Pacer Advisors Inc. Sells 283,214 Shares of Dropbox, Inc. (NASDAQ:DBX)

Pacer Advisors Inc. cut its stake in Dropbox, Inc. (NASDAQ:DBX) by 10.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,372,117 shares of the company’s stock after selling 283,214 shares during the quarter. Pacer Advisors Inc. owned about 0.68% of Dropbox worth $63,264,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of DBX. Covestor Ltd lifted its position in shares of Dropbox by 446.6% during the first quarter. Covestor Ltd now owns 1,372 shares of the company’s stock worth $32,000 after purchasing an additional 1,121 shares during the last quarter. Clear Street Markets LLC bought a new stake in shares of Dropbox during the fourth quarter worth $33,000. Resolute Advisors LLC bought a new stake in shares of Dropbox during the first quarter worth $42,000. Sit Investment Associates Inc. bought a new stake in shares of Dropbox during the fourth quarter worth $55,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Dropbox by 88.0% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,568 shares of the company’s stock worth $54,000 after purchasing an additional 1,202 shares during the last quarter. 70.28% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Andrew Houston sold 162,500 shares of the stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $26.51, for a total transaction of $4,307,875.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $219,149,315.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Karen Peacock sold 4,667 shares of the stock in a transaction that occurred on Wednesday, June 21st. The stock was sold at an average price of $25.83, for a total transaction of $120,548.61. Following the transaction, the director now owns 23,374 shares in the company, valued at approximately $603,750.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew Houston sold 162,500 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $26.51, for a total value of $4,307,875.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $219,149,315.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 433,376 shares of company stock worth $11,793,466. Corporate insiders own 25.78% of the company’s stock.

Dropbox Stock Performance

NASDAQ DBX traded down $0.06 during trading hours on Tuesday, reaching $26.51. The stock had a trading volume of 652,121 shares, compared to its average volume of 3,649,789. The stock has a fifty day moving average of $27.36 and a 200 day moving average of $24.23. The stock has a market cap of $9.22 billion, a P/E ratio of 17.83, a price-to-earnings-growth ratio of 1.75 and a beta of 0.89. Dropbox, Inc. has a 52-week low of $18.71 and a 52-week high of $28.68.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.28 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $613.64 million. On average, equities research analysts forecast that Dropbox, Inc. will post 1.05 EPS for the current year.

Wall Street Analyst Weigh In

DBX has been the topic of several research reports. Royal Bank of Canada raised their price target on Dropbox from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. The Goldman Sachs Group raised their price target on Dropbox from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday, August 4th. JMP Securities restated a “market outperform” rating and set a $32.00 price target on shares of Dropbox in a research note on Thursday, August 31st. William Blair lowered Dropbox from an “outperform” rating to a “market perform” rating in a research note on Monday. Finally, Credit Suisse Group lifted their target price on Dropbox from $18.00 to $22.00 and gave the company an “underperform” rating in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Dropbox has an average rating of “Hold” and a consensus price target of $29.14.

Dropbox Company 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.