Wedge Capital Management L L P NC Trims Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Wedge Capital Management L L P NC cut its stake in Dropbox, Inc. (NASDAQ:DBX) by 13.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 123,029 shares of the company’s stock after selling 18,849 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Dropbox were worth $3,696,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its position in Dropbox by 1.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 492,879 shares of the company’s stock valued at $11,075,000 after buying an additional 7,111 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Dropbox by 63.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,536,412 shares of the company’s stock worth $56,994,000 after acquiring an additional 986,942 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in Dropbox by 38.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 28,841 shares of the company’s stock valued at $648,000 after acquiring an additional 7,943 shares during the period. Hsbc Holdings PLC boosted its stake in Dropbox by 4.5% during the second quarter. Hsbc Holdings PLC now owns 240,185 shares of the company’s stock worth $5,348,000 after acquiring an additional 10,385 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Dropbox during the second quarter valued at approximately $1,017,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $25.71, for a total value of $64,275.00. Following the completion of the transaction, the chief financial officer now directly owns 464,247 shares in the company, valued at $11,935,790.37. This represents a 0.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Andrew Houston sold 132,000 shares of Dropbox stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $28.12, for a total transaction of $3,711,840.00. Following the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $232,458,647.92. The trade was a 1.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 822,069 shares of company stock valued at $24,219,976. Company insiders own 26.40% of the company’s stock.

Dropbox Price Performance

DBX opened at $30.59 on Monday. The company has a 50 day simple moving average of $29.19 and a two-hundred day simple moving average of $26.06. The firm has a market cap of $9.47 billion, a P/E ratio of 17.68, a PEG ratio of 1.49 and a beta of 0.61. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.43.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group boosted their price target on Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $27.50.

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.