Northwest Investment Counselors LLC lessened its stake in shares of Dropbox, Inc. (NASDAQ:DBX – Free Report) by 5.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,099 shares of the company’s stock after selling 2,967 shares during the quarter. Northwest Investment Counselors LLC’s holdings in Dropbox were worth $1,336,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Covestor Ltd lifted its position in Dropbox by 446.6% in the first quarter. Covestor Ltd now owns 1,372 shares of the company’s stock valued at $32,000 after acquiring an additional 1,121 shares during the last quarter. Clear Street Markets LLC purchased a new stake in shares of Dropbox in the 4th quarter valued at about $33,000. Resolute Advisors LLC acquired a new stake in shares of Dropbox in the 1st quarter valued at about $42,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in Dropbox by 88.0% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,568 shares of the company’s stock worth $54,000 after buying an additional 1,202 shares during the last quarter. Finally, Sit Investment Associates Inc. acquired a new position in Dropbox during the fourth quarter worth approximately $55,000. Institutional investors and hedge funds own 70.28% of the company’s stock.
Analyst Ratings Changes
Several research firms have recently weighed in on DBX. The Goldman Sachs Group increased their price objective on Dropbox from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Friday, August 4th. Royal Bank of Canada increased their price target on shares of Dropbox from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Citigroup lifted their price objective on shares of Dropbox from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Friday, July 21st. JMP Securities reiterated a “market outperform” rating and set a $32.00 target price on shares of Dropbox in a research note on Thursday, August 31st. Finally, KeyCorp raised their price target on Dropbox from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.14.
Dropbox Stock Down 2.3 %
NASDAQ DBX traded down $0.63 during trading hours on Friday, hitting $26.95. 6,586,165 shares of the stock were exchanged, compared to its average volume of 3,671,271. Dropbox, Inc. has a 12-month low of $18.71 and a 12-month high of $28.68. The stock has a 50-day moving average of $27.38 and a 200 day moving average of $24.17. The company has a market cap of $9.37 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 1.79 and a beta of 0.89.
Dropbox (NASDAQ:DBX – Get Free Report) last issued its earnings results on Thursday, August 3rd. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.07. Dropbox had a negative return on equity of 79.08% and a net margin of 21.61%. The business had revenue of $622.50 million during the quarter, compared to the consensus estimate of $613.64 million. On average, equities research analysts expect that Dropbox, Inc. will post 1.05 earnings per share for the current year.
Insider Buying and Selling at Dropbox
In other news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $27.71, for a total transaction of $83,130.00. Following the transaction, the chief financial officer now directly owns 511,252 shares of the company’s stock, valued at approximately $14,166,792.92. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $27.71, for a total transaction of $83,130.00. Following the completion of the sale, the chief financial officer now directly owns 511,252 shares in the company, valued at approximately $14,166,792.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Andrew Houston sold 162,500 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $27.68, for a total value of $4,498,000.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $228,821,314.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 433,376 shares of company stock valued at $11,793,466. 25.78% of the stock is owned by company insiders.
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.
- Five stocks we like better than Dropbox
- Large Cap Stock Definition and How to Invest
- 5 Reasons Apple’s New Phone Moves the Needle: 5 That It Won’t
- How to Calculate Options Profits
- MarketBeat Week in Review – 9/11 – 9/15
- How to Invest in Tech Stocks and Top Tech Stocks to Consider
- China’s Jump In Car Sales Is Drawing Big Money To These Stocks
Receive News & Ratings for Dropbox Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dropbox and related companies with MarketBeat.com's FREE daily email newsletter.