Massachusetts Financial Services Co. MA Acquires 7,111 Shares of Dropbox, Inc. (NASDAQ:DBX)

Massachusetts Financial Services Co. MA increased its holdings in Dropbox, Inc. (NASDAQ:DBX) by 1.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 492,879 shares of the company’s stock after acquiring an additional 7,111 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.15% of Dropbox worth $11,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its holdings in Dropbox by 68.2% in the first quarter. Russell Investments Group Ltd. now owns 1,949,274 shares of the company’s stock worth $47,397,000 after acquiring an additional 790,191 shares in the last quarter. Norges Bank bought a new position in Dropbox in the 4th quarter worth about $19,361,000. Bank of Nova Scotia grew its position in Dropbox by 7,701.9% during the 4th quarter. Bank of Nova Scotia now owns 618,456 shares of the company’s stock valued at $18,231,000 after purchasing an additional 610,529 shares during the last quarter. Acadian Asset Management LLC increased its stake in Dropbox by 18.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,279,401 shares of the company’s stock valued at $79,664,000 after purchasing an additional 517,052 shares in the last quarter. Finally, Retirement Systems of Alabama raised its holdings in Dropbox by 154.7% in the second quarter. Retirement Systems of Alabama now owns 819,505 shares of the company’s stock worth $18,414,000 after buying an additional 497,806 shares during the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on DBX shares. Citigroup reduced their price target on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. UBS Group reduced their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Dropbox presently has an average rating of “Hold” and an average price target of $28.67.

Dropbox Trading Up 0.9 %

NASDAQ:DBX opened at $24.70 on Friday. The company has a market cap of $8.16 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61. The company has a 50 day simple moving average of $23.58 and a two-hundred day simple moving average of $23.23. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.43.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The business had revenue of $634.50 million during the quarter, compared to the consensus estimate of $630.10 million. During the same period in the previous year, the company posted $0.28 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. Research analysts forecast that Dropbox, Inc. will post 1.31 earnings per share for the current year.

Insider Buying and Selling at Dropbox

In other news, CFO Timothy Regan sold 13,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $22.33, for a total transaction of $290,290.00. Following the completion of the sale, the chief financial officer now owns 538,122 shares of the company’s stock, valued at approximately $12,016,264.26. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Timothy Regan sold 13,000 shares of Dropbox stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $22.33, for a total transaction of $290,290.00. Following the transaction, the chief financial officer now directly owns 538,122 shares of the company’s stock, valued at approximately $12,016,264.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bart Volkmer sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $22.76, for a total value of $159,320.00. Following the transaction, the insider now owns 333,934 shares of the company’s stock, valued at $7,600,337.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,900 shares of company stock valued at $2,425,565. Insiders own 26.40% of the company’s stock.

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.