Principal Financial Group Inc. Sells 254,130 Shares of Dropbox, Inc. (NASDAQ:DBX)

Principal Financial Group Inc. reduced its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 31.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 552,047 shares of the company's stock after selling 254,130 shares during the period. Principal Financial Group Inc. owned approximately 0.17% of Dropbox worth $14,039,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of DBX. State Board of Administration of Florida Retirement System boosted its position in Dropbox by 3.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 245,177 shares of the company's stock valued at $5,958,000 after buying an additional 8,672 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Dropbox by 32.8% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,260 shares of the company's stock valued at $3,749,000 after purchasing an additional 38,131 shares in the last quarter. Blair William & Co. IL acquired a new stake in Dropbox during the 1st quarter valued at $596,000. Intech Investment Management LLC raised its position in Dropbox by 51.0% in the 1st quarter. Intech Investment Management LLC now owns 78,177 shares of the company's stock valued at $1,900,000 after purchasing an additional 26,417 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Dropbox by 0.4% in the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company's stock worth $665,323,000 after purchasing an additional 105,250 shares in the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Dropbox Trading Down 2.2 %

Shares of DBX traded down $0.61 during trading hours on Friday, hitting $27.06. 2,286,809 shares of the stock traded hands, compared to its average volume of 3,028,989. The business has a fifty day moving average of $25.75 and a 200-day moving average of $23.89. The firm has a market capitalization of $8.38 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 1.72 and a beta of 0.61. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.43.

Insiders Place Their Bets

In related news, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction on Friday, September 13th. The stock was sold at an average price of $24.35, for a total transaction of $60,875.00. Following the completion of the sale, the chief financial officer now directly owns 485,724 shares of the company's stock, valued at $11,827,379.40. The trade was a 0.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Houston sold 66,064 shares of the company's stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $25.00, for a total value of $1,651,600.00. 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. This represents a 0.79 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 459,952 shares of company stock valued at $11,544,337. 26.40% of the stock is currently owned by insiders.

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.