Amalgamated Bank Cuts Stake in Dropbox, Inc. (NASDAQ:DBX)

Amalgamated Bank decreased its position in Dropbox, Inc. (NASDAQ:DBX) by 0.8% during the 4th quarter, Holdings Channel reports. The fund owned 200,248 shares of the company’s stock after selling 1,592 shares during the quarter. Amalgamated Bank’s holdings in Dropbox were worth $5,903,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. DekaBank Deutsche Girozentrale boosted its holdings in Dropbox by 65.8% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 2,189,593 shares of the company’s stock valued at $64,825,000 after purchasing an additional 869,043 shares in the last quarter. LSV Asset Management lifted its holdings in Dropbox by 119.0% in the third quarter. LSV Asset Management now owns 1,506,700 shares of the company’s stock valued at $41,027,000 after acquiring an additional 818,811 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Dropbox by 41.8% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,745,782 shares of the company’s stock valued at $47,538,000 after acquiring an additional 514,898 shares during the period. WINTON GROUP Ltd grew its stake in shares of Dropbox by 5,263.9% during the 3rd quarter. WINTON GROUP Ltd now owns 428,899 shares of the company’s stock worth $11,679,000 after purchasing an additional 420,903 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Dropbox by 50.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 909,638 shares of the company’s stock valued at $24,769,000 after purchasing an additional 306,590 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Dropbox

In other news, insider Bart Volkmer sold 7,039 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $24.02, for a total value of $169,076.78. Following the completion of the sale, the insider now owns 233,988 shares of the company’s stock, valued at $5,620,391.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Dropbox news, insider Bart Volkmer sold 7,039 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $24.02, for a total transaction of $169,076.78. Following the transaction, the insider now owns 233,988 shares in the company, valued at $5,620,391.76. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Andrew Houston sold 82,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $23.44, for a total value of $1,922,080.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $193,770,651.04. The disclosure for this sale can be found here. Insiders have sold a total of 271,721 shares of company stock worth $6,443,955 in the last three months. 26.40% of the stock is currently owned by company insiders.

Dropbox Stock Down 0.9 %

NASDAQ:DBX opened at $23.37 on Monday. The company has a market cap of $8.04 billion, a P/E ratio of 17.70, a P/E/G ratio of 2.62 and a beta of 0.70. The firm’s 50 day moving average is $23.76 and its two-hundred day moving average is $27.15. Dropbox, Inc. has a fifty-two week low of $19.55 and a fifty-two week high of $33.43.

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

Analyst Upgrades and Downgrades

DBX has been the topic of a number of research analyst reports. The Goldman Sachs Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $26.00 to $24.00 in a report on Friday, February 16th. Citigroup dropped their price objective on Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. JPMorgan Chase & Co. downgraded Dropbox from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $30.00 in a research report on Friday, February 16th. Bank of America cut 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 report on Friday, February 16th. Finally, JMP Securities downgraded Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $29.78.

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.