First Horizon Advisors Inc. Sells 6,692 Shares of Dropbox, Inc. (NASDAQ:DBX)

First Horizon Advisors Inc. lessened its stake in Dropbox, Inc. (NASDAQ:DBX) by 28.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,903 shares of the company’s stock after selling 6,692 shares during the period. First Horizon Advisors Inc.’s holdings in Dropbox were worth $508,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in DBX. Caisse DE Depot ET Placement DU Quebec bought a new stake in Dropbox in the 3rd quarter worth approximately $11,687,000. Jacobs Levy Equity Management Inc. grew its position in shares of Dropbox by 6.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company’s stock valued at $158,670,000 after acquiring an additional 365,893 shares during the period. Pacer Advisors Inc. grew its position in shares of Dropbox by 4.5% during the 3rd quarter. Pacer Advisors Inc. now owns 7,788,652 shares of the company’s stock valued at $198,065,000 after acquiring an additional 333,245 shares during the period. Algert Global LLC grew its position in shares of Dropbox by 414.9% during the 3rd quarter. Algert Global LLC now owns 365,832 shares of the company’s stock valued at $9,303,000 after acquiring an additional 294,780 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Dropbox by 8.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock valued at $71,108,000 after acquiring an additional 228,685 shares during the period. Institutional investors own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group boosted their price objective on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, January 6th.

Insider Buying and Selling

In related news, CEO Andrew Houston sold 132,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $28.12, for a total value of $3,711,840.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $232,458,647.92. This represents a 1.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Timothy Regan sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total transaction of $296,500.00. Following the completion of the transaction, the chief financial officer now directly owns 403,764 shares of the company’s stock, valued at $11,971,602.60. This represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 900,238 shares of company stock valued at $26,680,195. Company insiders own 28.59% of the company’s stock.

Dropbox Price Performance

Shares of DBX stock opened at $26.26 on Tuesday. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.33. The firm has a fifty day moving average price of $30.91 and a 200-day moving average price of $27.67. The company has a market cap of $8.13 billion, a price-to-earnings ratio of 18.62, a PEG ratio of 1.70 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.11). The firm 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%. Equities research analysts expect that Dropbox, Inc. will post 1.64 EPS for the current 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.