Massachusetts Financial Services Co. MA Sells 63,573 Shares of Dropbox, Inc. (NASDAQ:DBX)

Massachusetts Financial Services Co. MA cut its position in shares of Dropbox, Inc. (NASDAQ:DBXFree Report) by 12.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 450,738 shares of the company’s stock after selling 63,573 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.13% of Dropbox worth $13,288,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Ieq Capital LLC boosted its position in shares of Dropbox by 5.8% during the fourth quarter. Ieq Capital LLC now owns 210,319 shares of the company’s stock valued at $6,200,000 after buying an additional 11,544 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Dropbox by 1.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,518,959 shares of the company’s stock worth $44,782,000 after acquiring an additional 28,393 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in Dropbox by 3.3% during the 4th quarter. QRG Capital Management Inc. now owns 226,730 shares of the company’s stock valued at $6,684,000 after acquiring an additional 7,258 shares during the period. Strategic Advocates LLC grew its position in Dropbox by 114.3% in the 4th quarter. Strategic Advocates LLC now owns 20,294 shares of the company’s stock valued at $598,000 after acquiring an additional 10,823 shares during the last quarter. Finally, Seizert Capital Partners LLC increased its stake in Dropbox by 31.7% in the fourth quarter. Seizert Capital Partners LLC now owns 254,469 shares of the company’s stock worth $7,502,000 after purchasing an additional 61,292 shares during the period. 94.84% of the stock is currently owned by institutional investors.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $23.73 on Friday. Dropbox, Inc. has a 1-year low of $22.02 and a 1-year high of $33.43. The business has a fifty day moving average price of $23.69 and a 200 day moving average price of $26.93. The stock has a market capitalization of $7.84 billion, a P/E ratio of 15.72, a price-to-earnings-growth ratio of 1.81 and a beta of 0.70.

Dropbox (NASDAQ:DBXGet Free Report) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.28 by $0.13. Dropbox had a net margin of 20.50% and a negative return on equity of 148.13%. The business had revenue of $631.30 million during the quarter, compared to analyst estimates of $628.81 million. As a group, equities research analysts anticipate that Dropbox, Inc. will post 1.14 earnings per share for the current fiscal year.

Insider Activity at Dropbox

In other news, CEO Andrew Houston sold 82,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $23.44, for a total value of $1,922,080.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $193,770,651.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Andrew Houston sold 82,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $23.44, for a total value of $1,922,080.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $193,770,651.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $24.36, for a total transaction of $73,080.00. Following the completion of the sale, the chief financial officer now owns 400,720 shares of the company’s stock, valued at $9,761,539.20. 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 90 days. Insiders own 26.40% of the company’s stock.

Analysts Set New Price Targets

DBX has been the topic of a number of research analyst reports. The Goldman Sachs Group cut shares of Dropbox from a “neutral” rating to a “sell” rating and cut their price target for the stock from $26.00 to $24.00 in a report on Friday, February 16th. JPMorgan Chase & Co. lowered shares of 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 research report on Friday, February 16th. JMP Securities lowered Dropbox from an “outperform” rating to a “market perform” rating in a report on Friday, February 16th. Bank of America downgraded Dropbox from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $34.00 to $28.00 in a report on Friday, February 16th. Finally, Citigroup dropped their price target on Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $29.78.

View Our Latest Stock Analysis on DBX

Dropbox Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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