Pacer Advisors Inc. Sells 704,426 Shares of Dropbox, Inc. (NASDAQ:DBX)

Pacer Advisors Inc. trimmed its holdings in Dropbox, Inc. (NASDAQ:DBX) by 9.0% in the 4th quarter, HoldingsChannel reports. The firm owned 7,084,226 shares of the company’s stock after selling 704,426 shares during the quarter. Pacer Advisors Inc.’s holdings in Dropbox were worth $212,810,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. QRG Capital Management Inc. lifted its holdings in shares of Dropbox by 10.6% in the 3rd quarter. QRG Capital Management Inc. now owns 221,716 shares of the company’s stock worth $5,638,000 after acquiring an additional 21,190 shares during the last quarter. Aigen Investment Management LP bought a new position in shares of Dropbox during the 3rd quarter worth approximately $482,000. Retirement Systems of Alabama lifted its holdings in shares of Dropbox by 15.2% during the 3rd quarter. Retirement Systems of Alabama now owns 944,033 shares of the company’s stock valued at $24,007,000 after purchasing an additional 124,528 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Dropbox by 8.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock worth $71,108,000 after acquiring an additional 228,685 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in Dropbox by 6.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company’s stock valued at $59,907,000 after purchasing an additional 134,503 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Dropbox news, insider Eric Cox sold 2,330 shares of Dropbox stock in a transaction on Monday, November 18th. The shares were sold at an average price of $26.41, for a total value of $61,535.30. Following the transaction, the insider now owns 321,871 shares in the company, valued at $8,500,613.11. This trade represents a 0.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Andrew Houston sold 500,323 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total transaction of $14,834,576.95. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $245,106,646.90. The trade was a 5.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 902,568 shares of company stock valued at $26,713,030. 26.40% of the stock is owned by company insiders.

Dropbox Trading Up 1.2 %

Dropbox stock opened at $31.48 on Monday. The firm has a market capitalization of $9.75 billion, a P/E ratio of 18.20, a P/E/G ratio of 1.58 and a beta of 0.61. The stock’s fifty day simple moving average is $29.52 and its 200-day simple moving average is $26.37. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.43.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.16). Dropbox had a net margin of 22.71% and a negative return on equity of 135.85%. The company had revenue of $638.80 million during the quarter, compared to analysts’ expectations of $636.93 million. During the same quarter in the prior year, the company earned $0.35 earnings per share. Sell-side analysts predict that Dropbox, Inc. will post 1.49 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group upped their price objective on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Dropbox presently has a consensus rating of “Hold” and an average price target of $27.50.

Dropbox 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.