Amalgamated Bank Has $2.66 Million Holdings in Dropbox, Inc. $DBX

Amalgamated Bank lowered its stake in Dropbox, Inc. (NASDAQ:DBX) by 7.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 93,130 shares of the company’s stock after selling 7,631 shares during the quarter. Amalgamated Bank’s holdings in Dropbox were worth $2,664,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. SGL Investment Advisors Inc. lifted its holdings in Dropbox by 2.4% in the 2nd quarter. SGL Investment Advisors Inc. now owns 16,143 shares of the company’s stock worth $442,000 after purchasing an additional 375 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock worth $48,000 after buying an additional 449 shares during the last quarter. Elequin Capital LP lifted its stake in shares of Dropbox by 71.0% in the first quarter. Elequin Capital LP now owns 1,130 shares of the company’s stock worth $30,000 after buying an additional 469 shares during the last quarter. Burns Matteson Capital Management LLC lifted its stake in shares of Dropbox by 3.6% in the first quarter. Burns Matteson Capital Management LLC now owns 16,158 shares of the company’s stock worth $432,000 after buying an additional 568 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its stake in shares of Dropbox by 4.6% in the first quarter. Resona Asset Management Co. Ltd. now owns 14,322 shares of the company’s stock worth $383,000 after buying an additional 625 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Dropbox

In related news, insider William T. Yoon sold 11,430 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.16, for a total value of $344,728.80. Following the completion of the transaction, the insider directly owned 223,662 shares in the company, valued at approximately $6,745,645.92. This represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Ali Dasdan sold 12,812 shares of the company’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $30.00, for a total value of $384,360.00. Following the completion of the transaction, the chief technology officer owned 551,060 shares of the company’s stock, valued at $16,531,800. The trade was a 2.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 318,698 shares of company stock worth $9,251,159. 28.59% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on DBX. UBS Group lowered shares of Dropbox from a “neutral” rating to a “sell” rating and cut their target price for the stock from $29.00 to $27.00 in a research report on Thursday, September 18th. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut Dropbox from a “buy” rating to a “hold” rating in a research report on Sunday, October 26th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $29.67.

Dropbox Stock Performance

Shares of DBX opened at $28.97 on Wednesday. The company has a 50-day simple moving average of $29.76 and a 200-day simple moving average of $28.73. The firm has a market capitalization of $7.82 billion, a P/E ratio of 17.66, a P/E/G ratio of 3.91 and a beta of 0.65. Dropbox, Inc. has a 52 week low of $24.42 and a 52 week high of $33.33.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. The business had revenue of $625.70 million during the quarter, compared to analyst estimates of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.60 earnings per share. As a group, equities analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current year.

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.