Point72 Asset Management L.P. Sells 185,470 Shares of Dropbox, Inc. (NASDAQ:DBX)

Point72 Asset Management L.P. lessened its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 42.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 253,130 shares of the company's stock after selling 185,470 shares during the period. Point72 Asset Management L.P. owned approximately 0.08% of Dropbox worth $5,688,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Sound Income Strategies LLC bought a new position in shares of Dropbox during the first quarter valued at $28,000. GAMMA Investing LLC raised its holdings in shares of Dropbox by 274.0% during the second quarter. GAMMA Investing LLC now owns 1,238 shares of the company's stock valued at $28,000 after purchasing an additional 907 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Dropbox by 548.8% during the second quarter. Fifth Third Bancorp now owns 1,382 shares of the company's stock valued at $31,000 after purchasing an additional 1,169 shares during the last quarter. Quarry LP lifted its holdings in shares of Dropbox by 81.1% during the 2nd quarter. Quarry LP now owns 1,965 shares of the company's stock valued at $44,000 after buying an additional 880 shares during the period. Finally, EntryPoint Capital LLC purchased a new stake in Dropbox during the first quarter valued at $65,000. Hedge funds and other institutional investors own 94.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. UBS Group dropped their target price on Dropbox from $30.00 to $28.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Citigroup lowered their target price on Dropbox from $26.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $28.67.

Insider Buying and Selling

In other Dropbox news, CEO Andrew Houston sold 28,012 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $25.01, for a total transaction of $700,580.12. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at $206,749,316.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Andrew Houston sold 28,012 shares of the firm's stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $25.01, for a total value of $700,580.12. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company's stock, valued at approximately $206,749,316.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy Regan sold 3,177 shares of the business's stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.00, for a total value of $79,425.00. Following the transaction, the chief financial officer now directly owns 481,747 shares in the company, valued at approximately $12,043,675. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,646 shares of company stock worth $2,817,405. Corporate insiders own 26.40% of the company's stock.

Dropbox Stock Down 1.5 %

Shares of Dropbox stock opened at $25.05 on Wednesday. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of 16.59, a PEG ratio of 1.55 and a beta of 0.61. The stock's 50-day simple moving average is $23.84 and its 200-day simple moving average is $23.28. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.43.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its 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 firm had revenue of $634.50 million during the quarter, compared to analyst estimates of $630.10 million. Dropbox had a net margin of 23.06% and a negative return on equity of 161.78%. Dropbox's revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.28 earnings per share. On average, equities analysts expect that Dropbox, Inc. will post 1.31 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.