Healthcare of Ontario Pension Plan Trust Fund Sells 150,965 Shares of Dropbox, Inc. (NASDAQ:DBX)

Posted by on Mar 4th, 2023

Healthcare of Ontario Pension Plan Trust Fund cut its position in shares of Dropbox, Inc. (NASDAQ:DBX – Get Rating) by 95.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,861 shares of the company’s stock after selling 150,965 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Dropbox were worth $142,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of DBX. Baupost Group LLC MA increased its position in shares of Dropbox by 30.6% during the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock valued at $245,777,000 after purchasing an additional 2,476,021 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Dropbox by 16.7% during the 2nd quarter. Renaissance Technologies LLC now owns 9,580,233 shares of the company’s stock valued at $201,089,000 after purchasing an additional 1,370,500 shares during the last quarter. Thrivent Financial for Lutherans increased its position in shares of Dropbox by 32.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 4,495,097 shares of the company’s stock valued at $94,352,000 after purchasing an additional 1,101,083 shares during the last quarter. California Public Employees Retirement System boosted its holdings in Dropbox by 82.9% during the 3rd quarter. California Public Employees Retirement System now owns 1,000,298 shares of the company’s stock valued at $20,726,000 after acquiring an additional 453,393 shares during the period. Finally, Meritage Portfolio Management purchased a new position in Dropbox in the 3rd quarter worth approximately $7,438,000. 61.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DBX has been the topic of a number of analyst reports. The Goldman Sachs Group decreased their price target on Dropbox from $25.00 to $22.00 and set a “sell” rating on the stock in a research note on Monday, November 7th. Citigroup lifted their price target on Dropbox from $24.00 to $25.00 and gave the stock a “neutral” rating in a research note on Friday, February 17th. Royal Bank of Canada lifted their price target on Dropbox from $27.00 to $30.00 in a research note on Friday, February 17th. Credit Suisse Group reaffirmed an “underperform” rating and issued a $20.00 price target on shares of Dropbox in a research note on Friday, February 17th. Finally, KeyCorp decreased their price target on Dropbox from $30.00 to $29.00 and set an “overweight” rating on the stock in a research note on Friday, February 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Dropbox has a consensus rating of “Hold” and an average price target of $26.43.

Insider Activity at Dropbox

In related news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $22.30, for a total transaction of $66,900.00. Following the sale, the chief financial officer now directly owns 470,599 shares in the company, valued at $10,494,357.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $22.30, for a total transaction of $66,900.00. Following the sale, the chief financial officer now directly owns 470,599 shares in the company, valued at $10,494,357.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bart Volkmer sold 10,000 shares of Dropbox stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $22.79, for a total value of $227,900.00. Following the sale, the insider now owns 265,802 shares in the company, valued at $6,057,627.58. The disclosure for this sale can be found here. Insiders have sold 559,169 shares of company stock worth $12,702,936 over the last ninety days. 25.05% of the stock is owned by corporate insiders.

Dropbox Stock Performance

Shares of DBX stock opened at $20.63 on Friday. The firm has a market cap of $7.48 billion, a P/E ratio of 13.40, a P/E/G ratio of 2.08 and a beta of 0.83. Dropbox, Inc. has a fifty-two week low of $19.07 and a fifty-two week high of $24.99. The business’s 50 day moving average price is $22.59 and its 200-day moving average price is $22.17.

Dropbox (NASDAQ:DBX – Get Rating) last issued its quarterly earnings data on Thursday, February 16th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.03). The business had revenue of $598.80 million during the quarter, compared to the consensus estimate of $593.80 million. Dropbox had a negative return on equity of 65.25% and a net margin of 23.80%. As a group, equities analysts predict that Dropbox, Inc. will post 0.86 EPS for the current year.

About Dropbox

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Dropbox, Inc is a collaboration platform that’s transforming the way people and teams work together. It offers the following products: Dropbox Basic, Dropbox Plus, Dropbox Professional, and Dropbox Business. The Dropbox Basic is the simple, powerful home for photos, videos, documents, and other files.

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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