Baird Financial Group Inc. Sells 7,264 Shares of Dropbox, Inc. (NASDAQ:DBX)

Baird Financial Group Inc. trimmed its stake in Dropbox, Inc. (NASDAQ:DBXGet Rating) by 10.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,189 shares of the company’s stock after selling 7,264 shares during the period. Baird Financial Group Inc.’s holdings in Dropbox were worth $1,242,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Ellevest Inc. increased its position in Dropbox by 6,231.6% during the 2nd quarter. Ellevest Inc. now owns 1,203 shares of the company’s stock valued at $25,000 after buying an additional 1,184 shares in the last quarter. Covestor Ltd increased its position in Dropbox by 446.6% during the 1st quarter. Covestor Ltd now owns 1,372 shares of the company’s stock valued at $32,000 after buying an additional 1,121 shares in the last quarter. Prospera Financial Services Inc acquired a new position in Dropbox during the 1st quarter valued at about $40,000. CWM LLC increased its position in Dropbox by 101.2% during the 2nd quarter. CWM LLC now owns 3,236 shares of the company’s stock valued at $68,000 after buying an additional 1,628 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its position in Dropbox by 1,150.2% during the 1st quarter. Brown Brothers Harriman & Co. now owns 5,226 shares of the company’s stock valued at $122,000 after buying an additional 4,808 shares in the last quarter. 60.57% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DBX has been the topic of several recent analyst reports. KeyCorp initiated coverage on Dropbox in a research report on Monday, September 12th. They set an “overweight” rating and a $30.00 target price on the stock. The Goldman Sachs Group dropped their price target on Dropbox from $25.00 to $22.00 and set a “sell” rating on the stock in a research note on Monday, November 7th. Bank of America began coverage on Dropbox in a research note on Tuesday, September 6th. They set a “buy” rating and a $34.00 price target on the stock. Jefferies Financial Group dropped their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 31st. Finally, Citigroup began coverage on Dropbox in a research note on Thursday, September 1st. They set a “neutral” rating and a $24.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Dropbox has an average rating of “Hold” and a consensus price target of $27.57.

Dropbox Stock Up 0.2 %

Shares of DBX opened at $22.28 on Friday. Dropbox, Inc. has a 52 week low of $19.07 and a 52 week high of $25.83. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 3.06 and a beta of 0.80. The stock’s 50-day moving average price is $21.38 and its 200-day moving average price is $21.77.

Insider Transactions at Dropbox

In other news, President Timothy H. Young sold 15,000 shares of the company’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $22.70, for a total value of $340,500.00. Following the sale, the president now owns 1,569,623 shares in the company, valued at $35,630,442.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Dropbox news, insider Bart Volkmer sold 10,534 shares of the stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $22.48, for a total transaction of $236,804.32. Following the transaction, the insider now owns 286,066 shares in the company, valued at $6,430,763.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Timothy H. Young sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $22.70, for a total value of $340,500.00. Following the transaction, the president now owns 1,569,623 shares in the company, valued at approximately $35,630,442.10. The disclosure for this sale can be found here. Insiders have sold 525,260 shares of company stock worth $11,135,032 over the last quarter. 25.05% of the stock is currently owned by insiders.

About Dropbox

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Dropbox, Inc provides a content collaboration platform worldwide. Its 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. As of December 31, 2021, the company had approximately 700 million registered users.

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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