Summit Investment Advisors Inc. Has $1.34 Million Position in Dropbox, Inc. (NASDAQ:DBX)

Summit Investment Advisors Inc. cut its holdings in Dropbox, Inc. (NASDAQ:DBX) by 8.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 44,584 shares of the company’s stock after selling 4,091 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Dropbox were worth $1,339,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in DBX. Retirement Systems of Alabama lifted its holdings in Dropbox by 15.2% in the 3rd quarter. Retirement Systems of Alabama now owns 944,033 shares of the company’s stock worth $24,007,000 after purchasing an additional 124,528 shares during the last quarter. CWA Asset Management Group LLC acquired a new stake in shares of Dropbox in the fourth quarter worth $3,205,000. Sanctuary Advisors LLC bought a new stake in shares of Dropbox during the 3rd quarter worth $268,000. Empowered Funds LLC grew its stake in Dropbox by 68.0% in the 4th quarter. Empowered Funds LLC now owns 36,140 shares of the company’s stock valued at $1,086,000 after buying an additional 14,629 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its holdings in Dropbox by 291.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 124,991 shares of the company’s stock worth $3,755,000 after acquiring an additional 93,058 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Dropbox

In other news, insider Eric Cox sold 3,765 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $26.30, for a total value of $99,019.50. Following the sale, the insider now directly owns 309,550 shares in the company, valued at approximately $8,141,165. This represents a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Timothy Regan sold 2,500 shares of the stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $26.57, for a total value of $66,425.00. Following the completion of the transaction, the chief financial officer now directly owns 367,791 shares of the company’s stock, valued at approximately $9,772,206.87. The trade was a 0.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,764 shares of company stock worth $2,819,399. Company insiders own 28.59% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group upped their price target on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 6th.

Dropbox Stock Down 0.4 %

Shares of DBX stock opened at $26.83 on Thursday. The stock has a 50 day moving average of $27.47 and a 200-day moving average of $28.22. The firm has a market cap of $8.10 billion, a PE ratio of 19.03, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.33.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.11). The company had revenue of $643.60 million during the quarter, compared to the consensus estimate of $638.61 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. As a group, equities analysts predict that Dropbox, Inc. will post 1.64 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.