Principal Financial Group Inc. Reduces Position in Dropbox, Inc. $DBX

Principal Financial Group Inc. lowered its holdings in Dropbox, Inc. (NASDAQ:DBX) by 7.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 411,177 shares of the company’s stock after selling 34,497 shares during the period. Principal Financial Group Inc. owned about 0.15% of Dropbox worth $12,422,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Neo Ivy Capital Management acquired a new position in shares of Dropbox in the 2nd quarter valued at approximately $30,000. First Horizon Corp bought a new stake in shares of Dropbox in the third quarter worth $31,000. LRI Investments LLC raised its holdings in Dropbox by 666.7% in the third quarter. LRI Investments LLC now owns 1,150 shares of the company’s stock valued at $35,000 after acquiring an additional 1,000 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Dropbox by 78.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after acquiring an additional 558 shares in the last quarter. Finally, Cullen Frost Bankers Inc. bought a new position in Dropbox during the 2nd quarter valued at $41,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analysts Set New Price Targets

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

Dropbox Stock Performance

DBX stock opened at $24.41 on Thursday. Dropbox, Inc. has a 1 year low of $24.17 and a 1 year high of $33.27. The stock has a market capitalization of $6.32 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 2.04 and a beta of 0.63. The stock’s fifty day moving average is $27.03 and its two-hundred day moving average is $28.48.

Insider Activity at Dropbox

In other Dropbox news, CFO Timothy Regan sold 1,500 shares of the company’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $29.64, for a total value of $44,460.00. Following the completion of the transaction, the chief financial officer owned 439,147 shares in the company, valued at approximately $13,016,317.08. This represents a 0.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Houston sold 164,502 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $25.66, for a total value of $4,221,121.32. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 568,556 shares of company stock worth $15,851,617 in the last ninety days. 29.95% of the stock is owned by insiders.

Dropbox Company 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.