Cibc World Market Inc. Sells 22,481 Shares of Dropbox, Inc. (NASDAQ:DBX)

Cibc World Market Inc. decreased its holdings in Dropbox, Inc. (NASDAQ:DBXGet Rating) by 58.9% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 15,712 shares of the company’s stock after selling 22,481 shares during the quarter. Cibc World Market Inc.’s holdings in Dropbox were worth $330,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of DBX. Pictet Asset Management SA increased its stake in shares of Dropbox by 0.6% during the second quarter. Pictet Asset Management SA now owns 10,767,550 shares of the company’s stock worth $226,011,000 after purchasing an additional 65,785 shares during the period. Baupost Group LLC MA increased its stake in shares of Dropbox by 30.6% during the first quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock worth $245,777,000 after purchasing an additional 2,476,021 shares during the period. Eaton Vance Management increased its stake in shares of Dropbox by 3.2% during the first quarter. Eaton Vance Management now owns 3,670,636 shares of the company’s stock worth $85,342,000 after purchasing an additional 113,180 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Dropbox by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,451,608 shares of the company’s stock worth $57,000,000 after purchasing an additional 115,502 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Dropbox by 7.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,760,001 shares of the company’s stock worth $40,920,000 after purchasing an additional 128,698 shares during the period. Institutional investors own 60.57% of the company’s stock.

Dropbox Stock Performance

Shares of DBX stock opened at $22.44 on Thursday. The stock’s fifty day moving average price is $21.38 and its two-hundred day moving average price is $21.79. The company has a market cap of $8.14 billion, a PE ratio of 24.13, a P/E/G ratio of 3.05 and a beta of 0.80. Dropbox, Inc. has a fifty-two week low of $19.07 and a fifty-two week high of $25.81.

Insider Buying and Selling at Dropbox

In other Dropbox news, insider Bart Volkmer sold 11,000 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $23.03, for a total value of $253,330.00. Following the sale, the insider now owns 293,618 shares of the company’s stock, valued at approximately $6,762,022.54. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Andrew Houston sold 274,226 shares of the firm’s stock in a transaction on Monday, October 10th. The stock was sold at an average price of $20.43, for a total transaction of $5,602,437.18. Following the sale, the chief executive officer now owns 9,022,891 shares of the company’s stock, valued at approximately $184,337,663.13. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bart Volkmer sold 11,000 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $23.03, for a total value of $253,330.00. Following the sale, the insider now directly owns 293,618 shares in the company, valued at approximately $6,762,022.54. The disclosure for this sale can be found here. In the last quarter, insiders have sold 510,260 shares of company stock valued at $10,794,532. 25.05% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on DBX. Citigroup began coverage on Dropbox in a research note on Thursday, September 1st. They set a “neutral” rating and a $24.00 price objective on the stock. Jefferies Financial Group lowered their price objective on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 31st. Credit Suisse Group began coverage on Dropbox in a research note on Monday. They set an “underperform” rating and a $20.00 price objective on the stock. The Goldman Sachs Group lowered their price objective on Dropbox from $25.00 to $22.00 and set a “sell” rating on the stock in a research note on Monday, November 7th. Finally, 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 objective on the stock. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $26.63.

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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