Bank of New York Mellon Corp Trims Stake in Dropbox, Inc. (NASDAQ:DBX)

Bank of New York Mellon Corp cut its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 27.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,569,403 shares of the company’s stock after selling 993,882 shares during the period. Bank of New York Mellon Corp owned about 0.83% of Dropbox worth $77,185,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. IFP Advisors Inc boosted its stake in shares of Dropbox by 436.7% during the fourth quarter. IFP Advisors Inc now owns 3,322 shares of the company’s stock valued at $101,000 after purchasing an additional 2,703 shares in the last quarter. South Dakota Investment Council increased its holdings in shares of Dropbox by 132.4% in the 4th quarter. South Dakota Investment Council now owns 34,400 shares of the company’s stock valued at $1,033,000 after acquiring an additional 19,600 shares during the period. Handelsbanken Fonder AB increased its holdings in shares of Dropbox by 12.6% in the 4th quarter. Handelsbanken Fonder AB now owns 61,800 shares of the company’s stock valued at $1,856,000 after acquiring an additional 6,900 shares during the period. Ieq Capital LLC raised its position in shares of Dropbox by 10.2% in the 4th quarter. Ieq Capital LLC now owns 243,821 shares of the company’s stock worth $7,324,000 after acquiring an additional 22,521 shares in the last quarter. Finally, Kestra Investment Management LLC lifted its stake in shares of Dropbox by 61.8% during the 4th quarter. Kestra Investment Management LLC now owns 17,142 shares of the company’s stock worth $515,000 after purchasing an additional 6,545 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group lifted their target price on Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, January 6th.

Insider Activity

In other Dropbox news, CEO Andrew Houston sold 137,499 shares of Dropbox stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $30.05, for a total transaction of $4,131,844.95. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $248,413,313.30. The trade was a 1.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Eric Cox sold 3,765 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $26.30, for a total value of $99,019.50. Following the completion of the transaction, the insider now directly owns 309,550 shares in the company, valued at $8,141,165. This represents a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 772,003 shares of company stock worth $23,067,375 over the last 90 days. 28.59% of the stock is currently owned by corporate insiders.

Dropbox Trading Down 0.3 %

NASDAQ DBX opened at $25.90 on Tuesday. The firm’s fifty day simple moving average is $30.52 and its two-hundred day simple moving average is $27.80. The firm has a market capitalization of $8.02 billion, a P/E ratio of 18.37, a P/E/G ratio of 1.70 and a beta of 0.61. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.33.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.11). Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The business had revenue of $643.60 million for the quarter, compared to analysts’ expectations of $638.61 million. As a group, sell-side analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal 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.