Mackenzie Financial Corp Sells 72,228 Shares of Dropbox, Inc. (NASDAQ:DBX)

Mackenzie Financial Corp reduced its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 7.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 882,400 shares of the company’s stock after selling 72,228 shares during the quarter. Mackenzie Financial Corp owned approximately 0.26% of Dropbox worth $26,013,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Baupost Group LLC MA boosted its holdings in shares of Dropbox by 30.6% in the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock valued at $245,777,000 after buying an additional 2,476,021 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Dropbox by 0.6% in the 1st quarter. Thrivent Financial for Lutherans now owns 4,523,209 shares of the company’s stock valued at $97,792,000 after buying an additional 27,991 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Dropbox by 5.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,418,927 shares of the company’s stock valued at $120,327,000 after purchasing an additional 227,633 shares during the last quarter. First Trust Advisors LP lifted its holdings in Dropbox by 9.5% during the 1st quarter. First Trust Advisors LP now owns 3,782,752 shares of the company’s stock valued at $81,783,000 after purchasing an additional 326,958 shares during the last quarter. Finally, Eaton Vance Management lifted its holdings in Dropbox by 3.2% during the 1st quarter. Eaton Vance Management now owns 3,670,636 shares of the company’s stock valued at $85,342,000 after purchasing an additional 113,180 shares during the last quarter. 94.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total value of $97,500.00. Following the transaction, the chief financial officer now owns 434,761 shares in the company, valued at $14,129,732.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Dropbox news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total value of $97,500.00. Following the transaction, the chief financial officer now owns 434,761 shares in the company, valued at $14,129,732.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bart Volkmer sold 6,682 shares of Dropbox stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $23.12, for a total value of $154,487.84. Following the completion of the transaction, the insider now owns 372,332 shares in the company, valued at approximately $8,608,315.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 189,721 shares of company stock worth $4,548,575. Company insiders own 26.40% of the company’s stock.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $22.80 on Thursday. Dropbox, Inc. has a 52 week low of $19.55 and a 52 week high of $33.43. The stock has a market capitalization of $7.84 billion, a P/E ratio of 17.27, a PEG ratio of 2.58 and a beta of 0.71. The stock’s fifty day moving average is $25.13 and its 200 day moving average is $27.52.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. The company had revenue of $635.00 million during the quarter, compared to the consensus estimate of $630.77 million. Equities research analysts forecast that Dropbox, Inc. will post 1.14 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on DBX. JPMorgan Chase & Co. downgraded Dropbox from an “overweight” rating to a “neutral” rating and cut their price target for the company from $33.00 to $30.00 in a report on Friday, February 16th. Bank of America downgraded Dropbox from a “buy” rating to an “underperform” rating and cut their price target for the company from $34.00 to $28.00 in a report on Friday, February 16th. Citigroup cut their price target on Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a report on Friday, March 22nd. The Goldman Sachs Group cut Dropbox from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $26.00 to $24.00 in a research report on Friday, February 16th. Finally, KeyCorp increased their price objective on Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 19th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $29.78.

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.