Abacus FCF Advisors LLC Sells 13,125 Shares of Dropbox, Inc. (NASDAQ:DBX)

Abacus FCF Advisors LLC cut its stake in Dropbox, Inc. (NASDAQ:DBX) by 16.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,521 shares of the company’s stock after selling 13,125 shares during the quarter. Abacus FCF Advisors LLC’s holdings in Dropbox were worth $1,777,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its stake in Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company’s stock worth $26,000 after purchasing an additional 424 shares in the last quarter. Avion Wealth increased its stake in Dropbox by 4,472.7% during the 4th quarter. Avion Wealth now owns 1,006 shares of the company’s stock worth $30,000 after purchasing an additional 984 shares in the last quarter. True Wealth Design LLC increased its stake in Dropbox by 191.0% during the 4th quarter. True Wealth Design LLC now owns 1,036 shares of the company’s stock worth $31,000 after purchasing an additional 680 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Dropbox during the 4th quarter worth approximately $40,000. Finally, Allworth Financial LP increased its stake in Dropbox by 33.5% during the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock worth $45,000 after purchasing an additional 365 shares in the last quarter. 94.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on DBX shares. Citigroup increased their target price on Dropbox from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. UBS Group increased their target price on Dropbox from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, May 9th.

Dropbox Price Performance

NASDAQ:DBX opened at $29.47 on Tuesday. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.33. The business has a 50 day moving average price of $28.21 and a two-hundred day moving average price of $28.87. The company has a market cap of $8.30 billion, a P/E ratio of 20.90, a price-to-earnings-growth ratio of 1.70 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.08. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The firm had revenue of $624.70 million during the quarter, compared to the consensus estimate of $619.56 million. During the same quarter in the prior year, the firm posted $0.58 EPS. The business’s revenue was down 1.0% on a year-over-year basis. As a group, analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Timothy Regan sold 2,500 shares of the stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $26.57, for a total value of $66,425.00. Following the completion of the sale, the chief financial officer now owns 367,791 shares of the company’s stock, valued at approximately $9,772,206.87. This represents a 0.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karen Peacock sold 7,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $28.53, for a total value of $199,710.00. Following the completion of the sale, the director now directly owns 25,295 shares of the company’s stock, valued at approximately $721,666.35. The trade was a 21.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,527 shares of company stock valued at $926,986. 29.95% of the stock is owned by insiders.

About Dropbox

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.