Meritage Portfolio Management Boosts Stake in Dropbox, Inc. (NASDAQ:DBX)

Meritage Portfolio Management increased its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 6.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 342,484 shares of the company’s stock after buying an additional 20,523 shares during the quarter. Meritage Portfolio Management’s holdings in Dropbox were worth $10,096,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC purchased a new position in shares of Dropbox during the fourth quarter worth $25,000. Contravisory Investment Management Inc. acquired a new position in shares of Dropbox in the 4th quarter valued at about $26,000. Fifth Third Bancorp grew its holdings in Dropbox by 424.2% during the third quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock worth $30,000 after acquiring an additional 878 shares during the period. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Dropbox by 29,175.0% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock valued at $32,000 after purchasing an additional 1,167 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new position in shares of Dropbox in the 3rd quarter valued at $62,000. 94.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on DBX. The Goldman Sachs Group cut shares of Dropbox from a “neutral” rating to a “sell” rating and cut their price objective for the company from $26.00 to $24.00 in a report on Friday, February 16th. JPMorgan Chase & Co. downgraded Dropbox from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $33.00 to $30.00 in a research note on Friday, February 16th. Citigroup dropped their price target on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. JMP Securities cut shares of Dropbox from an “outperform” rating to a “market perform” rating in a research report on Friday, February 16th. Finally, Bank of America lowered shares of Dropbox from a “buy” rating to an “underperform” rating and dropped their target price for the company from $34.00 to $28.00 in a research report on Friday, February 16th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $29.78.

Dropbox Stock Performance

Shares of DBX traded up $0.09 during mid-day trading on Friday, hitting $24.02. 1,004,552 shares of the company’s stock were exchanged, compared to its average volume of 3,859,236. The stock’s 50-day moving average is $23.83 and its 200-day moving average is $27.33. Dropbox, Inc. has a fifty-two week low of $19.55 and a fifty-two week high of $33.43. The company has a market cap of $8.26 billion, a price-to-earnings ratio of 18.13, a P/E/G ratio of 2.70 and a beta of 0.71.

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

Insider Activity

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

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.