Groesbeck Investment Management Corp NJ Sells 2,300 Shares of Dropbox, Inc. (NASDAQ:DBX)

Groesbeck Investment Management Corp NJ lowered its position in Dropbox, Inc. (NASDAQ:DBX) by 7.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,100 shares of the company’s stock after selling 2,300 shares during the period. Dropbox comprises about 1.2% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 29th biggest holding. Groesbeck Investment Management Corp NJ’s holdings in Dropbox were worth $858,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of DBX. PNC Financial Services Group Inc. lifted its position in shares of Dropbox by 19.1% in the first quarter. PNC Financial Services Group Inc. now owns 5,730 shares of the company’s stock valued at $133,000 after acquiring an additional 918 shares in the last quarter. D.A. Davidson & CO. purchased a new position in shares of Dropbox in the first quarter valued at about $217,000. MetLife Investment Management LLC purchased a new position in shares of Dropbox in the first quarter valued at about $447,000. Blair William & Co. IL lifted its position in shares of Dropbox by 233.0% in the first quarter. Blair William & Co. IL now owns 102,489 shares of the company’s stock worth $2,383,000 after buying an additional 71,708 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in shares of Dropbox by 47.6% in the first quarter. Canada Pension Plan Investment Board now owns 21,710 shares of the company’s stock worth $505,000 after buying an additional 7,000 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on DBX shares. JMP Securities cut Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. KeyCorp upped their target price on Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, January 19th. JPMorgan Chase & Co. cut Dropbox from an “overweight” rating to a “neutral” rating and cut their target price for the company from $33.00 to $30.00 in a research note on Friday, February 16th. Bank of America cut Dropbox from a “buy” rating to an “underperform” rating and cut their target price for the company from $34.00 to $28.00 in a research note on Friday, February 16th. Finally, The Goldman Sachs Group cut Dropbox from a “neutral” rating to a “sell” rating and cut their target price for the company from $26.00 to $24.00 in a research note on Friday, February 16th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $29.78.

Dropbox Trading Up 0.5 %

Shares of DBX traded up $0.11 during midday trading on Thursday, hitting $22.91. 981,807 shares of the company’s stock traded hands, compared to its average volume of 3,939,015. Dropbox, Inc. has a 1 year low of $19.55 and a 1 year high of $33.43. The firm’s fifty day moving average is $24.93 and its 200-day moving average is $27.49. The stock has a market capitalization of $7.88 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 2.58 and a beta of 0.71.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. The business had revenue of $635.00 million for the quarter, compared to analysts’ expectations of $630.77 million. On average, equities research analysts anticipate that Dropbox, Inc. will post 1.14 EPS for the current year.

Insider Activity at Dropbox

In related news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total value of $97,500.00. Following the transaction, the chief financial officer now directly owns 434,761 shares of the company’s stock, valued at approximately $14,129,732.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Dropbox news, CEO Andrew Houston sold 164,000 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $197,242,650.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy Regan sold 3,000 shares of the stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total value of $97,500.00. Following the sale, the chief financial officer now directly owns 434,761 shares in the company, valued at $14,129,732.50. The disclosure for this sale can be found here. Insiders have sold a total of 189,721 shares of company stock valued at $4,548,575 in the last ninety days. Company insiders own 26.40% of the company’s stock.

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.