Skandinaviska Enskilda Banken AB publ Reduces Position in Dropbox, Inc. (NASDAQ:DBX)

Skandinaviska Enskilda Banken AB publ cut its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 12.1% during the first quarter, Holdings Channel.com reports. The institutional investor owned 37,475 shares of the company’s stock after selling 5,163 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Dropbox were worth $1,001,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Bessemer Group Inc. boosted its holdings in Dropbox by 0.3% in the fourth quarter. Bessemer Group Inc. now owns 126,321 shares of the company’s stock valued at $3,794,000 after purchasing an additional 333 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Dropbox by 5.6% in the first quarter. Parallel Advisors LLC now owns 7,411 shares of the company’s stock valued at $198,000 after purchasing an additional 395 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Dropbox by 5.1% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,419 shares of the company’s stock valued at $256,000 after purchasing an additional 407 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock valued at $48,000 after purchasing an additional 449 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in Dropbox by 27.3% in the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company’s stock valued at $61,000 after purchasing an additional 490 shares during the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Dropbox news, CFO Timothy Regan sold 10,000 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $27.94, for a total value of $279,400.00. Following the completion of the transaction, the chief financial officer owned 516,094 shares in the company, valued at approximately $14,419,666.36. This represents a 1.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William T. Yoon sold 5,449 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $28.94, for a total transaction of $157,694.06. Following the completion of the transaction, the insider owned 245,837 shares of the company’s stock, valued at approximately $7,114,522.78. This trade represents a 2.17% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 463,625 shares of company stock valued at $13,151,405. Insiders own 28.59% of the company’s stock.

Dropbox Stock Performance

Shares of Dropbox stock opened at $27.94 on Wednesday. The firm has a 50-day simple moving average of $28.19 and a two-hundred day simple moving average of $28.46. The company has a market cap of $7.86 billion, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 11.05 and a beta of 0.65. Dropbox, Inc. has a fifty-two week low of $21.32 and a fifty-two week high of $33.33.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data 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. The business had revenue of $624.70 million during the quarter, compared to the consensus estimate of $619.56 million. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 earnings per share. Equities research analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on DBX. Citigroup upped their price target on shares of Dropbox from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, May 9th. UBS Group upped their price target on shares of Dropbox from $30.00 to $31.00 and gave the company a “buy” rating in a report on Friday, May 9th.

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.