Victory Capital Management Inc. reduced its position in shares of Dropbox Inc (NASDAQ:DBX) by 5.3% in the first quarter, HoldingsChannel reports. The firm owned 1,978,789 shares of the company’s stock after selling 111,520 shares during the period. Victory Capital Management Inc.’s holdings in Dropbox were worth $43,138,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DBX. Quantamental Technologies LLC bought a new stake in shares of Dropbox during the 4th quarter worth $33,000. Pearl River Capital LLC bought a new stake in shares of Dropbox during the 4th quarter worth $35,000. Ellevest Inc. bought a new stake in shares of Dropbox during the 1st quarter worth $40,000. Advisory Services Network LLC boosted its stake in shares of Dropbox by 272.7% during the 4th quarter. Advisory Services Network LLC now owns 2,050 shares of the company’s stock worth $42,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Capital Investment Advisory Services LLC bought a new stake in shares of Dropbox during the 4th quarter worth $57,000. 32.48% of the stock is owned by hedge funds and other institutional investors.

Shares of DBX traded up $0.84 during mid-day trading on Thursday, reaching $23.65. The company’s stock had a trading volume of 117,064 shares, compared to its average volume of 3,111,694. The firm has a market capitalization of $9.39 billion, a P/E ratio of -18.10 and a beta of 1.43. Dropbox Inc has a 1 year low of $18.50 and a 1 year high of $43.50. The company has a quick ratio of 1.45, a current ratio of 1.16 and a debt-to-equity ratio of 0.78.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, May 9th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.05. The company had revenue of $385.60 million during the quarter, compared to analyst estimates of $381.58 million. Dropbox had a negative return on equity of 3.50% and a negative net margin of 1.85%. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.08 earnings per share. On average, analysts expect that Dropbox Inc will post -0.16 earnings per share for the current fiscal year.

In related news, insider Yamini Rangan sold 5,633 shares of the stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $26.00, for a total transaction of $146,458.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Quentin Clark sold 16,666 shares of the stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $23.51, for a total value of $391,817.66. The disclosure for this sale can be found here. Insiders sold 77,980 shares of company stock valued at $1,778,925 in the last 90 days. Corporate insiders own 31.20% of the company’s stock.

Several equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Dropbox from a “buy” rating to a “hold” rating in a research note on Wednesday, April 17th. Jefferies Financial Group reduced their target price on Dropbox to $32.00 in a report on Friday, February 22nd. Bank of America upgraded Dropbox from a “neutral” rating to a “buy” rating and set a $33.00 target price for the company in a report on Friday, February 22nd. Finally, ValuEngine lowered Dropbox from a “buy” rating to a “hold” rating in a report on Monday, February 4th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $31.71.

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Dropbox Profile

Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.

Further Reading: What is Net Asset Value (NAV)?

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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