SummitTX Capital L.P. Has $844,000 Stock Position in Dropbox, Inc. $DBX

SummitTX Capital L.P. lessened its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 42.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 37,145 shares of the company’s stock after selling 27,411 shares during the period. SummitTX Capital L.P.’s holdings in Dropbox were worth $844,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of DBX. WealthCollab LLC grew its position in Dropbox by 20.6% during the 4th quarter. WealthCollab LLC now owns 2,356 shares of the company’s stock worth $65,000 after acquiring an additional 403 shares during the last quarter. Parallel Advisors LLC raised its position in Dropbox by 8.3% in the fourth quarter. Parallel Advisors LLC now owns 5,765 shares of the company’s stock valued at $160,000 after purchasing an additional 440 shares during the last quarter. Lakewood Asset Management LLC raised its position in Dropbox by 1.0% in the fourth quarter. Lakewood Asset Management LLC now owns 44,905 shares of the company’s stock valued at $1,248,000 after purchasing an additional 458 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Dropbox by 1.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,254 shares of the company’s stock valued at $730,000 after purchasing an additional 466 shares in the last quarter. Finally, Merit Financial Group LLC boosted its stake in shares of Dropbox by 4.4% during the third quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock valued at $344,000 after purchasing an additional 480 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Trading Down 3.7%

Shares of DBX opened at $32.11 on Friday. The company has a market capitalization of $7.49 billion, a PE ratio of 17.55, a PEG ratio of 3.65 and a beta of 0.66. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $33.54. The stock’s 50-day moving average price is $28.20 and its two-hundred day moving average price is $26.15.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $629.50 million for the quarter, compared to analysts’ expectations of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The firm’s revenue was up .8% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 earnings per share. Equities research analysts predict that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Dropbox

In related news, CEO Andrew Houston sold 37,498 shares of Dropbox stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $25.96, for a total transaction of $973,448.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William T. Yoon sold 7,230 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $27.57, for a total transaction of $199,331.10. Following the completion of the transaction, the insider owned 366,963 shares in the company, valued at approximately $10,117,169.91. The trade was a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 127,313 shares of company stock worth $3,447,542. Company insiders own 35.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on DBX shares. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Finally, Citigroup upped their price target on shares of Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $27.00.

Dropbox Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.