Bank of New York Mellon Corp Cuts Position in Dropbox, Inc. $DBX

Bank of New York Mellon Corp decreased its position in Dropbox, Inc. (NASDAQ:DBX) by 9.2% during the 1st quarter, Holdings Channel reports. The fund owned 1,409,534 shares of the company’s stock after selling 142,716 shares during the quarter. Bank of New York Mellon Corp’s holdings in Dropbox were worth $32,025,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. WealthCollab LLC increased its position in shares of Dropbox by 20.6% in the 4th quarter. WealthCollab LLC now owns 2,356 shares of the company’s stock valued at $65,000 after purchasing an additional 403 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Dropbox by 8.3% during the 4th quarter. Parallel Advisors LLC now owns 5,765 shares of the company’s stock worth $160,000 after acquiring an additional 440 shares in the last quarter. Lakewood Asset Management LLC boosted its position in shares of Dropbox by 1.0% during the 4th quarter. Lakewood Asset Management LLC now owns 44,905 shares of the company’s stock worth $1,248,000 after acquiring an additional 458 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Dropbox by 1.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,254 shares of the company’s stock valued at $730,000 after acquiring an additional 466 shares during the last quarter. Finally, Merit Financial Group LLC increased its holdings in shares of Dropbox by 4.4% in the 3rd quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock valued at $344,000 after acquiring an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Andrew Houston sold 37,498 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $25.96, for a total transaction of $973,448.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrew William Moore sold 8,443 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total transaction of $232,773.51. Following the transaction, the director directly owned 4,737 shares in the company, valued at $130,599.09. The trade was a 64.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 129,082 shares of company stock worth $3,489,910. Corporate insiders own 35.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Royal Bank Of Canada restated an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a research note on Monday, May 4th. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a report on Sunday, June 28th. Finally, Citigroup boosted their price objective on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Dropbox currently has an average rating of “Reduce” and an average price target of $27.00.

Dropbox Price Performance

NASDAQ:DBX opened at $29.19 on Monday. The stock’s 50 day moving average price is $27.85 and its 200 day moving average price is $26.02. The company has a market capitalization of $6.81 billion, a PE ratio of 15.95, a P/E/G ratio of 3.20 and a beta of 0.66. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $32.40.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The company had revenue of $629.50 million during the quarter, compared to analysts’ expectations of $620.56 million. During the same quarter in the previous year, the business earned $0.70 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. As a group, sell-side analysts anticipate that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Dropbox Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.