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

Cornercap Investment Counsel Inc. cut its holdings in Dropbox, Inc. (NASDAQ:DBX) by 52.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,804 shares of the company’s stock after selling 13,222 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Dropbox were worth $300,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Pacer Advisors Inc. boosted its holdings in Dropbox by 63.0% in the 2nd quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock worth $167,523,000 after buying an additional 2,881,981 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Dropbox by 63.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,536,412 shares of the company’s stock valued at $56,994,000 after acquiring an additional 986,942 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Dropbox by 39.7% during the second quarter. AQR Capital Management LLC now owns 3,021,962 shares of the company’s stock valued at $67,360,000 after acquiring an additional 859,233 shares during the last quarter. Distillate Capital Partners LLC acquired a new position in shares of Dropbox during the second quarter valued at approximately $14,291,000. Finally, Renaissance Technologies LLC raised its holdings in shares of Dropbox by 5.2% during the second quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock valued at $231,761,000 after acquiring an additional 506,200 shares during the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Dropbox Stock Performance

NASDAQ:DBX opened at $27.06 on Monday. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.43. The stock has a market cap of $8.38 billion, a PE ratio of 15.64, a P/E/G ratio of 1.72 and a beta of 0.61. The stock has a 50 day moving average price of $25.75 and a 200 day moving average price of $23.89.

Analyst Ratings Changes

Separately, UBS Group reduced 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 investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Dropbox currently has a consensus rating of “Hold” and an average target price of $28.67.

Insider Activity 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 transaction of $79,425.00. Following the completion of the sale, the chief financial officer now owns 481,747 shares of the company’s stock, valued at $12,043,675. This trade represents a 0.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew Houston sold 3,493 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 $87,325.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $206,666,650. This trade represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 459,952 shares of company stock valued at $11,544,337. 26.40% of the stock is currently owned by insiders.

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.