West Tower Group LLC Trims Stake in Dropbox, Inc. (NASDAQ:DBX)

West Tower Group LLC decreased its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 50.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 14,520 shares of the company’s stock after selling 15,000 shares during the period. West Tower Group LLC’s holdings in Dropbox were worth $436,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in DBX. Retirement Systems of Alabama grew its stake in shares of Dropbox by 15.2% in the 3rd quarter. Retirement Systems of Alabama now owns 944,033 shares of the company’s stock worth $24,007,000 after buying an additional 124,528 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Dropbox by 8.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock worth $71,108,000 after buying an additional 228,685 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new stake in shares of Dropbox in the 3rd quarter worth approximately $2,774,000. Massachusetts Financial Services Co. MA grew its stake in shares of Dropbox by 25.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 615,879 shares of the company’s stock worth $15,662,000 after buying an additional 123,000 shares during the last quarter. Finally, CWA Asset Management Group LLC purchased a new stake in shares of Dropbox in the 4th quarter worth approximately $3,205,000. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Transactions at Dropbox

In other news, CEO Andrew Houston sold 500,323 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total value of $14,834,576.95. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $245,106,646.90. This represents a 5.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $30.38, for a total value of $75,950.00. Following the completion of the sale, the chief financial officer now owns 413,764 shares of the company’s stock, valued at $12,570,150.32. This trade represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 634,504 shares of company stock worth $18,935,530 in the last three months. Corporate insiders own 28.59% of the company’s stock.

Dropbox Trading Up 0.4 %

DBX stock opened at $26.39 on Wednesday. The stock has a market capitalization of $7.96 billion, a PE ratio of 18.72, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.33. The stock’s 50 day simple moving average is $29.54 and its 200 day simple moving average is $27.92.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.11). The firm had revenue of $643.60 million for the quarter, compared to the consensus estimate of $638.61 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. On average, research analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analyst Ratings Changes

Separately, Jefferies Financial Group upped their price objective on Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, January 6th.

Dropbox Profile

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.