Fifth Third Bancorp Raises Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Fifth Third Bancorp boosted its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 35.6% in the fourth quarter, HoldingsChannel reports. The fund owned 1,798 shares of the company’s stock after purchasing an additional 472 shares during the quarter. Fifth Third Bancorp’s holdings in Dropbox were worth $54,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Dropbox during the third quarter valued at about $11,687,000. Jacobs Levy Equity Management Inc. grew its position in Dropbox by 6.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company’s stock worth $158,670,000 after purchasing an additional 365,893 shares during the last quarter. Pacer Advisors Inc. increased its stake in Dropbox by 4.5% during the 3rd quarter. Pacer Advisors Inc. now owns 7,788,652 shares of the company’s stock valued at $198,065,000 after purchasing an additional 333,245 shares in the last quarter. Algert Global LLC raised its holdings in shares of Dropbox by 414.9% in the third quarter. Algert Global LLC now owns 365,832 shares of the company’s stock worth $9,303,000 after buying an additional 294,780 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Dropbox by 8.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock worth $71,108,000 after buying an additional 228,685 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Dropbox news, CEO Andrew Houston sold 80,499 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $30.97, for a total value of $2,493,054.03. Following the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $256,018,646.02. This trade represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Cox sold 2,330 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $26.41, for a total value of $61,535.30. Following the completion of the sale, the insider now owns 321,871 shares of the company’s stock, valued at $8,500,613.11. This trade represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 900,068 shares of company stock valued at $26,648,755 over the last ninety days. Company insiders own 26.40% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group upped their target price on Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Dropbox presently has a consensus rating of “Hold” and a consensus price target of $27.50.

Dropbox Price Performance

DBX stock opened at $32.15 on Monday. The company has a market capitalization of $9.96 billion, a P/E ratio of 18.58, a price-to-earnings-growth ratio of 1.65 and a beta of 0.61. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.43. The firm’s fifty day simple moving average is $30.04 and its 200-day simple moving average is $26.71.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.16). The business had revenue of $638.80 million during the quarter, compared to analysts’ expectations of $636.93 million. Dropbox had a net margin of 22.71% and a negative return on equity of 135.85%. During the same period in the previous year, the company posted $0.35 earnings per share. As a group, sell-side analysts forecast that Dropbox, Inc. will post 1.49 earnings per share for the current year.

Dropbox Company Profile

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.