Sumitomo Mitsui Trust Holdings Inc. Sells 8,062 Shares of Dropbox, Inc. (NASDAQ:DBX)

Sumitomo Mitsui Trust Holdings Inc. trimmed its holdings in Dropbox, Inc. (NASDAQ:DBX) by 1.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 585,301 shares of the company’s stock after selling 8,062 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.17% of Dropbox worth $17,255,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. lifted its position in shares of Dropbox by 5.4% during the third 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Dropbox by 0.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,891,618 shares of the company’s stock valued at $78,739,000 after purchasing an additional 15,569 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Dropbox by 3.8% during the fourth quarter. Nordea Investment Management AB now owns 2,228,624 shares of the company’s stock valued at $65,934,000 after purchasing an additional 81,729 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Dropbox by 65.8% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 2,189,593 shares of the company’s stock valued at $64,825,000 after purchasing an additional 869,043 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Dropbox by 41.8% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,745,782 shares of the company’s stock valued at $47,538,000 after purchasing an additional 514,898 shares in the last quarter. 94.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DBX. Citigroup dropped their price target on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. JMP Securities lowered shares of Dropbox from an “outperform” rating to a “market perform” rating in a research report on Friday, February 16th. Bank of America lowered shares of Dropbox from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $34.00 to $28.00 in a research report on Friday, February 16th. KeyCorp lifted their price objective on shares of Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 19th. Finally, The Goldman Sachs Group lowered shares of 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. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $29.78.

Insider Transactions at Dropbox

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

Dropbox Stock Up 1.4 %

DBX opened at $23.31 on Tuesday. The company has a market capitalization of $8.02 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 2.59 and a beta of 0.71. The firm has a 50-day moving average price of $24.34 and a 200-day moving average price of $27.41. Dropbox, Inc. has a twelve month low of $19.55 and a twelve month high of $33.43.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, February 15th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). The business had revenue of $635.00 million during the quarter, compared to analysts’ expectations of $630.77 million. Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. On average, sell-side analysts expect that Dropbox, Inc. will post 1.14 earnings per share for the current fiscal year.

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.