Glenmede Trust Co. NA Cuts Stake in Dropbox, Inc. $DBX

Glenmede Trust Co. NA reduced its position in Dropbox, Inc. (NASDAQ:DBX) by 67.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 202,135 shares of the company’s stock after selling 416,600 shares during the period. Glenmede Trust Co. NA’s holdings in Dropbox were worth $4,593,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Arbejdsmarkedets Tillaegspension bought a new position in shares of Dropbox during the fourth quarter valued at approximately $22,050,000. Robeco Institutional Asset Management B.V. increased its holdings in Dropbox by 22.5% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company’s stock valued at $70,015,000 after buying an additional 463,258 shares during the period. Pictet Asset Management Holding SA raised its stake in Dropbox by 317.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 125,144 shares of the company’s stock worth $3,479,000 after buying an additional 95,146 shares in the last quarter. ING Groep NV bought a new position in Dropbox in the fourth quarter worth approximately $1,223,000. Finally, OP Asset Management Ltd purchased a new stake in Dropbox during the first quarter worth $3,196,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Up 4.4%

NASDAQ DBX opened at $34.51 on Wednesday. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $34.54. The company has a 50 day moving average price of $28.58 and a 200 day moving average price of $26.29. The firm has a market cap of $8.05 billion, a PE ratio of 18.86, a price-to-earnings-growth ratio of 3.62 and a beta of 0.64.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The company had revenue of $629.50 million during the quarter, compared to the consensus estimate of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. Dropbox’s revenue was up .8% compared to the same quarter last year. During the same period last year, the firm earned $0.70 earnings per share. On average, equities research analysts anticipate that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

DBX has been the topic of a number of analyst reports. Citigroup lifted their price target on Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research report on Monday, June 1st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a research note on Friday. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $27.00.

Insider Buying and Selling at Dropbox

In other news, insider William T. Yoon sold 7,230 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total transaction of $199,331.10. Following the completion of the sale, the insider owned 366,963 shares in the company, valued at approximately $10,117,169.91. This represents a 1.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Andrew William Moore sold 8,443 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $232,773.51. Following the completion of the sale, the director directly owned 4,737 shares of the company’s stock, valued at $130,599.09. The trade was a 64.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 130,945 shares of company stock valued at $3,565,129. Corporate insiders own 35.48% of the company’s stock.

About Dropbox

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.