Principal Financial Group Inc. Cuts Stock Holdings in Dropbox, Inc. (NASDAQ:DBX)

Principal Financial Group Inc. trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 31.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 552,047 shares of the company's stock after selling 254,130 shares during the period. Principal Financial Group Inc. owned about 0.18% of Dropbox worth $14,039,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its holdings in Dropbox by 10.6% during the 3rd quarter. QRG Capital Management Inc. now owns 221,716 shares of the company's stock worth $5,638,000 after buying an additional 21,190 shares during the last quarter. Aigen Investment Management LP acquired a new stake in shares of Dropbox during the 3rd quarter worth about $482,000. Retirement Systems of Alabama lifted its stake in Dropbox by 15.2% during the third quarter. Retirement Systems of Alabama now owns 944,033 shares of the company's stock worth $24,007,000 after purchasing an additional 124,528 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Dropbox by 8.9% in the third 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. Finally, Robeco Institutional Asset Management B.V. increased its stake in Dropbox by 6.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company's stock valued at $59,907,000 after purchasing an additional 134,503 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.

Insider Buying and Selling

In other Dropbox news, CEO Andrew Houston sold 351,306 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $25.12, for a total value of $8,824,806.72. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $207,658,649.92. The trade was a 4.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy Regan sold 2,500 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $25.71, for a total value of $64,275.00. Following the completion of the sale, the chief financial officer now directly owns 464,247 shares of the company's stock, valued at $11,935,790.37. The trade was a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 630,635 shares of company stock worth $16,927,677 in the last ninety days. 26.40% of the stock is owned by corporate insiders.

Dropbox Price Performance

Shares of NASDAQ:DBX traded down $0.23 during trading on Friday, hitting $30.52. 1,997,959 shares of the company were exchanged, compared to its average volume of 3,603,364. The firm's 50 day moving average price is $28.10 and its 200-day moving average price is $25.19. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43. The stock has a market capitalization of $9.45 billion, a P/E ratio of 17.64, a PEG ratio of 1.68 and a beta of 0.63.

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.