX opened at $26.28 on Tuesday. The company has a market cap of $7.93 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.33. The firm’s 50-day simple moving average is $29.61 and its two-hundred day simple moving average is $27.91.

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

Wall Street Analyst Weigh In

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

Insider Activity

In other news, CEO Andrew Houston sold 500,323 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total transaction of $14,834,576.95. Following the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $245,106,646.90. This represents a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $30.38, for a total value of $75,950.00. Following the sale, the chief financial officer now owns 413,764 shares in the company, valued at approximately $12,570,150.32. This represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 634,504 shares of company stock worth $18,935,530 over the last ninety days. Company insiders own 28.59% of the company’s stock.

About Dropbox

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.