IVY Lane Capital Management LLC Lowers Stock Position in Dropbox, Inc. (NASDAQ:DBX)

IVY Lane Capital Management LLC decreased its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 28.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 90,000 shares of the company's stock after selling 35,000 shares during the period. Dropbox accounts for about 1.5% of IVY Lane Capital Management LLC's holdings, making the stock its 12th biggest holding. IVY Lane Capital Management LLC's holdings in Dropbox were worth $2,704,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. KLP Kapitalforvaltning AS bought a new position in Dropbox during the fourth quarter worth $25,375,000. Norges Bank bought a new position in shares of Dropbox in the 4th quarter worth about $20,482,000. Caisse DE Depot ET Placement DU Quebec bought a new position in shares of Dropbox in the 3rd quarter worth about $11,687,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of Dropbox by 6.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company's stock valued at $158,670,000 after purchasing an additional 365,893 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Dropbox by 8.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company's stock valued at $71,108,000 after purchasing an additional 228,685 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Insider Transactions at Dropbox

In related news, insider Eric Cox sold 3,765 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $26.30, for a total value of $99,019.50. Following the sale, the insider now owns 309,550 shares in the company, valued at $8,141,165. This represents a 1.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Andrew Houston sold 500,323 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $29.65, for a total transaction of $14,834,576.95. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $245,106,646.90. The trade was a 5.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 634,504 shares of company stock valued at $18,926,005 over the last ninety days. 28.59% of the stock is owned by company insiders.

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Wall Street Analysts Forecast Growth

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

Dropbox Stock Up 1.2 %

NASDAQ:DBX traded up $0.33 during trading hours on Wednesday, reaching $27.51. The company had a trading volume of 1,435,317 shares, compared to its average volume of 3,549,405. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.33. The firm has a market cap of $8.30 billion, a price-to-earnings ratio of 19.51, a P/E/G ratio of 1.70 and a beta of 0.77. The business's 50-day simple moving average is $28.87 and its two-hundred day simple moving average is $28.13.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its earnings results on Thursday, February 20th. The company reported $0.51 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 firm had revenue of $643.60 million during the quarter, compared to analyst estimates of $638.61 million. As a group, equities analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current year.

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.