Groesbeck Investment Management Corp NJ Has $847,000 Stock Holdings in Dropbox, Inc. (NASDAQ:DBX)

Groesbeck Investment Management Corp NJ trimmed its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 2.1% during the 4th quarter, Holdings Channel reports. The institutional investor owned 28,200 shares of the company’s stock after selling 600 shares during the period. Dropbox makes up approximately 1.1% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 26th largest position. Groesbeck Investment Management Corp NJ’s holdings in Dropbox were worth $847,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Pacer Advisors Inc. grew its stake in Dropbox by 4.5% in the third quarter. Pacer Advisors Inc. now owns 7,788,652 shares of the company’s stock valued at $198,065,000 after purchasing an additional 333,245 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in Dropbox by 6.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company’s stock valued at $158,670,000 after purchasing an additional 365,893 shares in the last quarter. Geode Capital Management LLC grew its stake in Dropbox by 0.6% in the third quarter. Geode Capital Management LLC now owns 4,366,271 shares of the company’s stock valued at $111,368,000 after purchasing an additional 25,893 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Dropbox by 8.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock valued at $71,108,000 after purchasing an additional 228,685 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in Dropbox by 6.1% in the third 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 institutional investors and hedge funds.

Insider Buying and Selling at Dropbox

In related news, CFO Timothy Regan sold 2,500 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $32.17, for a total transaction of $80,425.00. Following the sale, the chief financial officer now owns 398,764 shares of the company’s stock, valued at approximately $12,828,237.88. This trade represents a 0.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Andrew Houston sold 132,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $28.12, for a total value of $3,711,840.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $232,458,647.92. The trade was a 1.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 902,568 shares of company stock worth $26,729,180. Insiders own 26.40% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group upped their price target on Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $27.50.

Dropbox Stock Up 1.3 %

Shares of NASDAQ:DBX opened at $32.38 on Wednesday. The business has a 50 day moving average price of $30.19 and a 200 day moving average price of $26.83. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.43. The company has a market cap of $10.03 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 1.63 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, November 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.16). Dropbox had a negative return on equity of 135.85% and a net margin of 22.71%. The company had revenue of $638.80 million during the quarter, compared to analyst estimates of $636.93 million. During the same period in the previous year, the company posted $0.35 earnings per share. Analysts anticipate that Dropbox, Inc. will post 1.49 EPS for the current year.

About Dropbox

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.