Allspring Global Investments Holdings LLC Lowers Stake in Dropbox, Inc. (NASDAQ:DBX)

Allspring Global Investments Holdings LLC reduced its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 90.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,281 shares of the company's stock after selling 141,560 shares during the period. Allspring Global Investments Holdings LLC's holdings in Dropbox were worth $363,000 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. GAMMA Investing LLC raised its holdings in Dropbox by 274.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,238 shares of the company's stock valued at $28,000 after buying an additional 907 shares during the last quarter. Fifth Third Bancorp raised its holdings in Dropbox by 548.8% in the 2nd quarter. Fifth Third Bancorp now owns 1,382 shares of the company's stock valued at $31,000 after buying an additional 1,169 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Dropbox in the 3rd quarter valued at approximately $31,000. Quarry LP raised its holdings in Dropbox by 81.1% during the 2nd quarter. Quarry LP now owns 1,965 shares of the company's stock worth $44,000 after purchasing an additional 880 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in Dropbox by 2,479.4% during the 3rd quarter. UMB Bank n.a. now owns 1,754 shares of the company's stock worth $45,000 after purchasing an additional 1,686 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Dropbox

In related news, CFO Timothy Regan sold 2,500 shares of the firm's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $24.35, for a total value of $60,875.00. Following the completion of the sale, the chief financial officer now directly owns 485,724 shares in the company, valued at $11,827,379.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $24.35, for a total value of $60,875.00. Following the completion of the sale, the chief financial officer now owns 485,724 shares in the company, valued at approximately $11,827,379.40. The trade was a 0.00 % 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, CEO Andrew Houston sold 3,493 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 $87,325.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company's stock, valued at $206,666,650. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 459,952 shares of company stock valued at $11,544,337. 26.40% of the stock is owned by company insiders.

Dropbox Trading Up 0.5 %

DBX stock traded up $0.13 during midday trading on Friday, hitting $25.98. The company had a trading volume of 2,172,898 shares, compared to its average volume of 2,444,810. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.43. The stock's 50 day moving average price is $25.12 and its 200 day moving average price is $23.62. The stock has a market cap of $8.45 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 1.61 and a beta of 0.61.

Dropbox (NASDAQ:DBX - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.08. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The firm had revenue of $634.50 million for the quarter, compared to analysts' expectations of $630.10 million. During the same period in the prior year, the firm posted $0.28 earnings per share. The company's quarterly revenue was up 1.9% on a year-over-year basis. Analysts predict that Dropbox, Inc. will post 1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, UBS Group reduced their price objective on shares of Dropbox from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $28.67.

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.