Outfitter Financial LLC Trims Stake in Dropbox, Inc. (NASDAQ:DBX)

Outfitter Financial LLC lessened its stake in Dropbox, Inc. (NASDAQ:DBX) by 1.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 65,575 shares of the company’s stock after selling 1,020 shares during the period. Outfitter Financial LLC’s holdings in Dropbox were worth $1,473,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DBX. iA Global Asset Management Inc. increased its position in Dropbox by 6.5% during the 2nd quarter. iA Global Asset Management Inc. now owns 9,725 shares of the company’s stock valued at $219,000 after purchasing an additional 597 shares during the period. Crossmark Global Holdings Inc. increased its position in Dropbox by 18.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 202,669 shares of the company’s stock valued at $4,553,000 after purchasing an additional 31,500 shares during the period. Tobam grew its position in shares of Dropbox by 4.1% in the 2nd quarter. Tobam now owns 19,642 shares of the company’s stock worth $441,000 after buying an additional 767 shares during the last quarter. Ridgewood Investments LLC purchased a new position in shares of Dropbox in the 2nd quarter worth approximately $84,000. Finally, AustralianSuper Pty Ltd grew its position in shares of Dropbox by 21.6% in the 2nd quarter. AustralianSuper Pty Ltd now owns 1,518,874 shares of the company’s stock worth $34,129,000 after buying an additional 270,200 shares during the last quarter. Institutional investors own 94.84% of the company’s stock.

Analyst Upgrades and Downgrades

DBX has been the topic of several research analyst reports. Citigroup dropped their target price on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. UBS Group decreased their price objective on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, four 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 a consensus rating of “Hold” and an average target price of $29.14.

Insider Buying and Selling

In other news, CEO Andrew Houston sold 82,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $22.40, for a total transaction of $1,836,800.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $185,173,318.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Eric Cox sold 8,536 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $21.27, for a total value of $181,560.72. Following the completion of the sale, the insider now owns 350,471 shares of the company’s stock, valued at $7,454,518.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andrew Houston sold 82,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $22.40, for a total transaction of $1,836,800.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $185,173,318.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,536 shares of company stock valued at $4,373,051. 26.40% of the stock is owned by corporate insiders.

Dropbox Stock Performance

Shares of DBX traded up $0.06 during trading hours on Friday, hitting $25.14. The stock had a trading volume of 4,752,499 shares, compared to its average volume of 3,966,264. The firm has a 50-day moving average price of $23.02 and a 200 day moving average price of $23.40. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.43. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 1.61 and a beta of 0.65.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. Dropbox had a net margin of 20.50% and a negative return on equity of 148.13%. The firm had revenue of $634.50 million during the quarter, compared to analysts’ expectations of $630.10 million. During the same period in the previous year, the business posted $0.28 EPS. The business’s revenue was up 1.9% compared to the same quarter last year. As a group, analysts predict that Dropbox, Inc. will post 1.26 EPS for the current fiscal 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.