Burney Co. Decreases Stake in Dropbox, Inc. $DBX

Burney Co. cut its holdings in Dropbox, Inc. (NASDAQ:DBX) by 22.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,056 shares of the company’s stock after selling 3,776 shares during the quarter. Burney Co.’s holdings in Dropbox were worth $373,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Elequin Capital LP boosted its stake in shares of Dropbox by 71.0% in the first quarter. Elequin Capital LP now owns 1,130 shares of the company’s stock valued at $30,000 after buying an additional 469 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of Dropbox by 250.3% in the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock worth $37,000 after acquiring an additional 991 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of Dropbox in the 2nd quarter worth approximately $41,000. SBI Securities Co. Ltd. grew its holdings in shares of Dropbox by 33.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock worth $48,000 after acquiring an additional 449 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of Dropbox by 29.7% in the 2nd quarter. UMB Bank n.a. now owns 3,243 shares of the company’s stock worth $93,000 after acquiring an additional 742 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on DBX. Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, October 8th. UBS Group cut Dropbox from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $29.00 to $27.00 in a report on Thursday, September 18th. Finally, Wall Street Zen cut Dropbox from a “buy” rating to a “hold” rating in a report on Sunday, October 26th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $29.67.

Insiders Place Their Bets

In other news, CTO Ali Dasdan sold 12,812 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.00, for a total value of $384,360.00. Following the completion of the transaction, the chief technology officer owned 551,060 shares of the company’s stock, valued at $16,531,800. The trade was a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William T. Yoon sold 11,430 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.16, for a total transaction of $344,728.80. Following the completion of the transaction, the insider directly owned 223,662 shares of the company’s stock, valued at approximately $6,745,645.92. This represents a 4.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 318,698 shares of company stock valued at $9,251,159. 29.95% of the stock is currently owned by insiders.

Dropbox Price Performance

NASDAQ:DBX opened at $29.13 on Thursday. The firm has a 50 day simple moving average of $29.77 and a 200-day simple moving average of $28.73. The firm has a market cap of $7.86 billion, a PE ratio of 17.76, a P/E/G ratio of 3.82 and a beta of 0.65. Dropbox, Inc. has a 1-year low of $24.42 and a 1-year high of $33.33.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. The business had revenue of $625.70 million during the quarter, compared to analyst estimates of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.60 earnings per share. As a group, sell-side analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Dropbox Company 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.