32,883 Dropbox, Inc. $DBX Shares Sold by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. lessened its holdings in Dropbox, Inc. (NASDAQ:DBX) by 10.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 275,216 shares of the company’s stock after selling 32,883 shares during the period. Crossmark Global Holdings Inc.’s holdings in Dropbox were worth $9,316,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Dropbox by 5.2% during the third quarter. GAMMA Investing LLC now owns 10,054 shares of the company’s stock valued at $340,000 after acquiring an additional 500 shares in the last quarter. Elevation Wealth Partners LLC raised its position in shares of Dropbox by 63.0% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,363 shares of the company’s stock valued at $46,000 after purchasing an additional 527 shares during the last quarter. State of Michigan Retirement System raised its position in shares of Dropbox by 1.9% in the 1st quarter. State of Michigan Retirement System now owns 42,000 shares of the company’s stock valued at $954,000 after purchasing an additional 800 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Dropbox by 68.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company’s stock valued at $47,000 after purchasing an additional 831 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Dropbox by 3.1% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 35,780 shares of the company’s stock valued at $813,000 after purchasing an additional 1,090 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on DBX shares. Bank of America reiterated an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. Zacks Research upgraded shares of Dropbox from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $42.00 price objective on shares of Dropbox in a research note on Thursday, September 3rd. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $29.75.

Dropbox Trading Up 2.4%

DBX opened at $37.48 on Friday. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $38.17. The firm has a market capitalization of $8.46 billion, a PE ratio of 19.78, a P/E/G ratio of 5.39 and a beta of 0.63. The firm has a 50 day moving average of $34.90 and a two-hundred day moving average of $30.24.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.74 by $0.01. The business had revenue of $631.50 million during the quarter, compared to analysts’ expectations of $626.69 million. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.71 EPS. As a group, analysts predict that Dropbox, Inc. will post 1.94 EPS for the current fiscal year.

Insider Activity

In related news, CFO Ross Tennenbaum sold 97,558 shares of the firm’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $35.02, for a total transaction of $3,416,481.16. Following the completion of the transaction, the chief financial officer owned 690,666 shares of the company’s stock, valued at $24,187,123.32. This trade represents a 12.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Webster sold 15,830 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $34.09, for a total transaction of $539,644.70. Following the transaction, the insider owned 416,236 shares of the company’s stock, valued at $14,189,485.24. This represents a 3.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 951,100 shares of company stock valued at $32,927,493 over the last quarter. Insiders own 35.48% of the company’s stock.

Dropbox Profile

Dropbox, Inc (NASDAQ: DBX) is a software company that provides cloud-based tools for storing, organizing, sharing and collaborating on files. Its platform enables individuals, businesses and teams to access documents, photos and other content across connected devices, synchronize files and manage shared workflows.

The company’s offerings include Dropbox for cloud storage and file collaboration, Dropbox Paper for shared documents and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.