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

Meritage Portfolio Management grew its position in Dropbox, Inc. (NASDAQ:DBX) by 6.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 owned 0.10% of Dropbox worth $10,096,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. DnB Asset Management AS grew its holdings in Dropbox by 4.3% during the 3rd quarter. DnB Asset Management AS now owns 69,766 shares of the company’s stock valued at $1,900,000 after buying an additional 2,906 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Dropbox by 282.6% during the third quarter. SG Americas Securities LLC now owns 59,831 shares of the company’s stock valued at $1,629,000 after acquiring an additional 44,193 shares during the last quarter. UMB Bank n.a. raised its stake in Dropbox by 2,209.4% in the 3rd quarter. UMB Bank n.a. now owns 70,207 shares of the company’s stock valued at $1,912,000 after purchasing an additional 67,167 shares during the last quarter. Oak Thistle LLC purchased a new position in Dropbox in the 3rd quarter valued at about $803,000. Finally, Commonwealth Equity Services LLC grew its holdings in shares of Dropbox by 30.6% during the third quarter. Commonwealth Equity Services LLC now owns 23,371 shares of the company’s stock worth $636,000 after buying an additional 5,480 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on DBX shares. Bank of America downgraded shares of Dropbox from a “buy” rating to an “underperform” rating and lowered their target price for the company from $34.00 to $28.00 in a report on Friday, February 16th. JPMorgan Chase & Co. downgraded Dropbox from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $33.00 to $30.00 in a research report on Friday, February 16th. The Goldman Sachs Group lowered Dropbox from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $26.00 to $24.00 in a research note on Friday, February 16th. Citigroup cut their price target on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a report on Friday, March 22nd. Finally, KeyCorp boosted their price objective on shares of Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, January 19th. 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $29.78.

Insider Transactions at Dropbox

In other news, insider Bart Volkmer sold 6,682 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $23.12, for a total value of $154,487.84. Following the completion of the transaction, the insider now owns 372,332 shares of the company’s stock, valued at $8,608,315.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Bart Volkmer sold 6,682 shares of Dropbox stock in a transaction on Monday, April 15th. The stock was sold at an average price of $23.12, for a total transaction of $154,487.84. Following the transaction, the insider now directly owns 372,332 shares in the company, valued at approximately $8,608,315.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction 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 sale, the chief financial officer now owns 434,761 shares of the company’s stock, valued at approximately $14,129,732.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 189,721 shares of company stock worth $4,548,575. Insiders own 26.40% of the company’s stock.

Dropbox Price Performance

Shares of DBX stock traded up $0.09 on Friday, hitting $24.02. 1,004,552 shares of the stock traded hands, compared to its average volume of 3,859,236. The company has a market capitalization of $8.26 billion, a PE ratio of 18.13, a PEG ratio of 2.70 and a beta of 0.71. The company’s fifty day moving average is $23.83 and its 200 day moving average is $27.33. Dropbox, Inc. has a 1-year low of $19.55 and a 1-year high of $33.43.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). The business had revenue of $635.00 million during the quarter, compared to analyst estimates of $630.77 million. Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. As a group, equities research analysts expect that Dropbox, Inc. will post 1.14 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.