Raymond James & Associates Cuts Holdings in Dropbox, Inc. (NASDAQ:DBX)

Raymond James & Associates cut its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 2.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 75,402 shares of the company’s stock after selling 1,856 shares during the quarter. Raymond James & Associates’ holdings in Dropbox were worth $2,203,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Berman Capital Advisors LLC raised its position in Dropbox by 286.8% in the second quarter. Berman Capital Advisors LLC now owns 1,052 shares of the company’s stock worth $31,000 after acquiring an additional 780 shares during the period. Dark Forest Capital Management LP bought a new stake in Dropbox in the second quarter worth about $33,000. West Oak Capital LLC bought a new stake in Dropbox in the third quarter worth about $35,000. Itau Unibanco Holding S.A. bought a new stake in Dropbox in the second quarter worth about $43,000. Finally, Rockefeller Capital Management L.P. raised its position in Dropbox by 572.5% in the second quarter. Rockefeller Capital Management L.P. now owns 1,809 shares of the company’s stock worth $53,000 after acquiring an additional 1,540 shares during the period. Institutional investors and hedge funds own 61.66% of the company’s stock.

NASDAQ DBX opened at $24.06 on Friday. The company’s 50 day moving average is $24.85 and its 200-day moving average is $28.64. The firm has a market cap of $9.45 billion, a P/E ratio of -77.61 and a beta of 0.94. Dropbox, Inc. has a 12-month low of $21.57 and a 12-month high of $33.00.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, November 4th. The company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.02. The business had revenue of $550.20 million for the quarter, compared to analyst estimates of $544.72 million. Dropbox had a negative net margin of 6.42% and a negative return on equity of 19,335.53%. Dropbox’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.09 EPS. As a group, equities research analysts expect that Dropbox, Inc. will post 0.82 earnings per share for the current fiscal year.

In other Dropbox news, insider Bart Volkmer sold 11,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 11th. The shares were sold at an average price of $24.26, for a total value of $266,860.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Timothy H. Young sold 9,624 shares of the business’s stock in a transaction that occurred on Monday, October 25th. The stock was sold at an average price of $30.96, for a total transaction of $297,959.04. The disclosure for this sale can be found here. Insiders have sold a total of 74,593 shares of company stock worth $1,967,439 in the last ninety days. 30.81% of the stock is currently owned by insiders.

DBX has been the topic of several research reports. Zacks Investment Research lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Wednesday, January 5th. Berenberg Bank began coverage on shares of Dropbox in a research report on Thursday, December 2nd. They issued a “hold” rating and a $25.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $33.00.

About Dropbox

Dropbox, Inc is a collaboration platform that’s transforming the way people and teams work together. It offers following products: Dropbox Basic, Plus, Professional and Business. The Dropbox Basic is the simple, powerful home for photos, videos, docs, and other files. Its users also get access to new product Dropbox Paper, a collaborative workspace that helps teams create and share early ideas, and work with any type of content, in one centralized place.

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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