Dropbox, Inc. (NASDAQ:DBX) Shares Sold by M&T Bank Corp

M&T Bank Corp lowered its holdings in Dropbox, Inc. (NASDAQ:DBX) by 11.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,958 shares of the company’s stock after selling 1,025 shares during the period. M&T Bank Corp’s holdings in Dropbox were worth $212,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DBX. Wedge Capital Management L L P NC increased its stake in shares of Dropbox by 1,640.3% during the first quarter. Wedge Capital Management L L P NC now owns 2,141,026 shares of the company’s stock worth $57,187,000 after buying an additional 2,017,997 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Dropbox by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,224,864 shares of the company’s stock worth $156,955,000 after buying an additional 1,440,887 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Dropbox by 291.2% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,797,823 shares of the company’s stock worth $54,007,000 after buying an additional 1,338,234 shares during the period. LSV Asset Management increased its stake in shares of Dropbox by 24.0% during the fourth quarter. LSV Asset Management now owns 6,446,121 shares of the company’s stock worth $193,641,000 after buying an additional 1,245,563 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Dropbox during the fourth quarter worth approximately $25,375,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analysts Set New Price Targets

DBX has been the topic of a number of recent research reports. Citigroup upped their target price on shares of Dropbox from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. UBS Group upped their target price on shares of Dropbox from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, May 9th.

Insider Transactions at Dropbox

In other news, CFO Timothy Regan sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $27.94, for a total value of $279,400.00. Following the completion of the sale, the chief financial officer directly owned 516,094 shares of the company’s stock, valued at approximately $14,419,666.36. This represents a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William T. Yoon sold 5,449 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $28.94, for a total value of $157,694.06. Following the completion of the sale, the insider directly owned 245,837 shares of the company’s stock, valued at $7,114,522.78. The trade was a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 466,125 shares of company stock valued at $13,222,130 over the last three months. 29.95% of the stock is owned by corporate insiders.

Dropbox Stock Up 0.5%

Shares of DBX opened at $27.06 on Friday. The stock has a 50 day moving average price of $28.38 and a 200 day moving average price of $28.56. The company has a market capitalization of $7.62 billion, a price-to-earnings ratio of 17.69, a price-to-earnings-growth ratio of 10.59 and a beta of 0.65. Dropbox, Inc. has a 52-week low of $21.32 and a 52-week high of $33.33.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. The firm had revenue of $624.70 million during the quarter, compared to the consensus estimate of $619.56 million. Dropbox had a negative return on equity of 79.66% and a net margin of 18.50%. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.58 earnings per share. On average, equities analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Dropbox 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.