Avalon Trust Co Takes Position in Dropbox, Inc. (NASDAQ:DBX)

Avalon Trust Co purchased a new position in shares of Dropbox, Inc. (NASDAQ:DBX) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 1,319 shares of the company’s stock, valued at approximately $39,000.

Several other hedge funds have also added to or reduced their stakes in DBX. GAMMA Investing LLC bought a new stake in Dropbox in the 4th quarter valued at about $25,000. Contravisory Investment Management Inc. bought a new stake in shares of Dropbox in the fourth quarter valued at approximately $26,000. Fifth Third Bancorp grew its position in Dropbox by 424.2% during the third quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock worth $30,000 after buying an additional 878 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its stake in Dropbox by 29,175.0% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock worth $32,000 after acquiring an additional 1,167 shares during the period. Finally, Shell Asset Management Co. raised its holdings in Dropbox by 51.4% in the 3rd quarter. Shell Asset Management Co. now owns 2,643 shares of the company’s stock valued at $72,000 after acquiring an additional 897 shares in the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Bart Volkmer sold 7,039 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $24.02, for a total transaction of $169,076.78. Following the completion of the transaction, the insider now owns 233,988 shares of the company’s stock, valued at $5,620,391.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Andrew Houston sold 164,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total value of $3,913,040.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $197,242,650.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bart Volkmer sold 7,039 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $24.02, for a total transaction of $169,076.78. Following the sale, the insider now directly owns 233,988 shares of the company’s stock, valued at approximately $5,620,391.76. The disclosure for this sale can be found here. Insiders sold 271,721 shares of company stock valued at $6,443,955 over the last quarter. 26.40% of the stock is owned by company insiders.

Dropbox Stock Down 0.9 %

Shares of NASDAQ DBX traded down $0.22 during midday trading on Friday, reaching $23.37. 5,040,096 shares of the company were exchanged, compared to its average volume of 2,918,350. The stock’s 50-day moving average price is $23.76 and its 200-day moving average price is $27.15. The stock has a market cap of $8.04 billion, a P/E ratio of 17.70, a PEG ratio of 2.62 and a beta of 0.70. Dropbox, Inc. has a one year low of $19.55 and a one year high of $33.43.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, February 15th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $630.77 million. On average, equities research analysts anticipate that Dropbox, Inc. will post 1.14 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on DBX shares. JPMorgan Chase & Co. lowered Dropbox from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $33.00 to $30.00 in a report on Friday, February 16th. KeyCorp boosted their target price on shares of Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, January 19th. Bank of America downgraded shares of Dropbox from a “buy” rating to an “underperform” rating and cut their price target for the stock from $34.00 to $28.00 in a report on Friday, February 16th. JMP Securities cut shares of Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. Finally, The Goldman Sachs Group cut Dropbox from a “neutral” rating to a “sell” rating and cut their target price for the stock from $26.00 to $24.00 in a research note on Friday, February 16th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target 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.