Dropbox, Inc. (NASDAQ:DBX) Shares Sold by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. reduced its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 10.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,183 shares of the company’s stock after selling 756 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Dropbox were worth $165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Headlands Technologies LLC increased its position in Dropbox by 33.1% during the 1st quarter. Headlands Technologies LLC now owns 96,875 shares of the company’s stock valued at $2,588,000 after buying an additional 24,070 shares in the last quarter. Ontario Teachers Pension Plan Board grew its stake in Dropbox by 29.8% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 64,390 shares of the company’s stock valued at $1,720,000 after purchasing an additional 14,773 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new stake in Dropbox during the 1st quarter valued at about $267,000. Charles Schwab Investment Management Inc. grew its stake in Dropbox by 1.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,950,273 shares of the company’s stock valued at $78,802,000 after purchasing an additional 36,268 shares during the last quarter. Finally, ING Groep NV purchased a new stake in Dropbox during the 1st quarter valued at about $2,989,000. 94.84% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Dropbox news, CEO Andrew Houston sold 319,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $28.48, for a total transaction of $9,085,120.00. Following the completion of the transaction, the chief executive officer owned 8,266,666 shares of the company’s stock, valued at $235,434,647.68. This represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen Peacock sold 7,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $28.53, for a total value of $199,710.00. Following the transaction, the director directly owned 25,295 shares of the company’s stock, valued at $721,666.35. The trade was a 21.68% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 450,598 shares of company stock worth $12,770,529. 29.95% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on DBX shares. UBS Group lowered their target price on Dropbox from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Friday, August 8th. Citigroup upped their target price on Dropbox from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th.

Dropbox Stock Down 1.4%

Shares of DBX opened at $27.73 on Friday. Dropbox, Inc. has a 52 week low of $22.43 and a 52 week high of $33.33. The company has a market capitalization of $7.81 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 3.78 and a beta of 0.64. The stock’s 50-day moving average price is $27.74 and its 200-day moving average price is $28.16.

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

About Dropbox

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.