Groesbeck Investment Management Corp NJ Sells 2,300 Shares of Dropbox, Inc. (NASDAQ:DBX)

Groesbeck Investment Management Corp NJ trimmed its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 7.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,100 shares of the company’s stock after selling 2,300 shares during the quarter. Dropbox comprises approximately 1.2% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 29th biggest position. Groesbeck Investment Management Corp NJ’s holdings in Dropbox were worth $858,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Federated Hermes Inc. boosted its position in Dropbox by 17.6% during the fourth quarter. Federated Hermes Inc. now owns 141,664 shares of the company’s stock worth $4,176,000 after purchasing an additional 21,193 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Dropbox by 10,822.8% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 78,207 shares of the company’s stock valued at $2,324,000 after acquiring an additional 77,491 shares during the period. Louisiana State Employees Retirement System bought a new stake in shares of Dropbox in the fourth quarter valued at about $2,123,000. AlphaQ Advisors LLC bought a new stake in shares of Dropbox in the fourth quarter valued at about $265,000. Finally, Clarius Group LLC bought a new stake in shares of Dropbox in the fourth quarter valued at about $206,000. 94.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

DBX has been the subject of a number of analyst reports. The Goldman Sachs Group downgraded Dropbox from a “neutral” rating to a “sell” rating and dropped their price target for the company from $26.00 to $24.00 in a research note on Friday, February 16th. Bank of America downgraded Dropbox from a “buy” rating to an “underperform” rating and dropped their price target for the company from $34.00 to $28.00 in a research note on Friday, February 16th. KeyCorp boosted their price target on Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, January 19th. JMP Securities downgraded Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. Finally, JPMorgan Chase & Co. downgraded Dropbox from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $33.00 to $30.00 in a research note on Friday, February 16th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Dropbox has an average rating of “Hold” and a consensus price target of $29.78.

Insiders Place Their Bets

In other Dropbox news, insider Bart Volkmer sold 6,682 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $23.12, for a total transaction of $154,487.84. Following the transaction, the insider now directly owns 372,332 shares in the company, valued at approximately $8,608,315.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Timothy Regan sold 3,000 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total value of $97,500.00. Following the transaction, the chief financial officer now directly owns 434,761 shares in the company, valued at approximately $14,129,732.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Bart Volkmer sold 6,682 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $23.12, for a total value of $154,487.84. Following the completion of the transaction, the insider now owns 372,332 shares in the company, valued at $8,608,315.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 189,721 shares of company stock worth $4,548,575. Corporate insiders own 26.40% of the company’s stock.

Dropbox Trading Up 0.5 %

DBX stock traded up $0.11 during trading on Thursday, hitting $22.91. The company had a trading volume of 981,807 shares, compared to its average volume of 3,939,015. The business has a 50-day moving average of $24.93 and a 200-day moving average of $27.49. Dropbox, Inc. has a one year low of $19.55 and a one year high of $33.43. The stock has a market cap of $7.88 billion, a PE ratio of 17.36, a PEG ratio of 2.58 and a beta of 0.71.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). The company had revenue of $635.00 million during the quarter, compared to the consensus estimate of $630.77 million. Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. Research analysts forecast that Dropbox, Inc. will post 1.14 EPS for the current year.

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.