Thrivent Financial for Lutherans Buys 493,271 Shares of Dropbox, Inc. $DBX

Thrivent Financial for Lutherans grew its position in Dropbox, Inc. (NASDAQ:DBX) by 1,067.7% during the third quarter, HoldingsChannel reports. The firm owned 539,470 shares of the company’s stock after buying an additional 493,271 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Dropbox were worth $16,298,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of DBX. Y Intercept Hong Kong Ltd acquired a new position in shares of Dropbox during the second quarter worth approximately $1,404,000. Kestra Investment Management LLC bought a new position in Dropbox during the second quarter worth $682,000. Wedge Capital Management L L P NC raised its stake in Dropbox by 2.7% during the 3rd quarter. Wedge Capital Management L L P NC now owns 2,287,185 shares of the company’s stock valued at $69,096,000 after purchasing an additional 59,625 shares during the last quarter. CenterBook Partners LP acquired a new position in Dropbox during the 2nd quarter valued at $2,368,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Dropbox by 10.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 6,662,161 shares of the company’s stock valued at $190,538,000 after purchasing an additional 605,258 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Timothy Regan sold 1,500 shares of the stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $29.64, for a total transaction of $44,460.00. Following the completion of the sale, the chief financial officer owned 439,147 shares in the company, valued at $13,016,317.08. This trade represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Ali Dasdan sold 5,666 shares of Dropbox stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $30.00, for a total transaction of $169,980.00. Following the transaction, the chief technology officer directly owned 520,474 shares of the company’s stock, valued at $15,614,220. This represents a 1.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 404,054 shares of company stock valued at $11,630,495. 28.59% of the stock is currently owned by insiders.

Dropbox Stock Down 2.1%

NASDAQ DBX opened at $25.11 on Wednesday. Dropbox, Inc. has a twelve month low of $24.41 and a twelve month high of $33.27. The stock has a market cap of $6.50 billion, a P/E ratio of 14.19, a PEG ratio of 2.10 and a beta of 0.63. The company’s 50-day simple moving average is $27.62 and its 200 day simple moving average is $28.61.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.10. Dropbox had a negative return on equity of 49.51% and a net margin of 19.87%.The company had revenue of $634.40 million for the quarter, compared to the consensus estimate of $623.59 million. During the same period in the previous year, the business earned $0.60 earnings per share. The company’s quarterly revenue was down .7% on a year-over-year basis. Research analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. Royal Bank Of Canada lowered their price target on Dropbox from $38.00 to $35.00 and set an “outperform” rating on the stock in a research note on Monday, January 5th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Dropbox currently has a consensus rating of “Hold” and a consensus target price of $31.33.

Dropbox 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.