QRG Capital Management Inc. Has $769,000 Stake in Dropbox, Inc. $DBX

QRG Capital Management Inc. decreased its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 22.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 26,871 shares of the company’s stock after selling 7,849 shares during the quarter. QRG Capital Management Inc.’s holdings in Dropbox were worth $769,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Elequin Capital LP grew its position in shares of Dropbox by 71.0% during the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company’s stock worth $30,000 after buying an additional 469 shares during the period. Brooklyn Investment Group grew its position in shares of Dropbox by 250.3% during the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock worth $37,000 after buying an additional 991 shares during the period. SBI Securities Co. Ltd. grew its position in shares of Dropbox by 33.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock worth $48,000 after buying an additional 449 shares during the period. Fifth Third Bancorp grew its position in shares of Dropbox by 27.3% during the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company’s stock worth $61,000 after buying an additional 490 shares during the period. Finally, UMB Bank n.a. grew its position in shares of Dropbox by 115.0% during the 1st quarter. UMB Bank n.a. now owns 2,501 shares of the company’s stock worth $67,000 after buying an additional 1,338 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on DBX shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday. UBS Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and reduced their price target for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Finally, Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, September 5th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Dropbox currently has an average rating of “Reduce” and an average price target of $29.67.

Insider Activity

In other news, insider William T. Yoon sold 11,430 shares of Dropbox stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.16, for a total transaction of $344,728.80. Following the sale, the insider directly owned 223,662 shares in the company, valued at $6,745,645.92. The trade was a 4.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Ali Dasdan sold 12,812 shares of Dropbox stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $384,360.00. Following the sale, the chief technology officer owned 551,060 shares in the company, valued at $16,531,800. The trade was a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 318,566 shares of company stock worth $9,241,871. Company insiders own 29.95% of the company’s stock.

Dropbox Price Performance

DBX opened at $29.17 on Friday. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 3.89 and a beta of 0.67. The firm’s fifty day moving average price is $29.23 and its two-hundred day moving average price is $28.41. Dropbox, Inc. has a 1 year low of $24.42 and a 1 year high of $33.33.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The firm had revenue of $625.70 million for the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 EPS. As a group, equities analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current year.

About Dropbox

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.