Rhumbline Advisers lowered its position in shares of Dropbox Inc (NASDAQ:DBX) by 1.1% during the third quarter, HoldingsChannel.com reports. The fund owned 196,668 shares of the company’s stock after selling 2,098 shares during the quarter. Rhumbline Advisers’ holdings in Dropbox were worth $3,967,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of DBX. Whittier Trust Co. bought a new stake in Dropbox during the third quarter valued at $27,000. Meridian Wealth Management LLC bought a new stake in Dropbox during the second quarter valued at $34,000. Glen Harbor Capital Management LLC boosted its position in Dropbox by 203.0% during the second quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after acquiring an additional 1,072 shares during the last quarter. CSat Investment Advisory L.P. bought a new stake in Dropbox during the second quarter valued at $45,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new stake in Dropbox during the second quarter valued at $55,000. 39.78% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ DBX opened at $19.80 on Friday. The firm’s 50-day moving average price is $19.73 and its 200-day moving average price is $21.72. Dropbox Inc has a 1-year low of $17.20 and a 1-year high of $27.15. The firm has a market capitalization of $8.63 billion, a P/E ratio of -15.11 and a beta of 1.56. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.99.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.17. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. The firm had revenue of $428.20 million for the quarter, compared to analyst estimates of $423.48 million. During the same quarter in the prior year, the business earned $0.11 earnings per share. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities research analysts forecast that Dropbox Inc will post -0.12 EPS for the current year.

In related news, Director Condoleezza Rice sold 23,943 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $18.38, for a total value of $440,072.34. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Quentin Clark sold 8,333 shares of the company’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $20.06, for a total transaction of $167,159.98. Insiders sold a total of 84,276 shares of company stock worth $1,666,898 in the last 90 days. 31.20% of the stock is currently owned by company insiders.

Several equities analysts have recently weighed in on DBX shares. ValuEngine upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Nomura upped their price objective on shares of Dropbox from $25.00 to $27.00 and gave the company a “buy” rating in a report on Friday. William Blair dropped coverage on shares of Dropbox in a report on Friday, August 9th. Jefferies Financial Group reiterated a “buy” rating and set a $28.00 price objective (down previously from $32.00) on shares of Dropbox in a report on Friday. Finally, Zacks Investment Research upgraded shares of Dropbox from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $28.10.

About Dropbox

Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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