Legal & General Group Plc Lowers Stock Holdings in Dropbox, Inc. (NASDAQ:DBX)

Legal & General Group Plc reduced its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 8.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 479,250 shares of the company's stock after selling 46,057 shares during the quarter. Legal & General Group Plc owned about 0.15% of Dropbox worth $14,397,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in shares of Dropbox by 96.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after purchasing an additional 424 shares during the last quarter. Avion Wealth increased its stake in Dropbox by 4,472.7% during the 4th quarter. Avion Wealth now owns 1,006 shares of the company's stock worth $30,000 after acquiring an additional 984 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Dropbox during the 4th quarter valued at $40,000. Allworth Financial LP grew its holdings in shares of Dropbox by 33.5% during the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company's stock worth $45,000 after purchasing an additional 365 shares in the last quarter. Finally, Huntington National Bank raised its stake in Dropbox by 768.9% in the fourth quarter. Huntington National Bank now owns 1,538 shares of the company's stock valued at $46,000 after purchasing an additional 1,361 shares in the last quarter. Institutional investors own 94.84% of the company's stock.

Analyst Ratings Changes

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

Insider Transactions at Dropbox

In other Dropbox news, CEO Andrew Houston sold 80,499 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $30.97, for a total transaction of $2,493,054.03. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares of the company's stock, valued at $256,018,646.02. This represents a 0.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Eric Cox sold 3,765 shares of Dropbox stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $26.30, for a total value of $99,019.50. Following the completion of the sale, the insider now owns 309,550 shares in the company, valued at approximately $8,141,165. This represents a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 94,264 shares of company stock worth $2,886,749. Company insiders own 28.59% of the company's stock.

Dropbox Trading Up 1.0 %

Shares of DBX traded up $0.28 during midday trading on Friday, reaching $27.11. The stock had a trading volume of 2,779,080 shares, compared to its average volume of 3,616,254. The company has a market capitalization of $8.18 billion, a price-to-earnings ratio of 19.23, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.33. The company's 50-day moving average is $27.28 and its 200 day moving average is $28.25.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.11). The business had revenue of $643.60 million during the quarter, compared to the consensus estimate of $638.61 million. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. Research analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

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.