Jupiter Asset Management Ltd. cut its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 44.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 303,231 shares of the company’s stock after selling 241,599 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Dropbox were worth $8,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently modified their holdings of the company. Wealthcare Advisory Partners LLC purchased a new stake in Dropbox during the 1st quarter valued at about $25,000. Ironwood Wealth Management LLC. purchased a new stake in Dropbox during the 4th quarter valued at about $28,000. Westside Investment Management Inc. lifted its holdings in Dropbox by 1,100.0% in the 1st quarter. Westside Investment Management Inc. now owns 1,200 shares of the company’s stock worth $31,000 after buying an additional 1,100 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in Dropbox in the 1st quarter worth approximately $61,000. Finally, Oder Investment Management LLC purchased a new stake in Dropbox in the 4th quarter worth approximately $63,000. Institutional investors own 66.65% of the company’s stock.
In related news, Director Karen Peacock sold 8,818 shares of the firm’s stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $27.13, for a total transaction of $239,232.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bart Volkmer sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 13th. The shares were sold at an average price of $24.49, for a total value of $244,900.00. The disclosure for this sale can be found here. Insiders sold a total of 62,825 shares of company stock valued at $1,669,749 in the last three months. Corporate insiders own 23.75% of the company’s stock.
Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, May 6th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.20. Dropbox had a positive return on equity of 43.70% and a negative net margin of 12.59%. The firm had revenue of $511.60 million during the quarter, compared to analyst estimates of $505.17 million. During the same quarter in the prior year, the company earned $0.17 EPS. The business’s revenue was up 12.4% compared to the same quarter last year. On average, analysts forecast that Dropbox, Inc. will post 0.65 earnings per share for the current fiscal year.
DBX has been the subject of several research analyst reports. The Goldman Sachs Group initiated coverage on Dropbox in a report on Friday, May 14th. They issued a “sell” rating and a $26.00 price objective for the company. DA Davidson reiterated a “buy” rating on shares of Dropbox in a report on Wednesday, May 5th. Zacks Investment Research cut Dropbox from a “buy” rating to a “hold” rating in a report on Tuesday, May 18th. Finally, TheStreet cut Dropbox from a “c-” rating to a “d+” rating in a report on Thursday, May 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $26.75.
Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. As of December 31, 2020, the company had approximately 700 million registered users across 180 countries.
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