SummitTX Capital L.P. Has $844,000 Position in Dropbox, Inc. $DBX

SummitTX Capital L.P. trimmed its stake in Dropbox, Inc. (NASDAQ:DBX) by 42.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,145 shares of the company’s stock after selling 27,411 shares during the period. SummitTX Capital L.P.’s holdings in Dropbox were worth $844,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Palisade Asset Management LLC acquired a new stake in shares of Dropbox in the third quarter valued at $30,000. Kestra Advisory Services LLC bought a new stake in shares of Dropbox during the fourth quarter worth approximately $31,000. Larson Financial Group LLC grew its holdings in Dropbox by 228.0% during the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after purchasing an additional 791 shares during the period. Geneos Wealth Management Inc. increased its position in shares of Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after buying an additional 558 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Dropbox in the 4th quarter worth $38,000. 94.84% of the stock is owned by institutional investors.

Dropbox Stock Down 3.7%

DBX stock opened at $32.11 on Friday. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $33.54. The firm has a market cap of $7.49 billion, a P/E ratio of 17.55, a P/E/G ratio of 3.65 and a beta of 0.66. The company’s 50-day moving average price is $28.20 and its two-hundred day moving average price is $26.15.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $629.50 million during the quarter, compared to the consensus estimate of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.70 EPS. Equities analysts predict that Dropbox, Inc. will post 2.09 EPS for the current year.

Wall Street Analyst Weigh In

DBX has been the topic of a number of analyst reports. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Citigroup raised their price target on Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $27.00.

Insider Activity

In other news, CAO Sarah Elizabeth Schubach sold 1,305 shares of the business’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $27.11, for a total transaction of $35,378.55. Following the completion of the transaction, the chief accounting officer owned 127,204 shares of the company’s stock, valued at approximately $3,448,500.44. The trade was a 1.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ashraf Alkarmi sold 22,700 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total value of $632,422.00. Following the sale, the chief executive officer owned 1,080,746 shares of the company’s stock, valued at approximately $30,109,583.56. This represents a 2.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 127,313 shares of company stock valued at $3,447,542. Corporate insiders own 35.48% of the company’s stock.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.