Washington Capital Management Inc. Has $518,000 Stock Holdings in Dropbox, Inc. (NASDAQ:DBX)

Washington Capital Management Inc. cut its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 33.7% during the second quarter, Holdings Channel reports. The firm owned 17,100 shares of the company’s stock after selling 8,700 shares during the quarter. Washington Capital Management Inc.’s holdings in Dropbox were worth $518,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of DBX. Tarbox Family Office Inc. bought a new stake in shares of Dropbox during the 2nd quarter worth about $30,000. Gemmer Asset Management LLC acquired a new position in shares of Dropbox during the 2nd quarter worth about $31,000. Rockefeller Capital Management L.P. lifted its position in shares of Dropbox by 572.5% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,809 shares of the company’s stock worth $53,000 after purchasing an additional 1,540 shares during the last quarter. Twin Lakes Capital Management LLC acquired a new position in shares of Dropbox during the 1st quarter worth about $79,000. Finally, Bourgeon Capital Management LLC acquired a new position in shares of Dropbox during the 2nd quarter worth about $91,000. 67.21% of the stock is currently owned by hedge funds and other institutional investors.

In other news, President Timothy H. Young sold 11,250 shares of the firm’s stock in a transaction dated Thursday, June 24th. The stock was sold at an average price of $29.80, for a total value of $335,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy Regan sold 1,523 shares of the firm’s stock in a transaction dated Friday, June 25th. The shares were sold at an average price of $30.08, for a total value of $45,811.84. The disclosure for this sale can be found here. Insiders have sold a total of 75,902 shares of company stock worth $2,347,853 in the last ninety days. 30.81% of the stock is currently owned by company insiders.

Several research firms recently weighed in on DBX. Zacks Investment Research raised Dropbox from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Friday, August 13th. JMP Securities upped their price target on Dropbox from $37.00 to $39.00 and gave the company a “market outperform” rating in a report on Friday, August 6th. TheStreet raised Dropbox from a “d+” rating to a “c-” rating in a report on Monday, August 2nd. Royal Bank of Canada upped their price target on Dropbox from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, August 6th. Finally, Jefferies Financial Group upped their price target on Dropbox from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, August 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $35.80.

NASDAQ:DBX opened at $30.27 on Tuesday. Dropbox, Inc. has a 12-month low of $17.66 and a 12-month high of $33.00. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $12.06 billion, a P/E ratio of -71.69, a P/E/G ratio of 0.99 and a beta of 0.90. The stock’s fifty day simple moving average is $31.23 and its 200-day simple moving average is $28.76.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, August 5th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.25. The business had revenue of $530.60 million for the quarter, compared to analyst estimates of $524.00 million. Dropbox had a positive return on equity of 108.39% and a negative net margin of 8.73%. As a group, equities research analysts expect that Dropbox, Inc. will post 0.77 earnings per share for the current year.

Dropbox Company Profile

Dropbox, Inc is a collaboration platform that’s transforming the way people and teams work together. It offers following products: Dropbox Basic, Plus, Professional and Business. The Dropbox Basic is the simple, powerful home for photos, videos, docs, and other files. Its users also get access to new product Dropbox Paper, a collaborative workspace that helps teams create and share early ideas, and work with any type of content, in one centralized place.

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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