Glenmede Trust Co. NA Reduces Stake in Dropbox, Inc. $DBX

Glenmede Trust Co. NA reduced its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 67.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 202,135 shares of the company’s stock after selling 416,600 shares during the quarter. Glenmede Trust Co. NA owned about 0.09% of Dropbox worth $4,593,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Palisade Asset Management LLC bought a new stake in shares of Dropbox in the 3rd quarter valued at approximately $30,000. Kestra Advisory Services LLC bought a new position in shares of Dropbox during the 4th quarter valued at approximately $31,000. Larson Financial Group LLC raised its holdings in Dropbox by 228.0% during the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after buying an additional 791 shares during the period. Geneos Wealth Management Inc. raised its holdings in Dropbox by 78.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after buying an additional 558 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Dropbox in the fourth quarter worth $38,000. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on DBX shares. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Royal Bank Of Canada reissued an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a report on Friday. Finally, Citigroup raised their target price on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Dropbox presently has a consensus rating of “Reduce” and a consensus target price of $27.00.

Insider Activity

In other news, Director Andrew William Moore sold 8,443 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.57, for a total value of $232,773.51. Following the transaction, the director directly owned 4,737 shares in the company, valued at approximately $130,599.09. This represents a 64.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Sarah Elizabeth Schubach sold 1,632 shares of Dropbox stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $31.61, for a total transaction of $51,587.52. Following the sale, the chief accounting officer owned 124,266 shares of the company’s stock, valued at $3,928,048.26. The trade was a 1.30% decrease in their position. 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. In the last three months, insiders sold 130,945 shares of company stock valued at $3,565,129. Insiders own 35.48% of the company’s stock.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $34.51 on Wednesday. The business’s 50 day moving average price is $28.58 and its 200-day moving average price is $26.29. Dropbox, Inc. has a fifty-two week low of $21.69 and a fifty-two week high of $34.54. The company has a market cap of $8.05 billion, a price-to-earnings ratio of 18.86, a PEG ratio of 3.62 and a beta of 0.64.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $629.50 million during the quarter, compared to analysts’ expectations of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.Dropbox’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 EPS. Sell-side analysts predict that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Dropbox Company Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.