Pacer Advisors Inc. Cuts Position in Dropbox, Inc. $DBX

Pacer Advisors Inc. trimmed its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,992,045 shares of the company’s stock after selling 152,718 shares during the period. Pacer Advisors Inc. owned about 0.77% of Dropbox worth $55,379,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. LSV Asset Management boosted its position in Dropbox by 1.1% during the 4th quarter. LSV Asset Management now owns 11,735,641 shares of the company’s stock worth $326,251,000 after purchasing an additional 121,999 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Dropbox by 11.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,573,627 shares of the company’s stock valued at $210,547,000 after purchasing an additional 767,119 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in shares of Dropbox by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company’s stock worth $153,935,000 after purchasing an additional 70,867 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in shares of Dropbox by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock worth $75,626,000 after purchasing an additional 596,440 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Dropbox by 22.5% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company’s stock worth $70,015,000 after buying an additional 463,258 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $25.97 on Friday. Dropbox, Inc. has a 1 year low of $21.69 and a 1 year high of $32.40. The firm has a market cap of $6.06 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 2.84 and a beta of 0.67. The stock’s 50-day simple moving average is $25.90 and its 200-day simple moving average is $26.01.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. The business had revenue of $629.50 million for the quarter, compared to analysts’ expectations of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The company’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.70 earnings per share. As a group, research analysts predict that Dropbox, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

DBX has been the topic of several analyst reports. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. UBS Group decreased their price target on Dropbox from $27.00 to $23.00 and set a “sell” rating for the company in a report on Friday, February 20th. William Blair reaffirmed an “underperform” rating on shares of Dropbox in a research report on Monday, March 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a research note on Monday, May 4th. Finally, Wall Street Zen cut shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $27.00.

Insider Buying and Selling

In other news, Director Andrew William Moore sold 8,443 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.57, for a total transaction of $232,773.51. Following the transaction, the director owned 4,737 shares of the company’s stock, valued at approximately $130,599.09. This trade represents a 64.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 5,666 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $27.56, for a total value of $156,154.96. Following the transaction, the chief technology officer directly owned 514,611 shares in the company, valued at approximately $14,182,679.16. This represents a 1.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 239,774 shares of company stock worth $6,005,653 over the last 90 days. 35.48% of the stock is currently owned by corporate insiders.

Dropbox Company Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.