Meritage Portfolio Management Sells 17,076 Shares of Dropbox, Inc. $DBX

Key Points

• Meritage Portfolio Management decreased its stake in Dropbox, selling 17,076 shares, which represents a 5.7% reduction, leaving them with 283,152 shares valued at approximately $8.1 million.
• Several institutional investors significantly increased their positions in Dropbox, with UMB Bank n.a. boosting its holdings by 115% during the first quarter.
• Corporate insiders, including CEO Andrew Houston, sold a total of 318,566 shares of Dropbox in the last three months, valued at over $9.2 million, reflecting a continued trend of insider selling.

Meritage Portfolio Management decreased its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 5.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 283,152 shares of the company's stock after selling 17,076 shares during the quarter. Meritage Portfolio Management owned 0.10% of Dropbox worth $8,098,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UMB Bank n.a. boosted 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 valued at $67,000 after acquiring an additional 1,338 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Dropbox by 4,160.7% during the 1st quarter. Farther Finance Advisors LLC now owns 7,371 shares of the company's stock valued at $200,000 after acquiring an additional 7,198 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Dropbox by 12.2% during the 1st quarter. GAMMA Investing LLC now owns 7,219 shares of the company's stock valued at $193,000 after acquiring an additional 783 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Dropbox during the 1st quarter valued at about $647,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Dropbox by 7.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 88,293 shares of the company's stock valued at $2,358,000 after acquiring an additional 5,842 shares in the last quarter. Institutional investors own 94.84% of the company's stock.

Insider Activity

In other news, Director Karen Peacock sold 2,000 shares of the company's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.00, for a total transaction of $60,000.00. Following the transaction, the director directly owned 23,295 shares in the company, valued at approximately $698,850. This represents a 7.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andrew Houston sold 101,167 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $29.64, for a total transaction of $2,998,589.88. The disclosure for this sale can be found here. In the last three months, insiders sold 318,566 shares of company stock valued at $9,241,871. Corporate insiders own 29.95% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on DBX. Weiss Ratings reiterated a "hold (c+)" rating on shares of Dropbox in a research report on Wednesday. UBS Group lowered shares of Dropbox from a "neutral" rating to a "sell" rating and decreased their target price for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Finally, Wall Street Zen lowered shares of Dropbox from a "buy" rating to a "hold" rating in a research report on Friday, September 5th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $29.67.

Dropbox Trading Down 3.6%

Shares of Dropbox stock opened at $28.13 on Friday. The stock has a market capitalization of $7.59 billion, a price-to-earnings ratio of 17.15, a P/E/G ratio of 3.71 and a beta of 0.67. Dropbox, Inc. has a 1-year low of $24.42 and a 1-year high of $33.33. The firm's 50-day moving average price is $29.26 and its two-hundred day moving average price is $28.43.

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

Dropbox Company 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.

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