Meritage Portfolio Management Decreases Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Meritage Portfolio Management lessened its holdings in Dropbox, Inc. (NASDAQ:DBX) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 308,782 shares of the company’s stock after selling 6,496 shares during the quarter. Meritage Portfolio Management’s holdings in Dropbox were worth $9,276,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of DBX. Pacer Advisors Inc. lifted its position in Dropbox by 4.5% during the 3rd quarter. Pacer Advisors Inc. now owns 7,788,652 shares of the company’s stock worth $198,065,000 after acquiring an additional 333,245 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Dropbox by 6.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company’s stock worth $158,670,000 after purchasing an additional 365,893 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Dropbox by 0.6% during the third quarter. Geode Capital Management LLC now owns 4,366,271 shares of the company’s stock worth $111,368,000 after purchasing an additional 25,893 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Dropbox by 8.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock valued at $71,108,000 after buying an additional 228,685 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Dropbox by 6.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company’s stock worth $59,907,000 after buying an additional 134,503 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $32.17, for a total transaction of $80,425.00. Following the completion of the transaction, the chief financial officer now directly owns 398,764 shares in the company, valued at approximately $12,828,237.88. This represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Andrew Houston sold 80,499 shares of Dropbox stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $30.97, for a total transaction of $2,493,054.03. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $256,018,646.02. This trade represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 902,568 shares of company stock worth $26,729,180 in the last ninety days. Company insiders own 26.40% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group increased their price objective on shares of Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Dropbox has a consensus rating of “Hold” and an average target price of $27.50.

Dropbox Trading Up 1.3 %

Dropbox stock opened at $32.38 on Wednesday. The firm has a market cap of $10.03 billion, a PE ratio of 18.72, a P/E/G ratio of 1.63 and a beta of 0.61. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.43. The stock’s 50 day simple moving average is $30.19 and its two-hundred day simple moving average is $26.83.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.16). Dropbox had a negative return on equity of 135.85% and a net margin of 22.71%. The firm had revenue of $638.80 million for the quarter, compared to analysts’ expectations of $636.93 million. During the same period last year, the company posted $0.35 earnings per share. On average, equities research analysts forecast that Dropbox, Inc. will post 1.49 EPS for the current year.

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.