PNC Financial Services Group Inc. Buys 874 Shares of Dropbox, Inc. $DBX

PNC Financial Services Group Inc. increased its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 12.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,146 shares of the company’s stock after buying an additional 874 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Dropbox were worth $218,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of DBX. True Wealth Design LLC lifted its position in shares of Dropbox by 191.0% during the 4th quarter. True Wealth Design LLC now owns 1,036 shares of the company’s stock worth $31,000 after buying an additional 680 shares during the period. SBI Securities Co. Ltd. boosted its stake in Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock worth $48,000 after purchasing an additional 449 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Dropbox by 27.3% during the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company’s stock worth $61,000 after purchasing an additional 490 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Dropbox by 115.0% during the first quarter. UMB Bank n.a. now owns 2,501 shares of the company’s stock worth $67,000 after purchasing an additional 1,338 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Dropbox during the fourth quarter worth $109,000. Institutional investors own 94.84% of the company’s stock.

Insider Buying and Selling

In related news, CEO Andrew Houston sold 92,000 shares of Dropbox stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $27.96, for a total transaction of $2,572,320.00. Following the completion of the sale, the chief executive officer directly owned 8,266,666 shares of the company’s stock, valued at $231,135,981.36. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karen Peacock sold 7,000 shares of Dropbox stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $28.53, for a total value of $199,710.00. Following the sale, the director directly owned 25,295 shares of the company’s stock, valued at approximately $721,666.35. This trade represents a 21.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 450,598 shares of company stock valued at $12,770,529 in the last three months. 28.59% of the stock is currently owned by company insiders.

Dropbox Stock Performance

NASDAQ DBX opened at $27.82 on Monday. The stock has a fifty day moving average of $27.70 and a 200-day moving average of $28.07. The stock has a market capitalization of $7.51 billion, a P/E ratio of 16.96, a price-to-earnings-growth ratio of 3.74 and a beta of 0.64. Dropbox, Inc. has a 52 week low of $22.43 and a 52 week high of $33.33.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. The company had revenue of $625.70 million during the quarter, compared to analysts’ expectations of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period last year, the firm earned $0.60 EPS. Equities research analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. UBS Group decreased their target price on Dropbox from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Friday, August 8th. Citigroup increased their target price on Dropbox from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, May 9th.

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.