Truist Financial Corp increased its holdings in Dropbox, Inc. (NASDAQ:DBX – Free Report) by 5.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 30,388 shares of the company’s stock after acquiring an additional 1,646 shares during the period. Truist Financial Corp’s holdings in Dropbox were worth $810,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its position in shares of Dropbox by 4.6% during the first quarter. M&T Bank Corp now owns 11,085 shares of the company’s stock worth $239,000 after buying an additional 490 shares during the period. Raymond James & Associates boosted its position in shares of Dropbox by 1.1% during the first quarter. Raymond James & Associates now owns 57,224 shares of the company’s stock worth $1,237,000 after buying an additional 613 shares during the period. Stratos Wealth Partners LTD. boosted its position in shares of Dropbox by 3.3% during the first quarter. Stratos Wealth Partners LTD. now owns 20,579 shares of the company’s stock worth $445,000 after buying an additional 666 shares during the period. Ossiam boosted its position in shares of Dropbox by 29.2% during the first quarter. Ossiam now owns 3,093 shares of the company’s stock worth $67,000 after buying an additional 699 shares during the period. Finally, Cetera Advisor Networks LLC boosted its position in shares of Dropbox by 2.6% during the fourth quarter. Cetera Advisor Networks LLC now owns 27,578 shares of the company’s stock worth $617,000 after buying an additional 700 shares during the period. 70.28% of the stock is currently owned by hedge funds and other institutional investors.
Dropbox Stock Performance
DBX opened at $25.89 on Wednesday. The business’s 50-day simple moving average is $27.13 and its 200-day simple moving average is $25.77. Dropbox, Inc. has a one year low of $18.71 and a one year high of $28.68. The stock has a market capitalization of $9.00 billion, a P/E ratio of 16.28, a price-to-earnings-growth ratio of 1.69 and a beta of 0.86.
Insider Transactions at Dropbox
In other news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $27.96, for a total transaction of $83,880.00. Following the sale, the chief financial officer now owns 492,252 shares in the company, valued at $13,763,365.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Bart Volkmer sold 7,025 shares of the firm’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $27.97, for a total transaction of $196,489.25. Following the transaction, the insider now owns 298,633 shares of the company’s stock, valued at $8,352,765.01. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $27.96, for a total value of $83,880.00. Following the transaction, the chief financial officer now directly owns 492,252 shares in the company, valued at approximately $13,763,365.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 276,579 shares of company stock worth $7,655,675. Corporate insiders own 25.78% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on DBX shares. William Blair cut Dropbox from an “outperform” rating to a “market perform” rating in a research note on Monday, September 18th. JMP Securities reiterated a “market outperform” rating and issued a $32.00 price objective on shares of Dropbox in a research note on Thursday, August 31st. Citigroup reiterated a “neutral” rating and issued a $30.00 price objective on shares of Dropbox in a research note on Monday, September 18th. Credit Suisse Group increased their price objective on Dropbox from $18.00 to $22.00 and gave the company an “underperform” rating in a research note on Friday, August 4th. Finally, Royal Bank of Canada increased their price objective on Dropbox from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $29.14.
Read Our Latest Research Report on DBX
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.
Further Reading
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Source: defenseworld.net
