First Horizon Advisors Inc. reduce share at Dropbox, Inc. (NASDAQ:DBX)

First Horizon Advisors Inc. reduced its holdings in shares of Dropbox, Inc. (NASDAQ:DBX – Free Report) by 4.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). . The firm owned 28,758 shares of the company’s stock after selling 1,347 shares during the period. Holdings of First Horizon Advisors Inc. in Dropbox were worth $646,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of DBX. LSV Asset Management boosted its holdings in Dropbox by 119.4% in the fourth quarter. LSV Asset Management now owns 3,305,730 shares of the company’s stock worth $97,453,000 after buying an additional 1,799,030 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Dropbox by 68.2% in the first quarter. Russell Investments Group Ltd. now owns 1,949,274 shares of the company’s stock valued at $47,397,000 after buying an additional 790,191 shares during the last quarter. Norges Bank purchased a new position in shares of Dropbox during the fourth quarter valued at about $19,361,000. Bank of Nova Scotia boosted its holdings in shares of Dropbox by 7,701.9% during the fourth quarter. Bank of Nova Scotia now owns 618,456 shares of the company’s stock valued at $18,231,000 after purchasing an additional 610,529 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Dropbox by 18.7% in the first quarter. Acadian Asset Management LLC now owns 3,279,401 shares of the company’s stock valued at $79,664,000 after purchasing an additional 517,052 shares in the last quarter. 94.84% of shares are held by hedge funds and other institutional investors.

Dropbox trading up 0.5%

Shares of NASDAQ DBX opened at $23.72 on Wednesday. The firm has a 50-day moving average of $22.49 and a 200-day moving average of $23.73. The firm has a market cap of $7.83 billion, a price-to-earnings ratio of 15.71, a price-to-earnings-growth ratio of 1.61 and a beta of 0.65. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43.

Dropbox (NASDAQ:DBX – Get Your Free Report ) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $634.50 million during the quarter, compared to analyst estimates of $630.10 million. Dropbox had a net margin of 20.50% and a negative return on equity of 148.13%. The company’s revenue rose 1.9% year-over-year. In the same period last year, the company posted earnings of $0.28 per share. Sell-side analysts predict that Dropbox, Inc. will post 1.26 EPS for the current year.

Insiders place their bets

In other Dropbox news, insider Bart Volkmer sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $22.76, for a total value of $159,320.00. Following the completion of the transaction, the insider now directly owns 333,934 shares in the company, valued at $7,600,337.84. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC’s website. In other Dropbox news, insider Bart Volkmer sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $22.76, for a total value of $159,320.00. Following the completion of the transaction, the insider now directly owns 333,934 shares in the company, valued at $7,600,337.84. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC’s website. Also, CEO Andrew Houston sold 82,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $22.40, for a total transaction of $1,836,800.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $185,173,318.40. The disclosure for this sale can be found here. Insiders have sold a total of 208,536 shares of company stock worth $4,672,611 over the past three months. 26.40% of the shares are currently owned by company insiders.

Changes in Analyst Ratings

Several research firms recently weighed in on DBX. UBS Group decreased their price objective on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 9th. Citigroup reduced their price objective on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Dropbox presently has a consensus rating of “Hold” and an average price target of $29.14, according to MarketBeat.

Read our latest Dropbox review

About Dropbox

(Free Report)

Dropbox, Inc provides a worldwide content collaboration platform. 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 clients in the professional services, technology, media, education, industrial, consumer and retail and financial services sectors.

Further reading

Want to see what other hedge funds own DBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Dropbox, Inc. (NASDAQ:DBX – Free Report).

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