Thrivent Financial for Lutherans Purchases 7,385 Shares of Dropbox, Inc. (NASDAQ:DBX)

Thrivent Financial for Lutherans increased its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 12.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,771 shares of the company’s stock after purchasing an additional 7,385 shares during the period. Thrivent Financial for Lutherans’ holdings in Dropbox were worth $1,672,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of DBX. Pacer Advisors Inc. lifted its stake in Dropbox by 63.0% during the second quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock worth $167,523,000 after purchasing an additional 2,881,981 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Dropbox by 63.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,536,412 shares of the company’s stock worth $56,994,000 after buying an additional 986,942 shares during the period. AQR Capital Management LLC boosted its stake in Dropbox by 39.7% in the 2nd quarter. AQR Capital Management LLC now owns 3,021,962 shares of the company’s stock valued at $67,360,000 after buying an additional 859,233 shares in the last quarter. Distillate Capital Partners LLC bought a new stake in Dropbox in the second quarter valued at $14,291,000. Finally, Renaissance Technologies LLC raised its stake in Dropbox by 5.2% during the second quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock worth $231,761,000 after acquiring an additional 506,200 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, UBS Group lowered their target price on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Dropbox has a consensus rating of “Hold” and an average price target of $28.67.

Dropbox Stock Down 1.2 %

Dropbox stock opened at $27.66 on Friday. The stock has a 50-day simple moving average of $26.42 and a 200 day simple moving average of $24.18. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of 15.99, a P/E/G ratio of 1.57 and a beta of 0.61. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43.

Insiders Place Their Bets

In other Dropbox news, CEO Andrew Houston sold 351,306 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $25.12, for a total transaction of $8,824,806.72. Following the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $207,658,649.92. This represents a 4.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $24.35, for a total transaction of $60,875.00. Following the sale, the chief financial officer now owns 485,724 shares of the company’s stock, valued at approximately $11,827,379.40. This represents a 0.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 464,782 shares of company stock valued at $11,673,797. 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.