Dropbox, Inc. (NASDAQ:DBX) Stock Holdings Lowered by Federated Hermes Inc.

Federated Hermes Inc. trimmed its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 23.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,849 shares of the company’s stock after selling 8,099 shares during the period. Federated Hermes Inc.’s holdings in Dropbox were worth $603,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in DBX. Russell Investments Group Ltd. boosted its stake in shares of Dropbox by 68.2% during the 1st quarter. Russell Investments Group Ltd. now owns 1,949,274 shares of the company’s stock valued at $47,397,000 after buying an additional 790,191 shares during the period. Norges Bank bought a new stake in Dropbox in the fourth quarter worth $19,361,000. Bank of Nova Scotia increased its holdings in shares of Dropbox by 7,701.9% during the 4th quarter. Bank of Nova Scotia now owns 618,456 shares of the company’s stock valued at $18,231,000 after acquiring an additional 610,529 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Dropbox by 18.7% in the 1st quarter. Acadian Asset Management LLC now owns 3,279,401 shares of the company’s stock worth $79,664,000 after purchasing an additional 517,052 shares during the last quarter. Finally, Retirement Systems of Alabama boosted its position in Dropbox by 154.7% during the second quarter. Retirement Systems of Alabama now owns 819,505 shares of the company’s stock worth $18,414,000 after purchasing an additional 497,806 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Trading Up 0.4 %

Shares of NASDAQ DBX opened at $24.79 on Tuesday. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 1.51 and a beta of 0.61. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.43. The business has a fifty day simple moving average of $23.62 and a 200 day simple moving average of $23.23.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The business had revenue of $634.50 million during the quarter, compared to analysts’ expectations of $630.10 million. During the same period in the prior year, the firm posted $0.28 EPS. Dropbox’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, research analysts anticipate that Dropbox, Inc. will post 1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on DBX. UBS Group reduced their price objective on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Citigroup reduced their price objective on Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Dropbox currently has an average rating of “Hold” and an average target price of $28.67.

Insiders Place Their Bets

In other news, CFO Timothy Regan sold 2,500 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $24.35, for a total transaction of $60,875.00. Following the sale, the chief financial officer now owns 485,724 shares in the company, valued at $11,827,379.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $24.35, for a total transaction of $60,875.00. Following the completion of the sale, the chief financial officer now owns 485,724 shares in the company, valued at $11,827,379.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Andrew Houston sold 82,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $22.40, for a total transaction of $1,836,800.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at $185,173,318.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 114,570 shares of company stock valued at $2,592,315. 26.40% of the stock is currently owned by insiders.

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.