Cornercap Investment Counsel Inc. Lowers Stock Holdings in Dropbox, Inc. (NASDAQ:DBX)

Cornercap Investment Counsel Inc. reduced its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 52.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 11,804 shares of the company’s stock after selling 13,222 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Dropbox were worth $300,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Dropbox by 0.4% during the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock worth $665,323,000 after buying an additional 105,250 shares during the period. QRG Capital Management Inc. boosted its position in shares of Dropbox by 10.6% during the third quarter. QRG Capital Management Inc. now owns 221,716 shares of the company’s stock worth $5,638,000 after buying an additional 21,190 shares during the period. Lakewood Asset Management LLC purchased a new position in shares of Dropbox during the second quarter worth $797,000. Aigen Investment Management LP purchased a new position in shares of Dropbox during the third quarter worth $482,000. Finally, Janus Henderson Group PLC boosted its holdings in Dropbox by 16.4% in the first quarter. Janus Henderson Group PLC now owns 1,619,231 shares of the company’s stock valued at $39,340,000 after purchasing an additional 228,316 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Trading Down 2.2 %

NASDAQ:DBX opened at $27.06 on Monday. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43. The firm has a market cap of $8.38 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 1.72 and a beta of 0.61. The stock has a fifty day moving average price of $25.75 and a 200 day moving average price of $23.89.

Insider Buying and Selling at Dropbox

In other Dropbox news, CFO Timothy Regan sold 3,177 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $25.00, for a total value of $79,425.00. Following the sale, the chief financial officer now directly owns 481,747 shares in the company, valued at $12,043,675. This trade represents a 0.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Houston sold 66,064 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $25.00, for a total value of $1,651,600.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $206,666,650. This represents a 0.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 459,952 shares of company stock worth $11,544,337 over the last ninety days. Corporate insiders own 26.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, UBS Group decreased their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $28.67.

Dropbox 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.