Fifth Third Bancorp Grows Stake in Dropbox, Inc. (NASDAQ:DBX)

Fifth Third Bancorp boosted its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 548.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,382 shares of the company’s stock after purchasing an additional 1,169 shares during the quarter. Fifth Third Bancorp’s holdings in Dropbox were worth $31,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new stake in Dropbox in the 4th quarter valued at $25,000. Truist Financial Corp lifted its position in shares of Dropbox by 1.8% in the fourth quarter. Truist Financial Corp now owns 42,999 shares of the company’s stock worth $1,268,000 after buying an additional 769 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Dropbox by 2.1% in the fourth quarter. Russell Investments Group Ltd. now owns 1,159,083 shares of the company’s stock worth $34,215,000 after buying an additional 23,986 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Dropbox by 59.8% during the fourth quarter. Victory Capital Management Inc. now owns 187,167 shares of the company’s stock valued at $5,518,000 after buying an additional 70,028 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in Dropbox by 10.9% during the 4th quarter. Fisher Asset Management LLC now owns 130,164 shares of the company’s stock valued at $3,837,000 after buying an additional 12,782 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DBX has been the topic of several recent research reports. Citigroup decreased their price objective on Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, June 26th. UBS Group decreased their price target on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $29.14.

Insider Activity at Dropbox

In other news, Director Karen Peacock sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $23.02, for a total transaction of $230,200.00. Following the transaction, the director now owns 23,852 shares of the company’s stock, valued at $549,073.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Eric Cox sold 8,536 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $21.27, for a total value of $181,560.72. Following the transaction, the insider now directly owns 350,471 shares in the company, valued at $7,454,518.17. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Karen Peacock sold 10,000 shares of Dropbox stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $23.02, for a total transaction of $230,200.00. Following the sale, the director now owns 23,852 shares of the company’s stock, valued at approximately $549,073.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 208,536 shares of company stock worth $4,672,611. Insiders own 26.40% of the company’s stock.

Dropbox Stock Performance

Shares of Dropbox stock opened at $24.28 on Tuesday. The stock has a 50 day moving average price of $22.73 and a 200-day moving average price of $23.49. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.43. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 1.61 and a beta of 0.65.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. Dropbox had a net margin of 20.50% and a negative return on equity of 148.13%. The company had revenue of $634.50 million during the quarter, compared to analyst estimates of $630.10 million. During the same period in the previous year, the firm earned $0.28 earnings per share. Dropbox’s quarterly revenue was up 1.9% compared to the same quarter last year. Sell-side analysts predict that Dropbox, Inc. will post 1.26 earnings per share for the current fiscal 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.