Guggenheim Capital LLC Sells 38,566 Shares of Dropbox, Inc. (NASDAQ:DBX)

Guggenheim Capital LLC lowered its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 36.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 68,151 shares of the company's stock after selling 38,566 shares during the period. Guggenheim Capital LLC's holdings in Dropbox were worth $2,047,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its position in shares of Dropbox by 38.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,224,864 shares of the company's stock valued at $156,955,000 after buying an additional 1,440,887 shares in the last quarter. LSV Asset Management increased its position in shares of Dropbox by 24.0% in the fourth quarter. LSV Asset Management now owns 6,446,121 shares of the company's stock worth $193,641,000 after purchasing an additional 1,245,563 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Dropbox in the fourth quarter valued at about $25,375,000. Norges Bank bought a new stake in Dropbox during the fourth quarter worth about $20,482,000. Finally, Trexquant Investment LP acquired a new stake in Dropbox during the fourth quarter worth about $7,041,000. 94.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Dropbox Price Performance

NASDAQ:DBX traded up $0.11 during trading hours on Wednesday, hitting $27.49. The company's stock had a trading volume of 4,207,107 shares, compared to its average volume of 3,624,281. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.33. The stock has a fifty day simple moving average of $27.07 and a 200-day simple moving average of $28.29. The company has a market capitalization of $8.30 billion, a P/E ratio of 19.50, a PEG ratio of 1.70 and a beta of 0.75.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly 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). The company had revenue of $643.60 million for the quarter, compared to the consensus estimate of $638.61 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. On average, equities analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Insider Activity

In other news, insider Eric Cox sold 3,765 shares of Dropbox stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $26.30, for a total transaction of $99,019.50. Following the transaction, the insider now owns 309,550 shares in the company, valued at approximately $8,141,165. The trade was a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the firm's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $32.17, for a total value of $80,425.00. Following the transaction, the chief financial officer now directly owns 398,764 shares of the company's stock, valued at approximately $12,828,237.88. This represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,765 shares of company stock worth $393,695. Insiders own 28.59% of the company's stock.

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.