Wellington Management Group LLP Cuts Holdings in Dropbox, Inc. $DBX

Wellington Management Group LLP lowered its position in Dropbox, Inc. (NASDAQ:DBX) by 99.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,218 shares of the company’s stock after selling 2,184,782 shares during the period. Wellington Management Group LLP’s holdings in Dropbox were worth $226,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. LSV Asset Management grew its position in shares of Dropbox by 1.1% during the 4th quarter. LSV Asset Management now owns 11,735,641 shares of the company’s stock valued at $326,251,000 after acquiring an additional 121,999 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Dropbox by 12.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after purchasing an additional 960,109 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Dropbox by 1.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company’s stock worth $153,935,000 after purchasing an additional 70,867 shares during the period. Wedge Capital Management L L P NC raised its holdings in Dropbox by 26.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock worth $82,552,000 after purchasing an additional 627,111 shares during the period. Finally, Allianz Asset Management GmbH boosted its position in Dropbox by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock worth $75,626,000 after purchasing an additional 596,440 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DBX has been the topic of several research analyst reports. William Blair raised Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Weiss Ratings raised Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Citigroup lifted their price target on shares of Dropbox from $28.00 to $33.00 and gave the company a “neutral” rating in a research note on Friday, August 7th. Finally, Zacks Research lowered shares of Dropbox from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $30.75.

Dropbox Stock Up 1.5%

DBX opened at $35.56 on Friday. The company has a market cap of $8.03 billion, a PE ratio of 19.76, a price-to-earnings-growth ratio of 5.24 and a beta of 0.65. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $36.37. The company has a 50-day moving average price of $32.83 and a 200 day moving average price of $28.10.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The company had revenue of $631.50 million for the quarter, compared to analysts’ expectations of $626.69 million. During the same period in the previous year, the firm posted $0.71 EPS. Dropbox’s revenue was up .9% compared to the same quarter last year. As a group, sell-side analysts expect that Dropbox, Inc. will post 1.94 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Karen Peacock sold 2,000 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $33.00, for a total value of $66,000.00. Following the completion of the transaction, the director directly owned 22,366 shares of the company’s stock, valued at approximately $738,078. This represents a 8.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Lisa Campbell sold 4,598 shares of the stock in a transaction on Friday, September 4th. The shares were sold at an average price of $34.78, for a total value of $159,918.44. Following the completion of the transaction, the director directly owned 19,471 shares of the company’s stock, valued at approximately $677,201.38. This represents a 19.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 55,647 shares of company stock valued at $1,876,439. 35.48% of the stock is owned by corporate insiders.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a technology company that provides cloud-based file storage, synchronization, sharing and collaboration services. Its platform enables individuals, businesses and organizations to store files online, access them across connected devices, and collaborate on documents and other digital content.

The company’s offerings include Dropbox for file management and collaboration, Dropbox Paper for shared document and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.