Dropbox, Inc. (NASDAQ:DBX) Shares Sold by abrdn plc

Posted by on May 27th, 2023

abrdn plc lowered its stake in Dropbox, Inc. (NASDAQ:DBX – Get Rating) by 9.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,176 shares of the company’s stock after selling 1,215 shares during the period. abrdn plc’s holdings in Dropbox were worth $250,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of DBX. Covestor Ltd boosted its position in Dropbox by 446.6% during the first quarter. Covestor Ltd now owns 1,372 shares of the company’s stock worth $32,000 after purchasing an additional 1,121 shares in the last quarter. Cullen Frost Bankers Inc. acquired a new stake in Dropbox during the third quarter worth about $41,000. Rockefeller Capital Management L.P. increased its stake in Dropbox by 58.3% during the third quarter. Rockefeller Capital Management L.P. now owns 3,075 shares of the company’s stock worth $62,000 after acquiring an additional 1,133 shares during the last quarter. Ronald Blue Trust Inc. boosted its position in shares of Dropbox by 16.1% in the fourth quarter. Ronald Blue Trust Inc. now owns 3,779 shares of the company’s stock worth $78,000 after buying an additional 524 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Dropbox by 227.2% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,554 shares of the company’s stock worth $102,000 after buying an additional 3,162 shares during the period. Institutional investors and hedge funds own 61.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DBX. Royal Bank of Canada increased their price target on Dropbox from $27.00 to $30.00 in a report on Friday, February 17th. Credit Suisse Group restated an “underperform” rating and issued a $20.00 target price on shares of Dropbox in a research report on Friday, February 17th. Citigroup increased their price target on Dropbox from $24.00 to $25.00 and gave the company a “neutral” rating in a research note on Friday, February 17th. KeyCorp reduced their price objective on Dropbox from $30.00 to $29.00 and set an “overweight” rating for the company in a research note on Friday, February 17th. Finally, The Goldman Sachs Group raised Dropbox from a “sell” rating to a “neutral” rating and raised their target price for the stock from $22.00 to $25.00 in a research report on Monday, May 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $26.86.

Insider Buying and Selling at Dropbox

In other news, CEO Andrew Houston sold 162,500 shares of Dropbox stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $20.55, for a total value of $3,339,375.00. Following the completion of the transaction, the chief executive officer now owns 8,781,892 shares in the company, valued at $180,467,880.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Andrew Houston sold 162,500 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $20.55, for a total value of $3,339,375.00. Following the completion of the transaction, the chief executive officer now owns 8,781,892 shares in the company, valued at approximately $180,467,880.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bart Volkmer sold 13,667 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $20.54, for a total transaction of $280,720.18. Following the completion of the transaction, the insider now owns 241,255 shares of the company’s stock, valued at approximately $4,955,377.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 368,573 shares of company stock valued at $7,691,060. 25.78% of the stock is currently owned by corporate insiders.

Dropbox Price Performance

NASDAQ DBX opened at $22.81 on Friday. Dropbox, Inc. has a fifty-two week low of $18.71 and a fifty-two week high of $24.99. The stock’s 50-day moving average is $21.42 and its two-hundred day moving average is $21.99. The firm has a market cap of $7.98 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 1.78 and a beta of 0.83.

Dropbox (NASDAQ:DBX – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.08. Dropbox had a negative return on equity of 68.16% and a net margin of 22.86%. The business had revenue of $611.10 million for the quarter, compared to analyst estimates of $601.40 million. On average, equities analysts expect that Dropbox, Inc. will post 1.01 EPS for the current year.

Dropbox Profile

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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.

Further Reading

Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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