Meritage Portfolio Management Has $8.10 Million Stake in Dropbox, Inc. $DBX

Meritage Portfolio Management trimmed its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 5.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 283,152 shares of the company’s stock after selling 17,076 shares during the period. Meritage Portfolio Management’s holdings in Dropbox were worth $8,098,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of DBX. UMB Bank n.a. increased its stake in Dropbox by 115.0% in the first quarter. UMB Bank n.a. now owns 2,501 shares of the company’s stock valued at $67,000 after purchasing an additional 1,338 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Dropbox by 4,160.7% in the 1st quarter. Farther Finance Advisors LLC now owns 7,371 shares of the company’s stock valued at $200,000 after buying an additional 7,198 shares during the last quarter. GAMMA Investing LLC lifted its position in Dropbox by 12.2% during the 1st quarter. GAMMA Investing LLC now owns 7,219 shares of the company’s stock worth $193,000 after buying an additional 783 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Dropbox during the 1st quarter worth about $647,000. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Dropbox by 7.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 88,293 shares of the company’s stock worth $2,358,000 after buying an additional 5,842 shares during the last quarter. 94.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DBX. Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Friday, September 5th. UBS Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $29.00 to $27.00 in a research note on Thursday, September 18th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Dropbox presently has a consensus rating of “Reduce” and an average price target of $29.67.

Dropbox Price Performance

Shares of DBX opened at $28.13 on Friday. The firm has a 50-day moving average of $29.26 and a 200-day moving average of $28.43. Dropbox, Inc. has a one year low of $24.42 and a one year high of $33.33. The company has a market cap of $7.59 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 3.71 and a beta of 0.67.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The company had revenue of $625.70 million during the quarter, compared to analysts’ expectations of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. Dropbox’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 EPS. Analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insider Activity at Dropbox

In other Dropbox news, CEO Andrew Houston sold 101,167 shares of Dropbox stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $29.64, for a total value of $2,998,589.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sarah Elizabeth Schubach sold 1,066 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $30.71, for a total transaction of $32,736.86. Following the completion of the transaction, the chief accounting officer owned 105,723 shares of the company’s stock, valued at $3,246,753.33. The trade was a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 318,566 shares of company stock worth $9,241,871 in the last quarter. 29.95% of the stock is owned by corporate insiders.

Dropbox 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.