Truist Financial Corp cut its position in Dropbox, Inc. (NASDAQ:DBX – Get Rating) by 13.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,232 shares of the company’s stock after selling 4,746 shares during the period. Truist Financial Corp’s holdings in Dropbox were worth $647,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of DBX. PNC Financial Services Group Inc. raised its holdings in Dropbox by 19.1% in the first quarter. PNC Financial Services Group Inc. now owns 5,730 shares of the company’s stock worth $133,000 after purchasing an additional 918 shares during the period. D.A. Davidson & CO. bought a new stake in shares of Dropbox during the first quarter worth $217,000. MetLife Investment Management LLC bought a new stake in shares of Dropbox during the first quarter worth $447,000. Blair William & Co. IL increased its position in shares of Dropbox by 233.0% during the first quarter. Blair William & Co. IL now owns 102,489 shares of the company’s stock worth $2,383,000 after acquiring an additional 71,708 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Dropbox by 47.6% during the first quarter. Canada Pension Plan Investment Board now owns 21,710 shares of the company’s stock worth $505,000 after acquiring an additional 7,000 shares in the last quarter. 61.80% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Dropbox
In other Dropbox news, insider Bart Volkmer sold 10,000 shares of the business’s stock in a transaction dated Wednesday, January 11th. The shares were sold at an average price of $22.79, for a total value of $227,900.00. Following the completion of the sale, the insider now owns 265,802 shares of the company’s stock, valued at approximately $6,057,627.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction on Tuesday, October 25th. The stock was sold at an average price of $21.75, for a total transaction of $65,250.00. Following the transaction, the chief financial officer now owns 497,787 shares in the company, valued at approximately $10,826,867.25. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Bart Volkmer sold 10,000 shares of the firm’s stock in a transaction on Wednesday, January 11th. The stock was sold at an average price of $22.79, for a total value of $227,900.00. Following the transaction, the insider now owns 265,802 shares in the company, valued at approximately $6,057,627.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 557,298 shares of company stock worth $12,465,781. 25.05% of the stock is owned by insiders.
Dropbox Stock Performance
Dropbox (NASDAQ:DBX – Get Rating) last posted its earnings results on Thursday, November 3rd. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.04. The company 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%. As a group, analysts predict that Dropbox, Inc. will post 0.87 EPS for the current fiscal year.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their price objective on shares of Dropbox from $25.00 to $22.00 and set a “sell” rating for the company in a research report on Monday, November 7th. Credit Suisse Group assumed coverage on shares of Dropbox in a research report on Monday, November 21st. They set an “underperform” rating and a $20.00 price objective for the company. Finally, Jefferies Financial Group downgraded shares of Dropbox from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $28.00 to $25.00 in a research report on Thursday, January 5th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Dropbox presently has a consensus rating of “Hold” and a consensus price target of $26.43.
Dropbox Company Profile
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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