Principal Financial Group Inc. Decreases Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Principal Financial Group Inc. cut its position in Dropbox, Inc. (NASDAQ:DBX) by 6.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 513,891 shares of the company’s stock after selling 38,156 shares during the quarter. Principal Financial Group Inc. owned 0.17% of Dropbox worth $15,437,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in DBX. Capital Performance Advisors LLP bought a new position in Dropbox during the 3rd quarter valued at $28,000. Avion Wealth boosted its stake in Dropbox by 4,472.7% during the 4th quarter. Avion Wealth now owns 1,006 shares of the company’s stock valued at $30,000 after acquiring an additional 984 shares during the last quarter. Allworth Financial LP boosted its stake in Dropbox by 33.5% during the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock valued at $45,000 after acquiring an additional 365 shares during the last quarter. V Square Quantitative Management LLC boosted its stake in Dropbox by 39.0% during the 4th quarter. V Square Quantitative Management LLC now owns 1,717 shares of the company’s stock valued at $52,000 after acquiring an additional 482 shares during the last quarter. Finally, Fifth Third Bancorp boosted its stake in Dropbox by 35.6% during the 4th quarter. Fifth Third Bancorp now owns 1,798 shares of the company’s stock valued at $54,000 after acquiring an additional 472 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Stock Performance

Shares of NASDAQ:DBX opened at $26.42 on Wednesday. The stock has a market capitalization of $8.18 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 1.70 and a beta of 0.61. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.33. The company’s fifty day moving average is $30.91 and its two-hundred day moving average is $27.67.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.11). The business had revenue of $643.60 million for the quarter, compared to analyst estimates of $638.61 million. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. Sell-side analysts expect that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Andrew Houston sold 132,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $28.12, for a total value of $3,711,840.00. Following the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $232,458,647.92. This trade represents a 1.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total transaction of $296,500.00. Following the completion of the sale, the chief financial officer now directly owns 403,764 shares in the company, valued at approximately $11,971,602.60. This trade represents a 2.42 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 900,238 shares of company stock valued at $26,680,195. Company insiders own 28.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group increased their price objective on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, January 6th.

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.