Waterfront Wealth Inc. Reduces Position in Dropbox, Inc. (NASDAQ:DBX)

Waterfront Wealth Inc. decreased its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 31.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,589 shares of the company’s stock after selling 8,120 shares during the period. Waterfront Wealth Inc.’s holdings in Dropbox were worth $519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Contravisory Investment Management Inc. bought a new stake in shares of Dropbox during the 4th quarter valued at $26,000. Fifth Third Bancorp grew its position in shares of Dropbox by 424.2% during the third quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock worth $30,000 after purchasing an additional 878 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its position in shares of Dropbox by 29,175.0% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock worth $32,000 after purchasing an additional 1,167 shares in the last quarter. Covestor Ltd raised its stake in Dropbox by 446.6% during the 1st quarter. Covestor Ltd now owns 1,372 shares of the company’s stock valued at $32,000 after purchasing an additional 1,121 shares during the period. Finally, Clear Street Markets LLC purchased a new position in Dropbox in the 4th quarter worth approximately $33,000. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Dropbox news, CEO Andrew Houston sold 164,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total value of $3,913,040.00. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $197,242,650.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total transaction of $97,500.00. Following the sale, the chief financial officer now owns 434,761 shares of the company’s stock, valued at approximately $14,129,732.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andrew Houston sold 164,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total value of $3,913,040.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $197,242,650.76. The disclosure for this sale can be found here. Insiders have sold a total of 189,721 shares of company stock valued at $4,548,575 over the last quarter. 26.40% of the stock is owned by corporate insiders.

Dropbox Stock Performance

Dropbox stock traded up $0.07 during mid-day trading on Thursday, hitting $22.87. The company’s stock had a trading volume of 288,088 shares, compared to its average volume of 3,929,641. Dropbox, Inc. has a one year low of $19.55 and a one year high of $33.43. The stock has a market cap of $7.87 billion, a PE ratio of 17.27, a P/E/G ratio of 2.58 and a beta of 0.71. The company has a 50 day moving average of $25.13 and a 200-day moving average of $27.52.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, February 15th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The company had revenue of $635.00 million for the quarter, compared to the consensus estimate of $630.77 million. Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. On average, equities research analysts forecast that Dropbox, Inc. will post 1.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DBX has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut shares of Dropbox from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $33.00 to $30.00 in a research report on Friday, February 16th. Bank of America lowered Dropbox from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $34.00 to $28.00 in a research report on Friday, February 16th. JMP Securities lowered Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. The Goldman Sachs Group downgraded Dropbox from a “neutral” rating to a “sell” rating and cut their target price for the company from $26.00 to $24.00 in a research report on Friday, February 16th. Finally, Citigroup lowered their price target on Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a research report on Friday, March 22nd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Dropbox currently has an average rating of “Hold” and a consensus price target of $29.78.

Dropbox Company 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.