US Bancorp DE trimmed its stake in Dropbox, Inc. (NASDAQ:DBX – Get Rating) by 1.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 36,506 shares of the company’s stock after selling 710 shares during the period. US Bancorp DE’s holdings in Dropbox were worth $757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of DBX. Baupost Group LLC MA lifted its holdings in shares of Dropbox by 30.6% during the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock worth $245,777,000 after acquiring an additional 2,476,021 shares during the period. Renaissance Technologies LLC lifted its holdings in Dropbox by 16.7% during the 2nd quarter. Renaissance Technologies LLC now owns 9,580,233 shares of the company’s stock valued at $201,089,000 after purchasing an additional 1,370,500 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in Dropbox by 32.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 4,495,097 shares of the company’s stock valued at $94,352,000 after purchasing an additional 1,101,083 shares during the last quarter. Meritage Portfolio Management bought a new position in Dropbox during the 3rd quarter valued at about $7,438,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Dropbox by 17.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,067,600 shares of the company’s stock valued at $43,399,000 after purchasing an additional 307,599 shares during the last quarter. 61.80% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on DBX. Jefferies Financial Group downgraded shares of Dropbox from a “buy” rating to a “hold” rating and cut their price target for the company from $28.00 to $25.00 in a report on Thursday, January 5th. The Goldman Sachs Group dropped their target price on shares of Dropbox from $25.00 to $22.00 and set a “sell” rating for the company in a research note on Monday, November 7th. Finally, Credit Suisse Group started coverage on shares of Dropbox in a research note on Monday, November 21st. They issued an “underperform” rating and a $20.00 target price for the company. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Dropbox currently has an average rating of “Hold” and a consensus target price of $26.43.
Insider Activity at Dropbox
Dropbox Price Performance
Shares of NASDAQ:DBX opened at $22.80 on Friday. Dropbox, Inc. has a one year low of $19.07 and a one year high of $25.81. The company has a 50 day moving average of $22.64 and a 200-day moving average of $22.25. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of 24.52, a P/E/G ratio of 3.26 and a beta of 0.81.
Dropbox (NASDAQ:DBX – Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. The firm had revenue of $591.00 million during the quarter, compared to analysts’ expectations of $585.45 million. Dropbox had a net margin of 15.25% and a negative return on equity of 74.21%. Equities research analysts anticipate that Dropbox, Inc. will post 0.87 earnings per share for the current year.
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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