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

Meritage Portfolio Management decreased its holdings in Dropbox, Inc. (NASDAQ:DBX) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 308,782 shares of the company’s stock after selling 6,496 shares during the quarter. Meritage Portfolio Management owned 0.10% of Dropbox worth $9,276,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of DBX. QRG Capital Management Inc. increased its position in Dropbox by 10.6% during the third quarter. QRG Capital Management Inc. now owns 221,716 shares of the company’s stock valued at $5,638,000 after acquiring an additional 21,190 shares during the last quarter. Aigen Investment Management LP bought a new stake in shares of Dropbox during the 3rd quarter valued at about $482,000. Retirement Systems of Alabama increased its position in shares of Dropbox by 15.2% during the 3rd quarter. Retirement Systems of Alabama now owns 944,033 shares of the company’s stock valued at $24,007,000 after purchasing an additional 124,528 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Dropbox by 8.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock worth $71,108,000 after purchasing an additional 228,685 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Dropbox by 6.1% in the third 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 last quarter. Institutional investors own 94.84% of the company’s stock.

Insider Activity

In other news, insider Eric Cox sold 2,330 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $26.41, for a total value of $61,535.30. Following the completion of the sale, the insider now owns 321,871 shares of the company’s stock, valued at approximately $8,500,613.11. This represents a 0.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Regan sold 2,500 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $27.17, for a total transaction of $67,925.00. Following the transaction, the chief financial officer now owns 436,264 shares in the company, valued at approximately $11,853,292.88. This represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 902,568 shares of company stock valued at $26,729,180. 26.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

Dropbox Price Performance

Shares of DBX stock opened at $32.38 on Wednesday. The company has a market cap of $10.03 billion, a PE ratio of 18.72, a price-to-earnings-growth ratio of 1.63 and a beta of 0.61. The stock’s 50 day simple moving average is $30.19 and its two-hundred day simple moving average is $26.83. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43.

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

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.