Burney Co. Cuts Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Burney Co. trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 3.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 176,172 shares of the company’s stock after selling 6,937 shares during the quarter. Burney Co. owned approximately 0.05% of Dropbox worth $3,959,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new position in Dropbox in the 4th quarter valued at $25,000. Principal Securities Inc. acquired a new position in Dropbox in the 4th quarter valued at $34,000. Sound Income Strategies LLC acquired a new position in Dropbox in the 1st quarter valued at $28,000. Avalon Trust Co purchased a new stake in Dropbox in the 4th quarter valued at $39,000. Finally, Fifth Third Bancorp grew its holdings in Dropbox by 548.8% in the 2nd quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock valued at $31,000 after buying an additional 1,169 shares in the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Citigroup dropped their target price on Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. UBS Group lowered their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Dropbox currently has a consensus rating of “Hold” and a consensus price target of $29.14.

Insider Buying and Selling at Dropbox

In other Dropbox news, insider Eric Cox sold 8,536 shares of Dropbox stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $21.27, for a total value of $181,560.72. Following the transaction, the insider now directly owns 350,471 shares in the company, valued at approximately $7,454,518.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Eric Cox sold 8,536 shares of Dropbox stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $21.27, for a total value of $181,560.72. Following the sale, the insider now directly owns 350,471 shares in the company, valued at $7,454,518.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $22.76, for a total value of $68,280.00. Following the completion of the sale, the chief financial officer now owns 535,122 shares in the company, valued at $12,179,376.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 195,536 shares of company stock worth $4,373,051. 26.40% of the stock is currently owned by insiders.

Dropbox Stock Performance

DBX stock traded up $0.64 during mid-day trading on Thursday, reaching $25.02. The company had a trading volume of 1,902,646 shares, compared to its average volume of 3,952,614. The company has a market capitalization of $8.26 billion, a price-to-earnings ratio of 16.15, a price-to-earnings-growth ratio of 1.61 and a beta of 0.65. The firm has a fifty day simple moving average of $22.88 and a 200 day simple moving average of $23.43. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.43.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 8th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. The business had revenue of $634.50 million for the quarter, compared to analyst estimates of $630.10 million. Dropbox had a negative return on equity of 148.13% and a net margin of 20.50%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company earned $0.28 EPS. As a group, analysts predict that Dropbox, Inc. will post 1.26 earnings per share 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.