Hartford Investment Management Co. increased its shares in Dropbox, Inc. (NASDAQ:DBX – Get Rating) by 27.4% in the third quarter, according to its latest Form 13F filed with the SEC. The institutional investor owned his 54,469 shares of the company’s stock after purchasing a further 11,721 shares during the period. Hartford Investment Management Co.’s Dropbox holdings were valued at $1,129,000 as of its latest filing with the SEC.
→The housing market fell by about 20%. (From Weiss Ratings)
Several other institutional investors have also recently changed their DBX holdings. Waterfront Wealth Inc. raised his Dropbox stake by 5.0% in the third quarter. Waterfront Wealth Inc. now owns 21,501 shares worth $468,000 after he purchased an additional 1,022 shares during this period. Crossmark Global Holdings Inc. increased its Dropbox stake by 17.2% in the third quarter. Crossmark Global Holdings Inc. now owns 123,460 shares worth $2,558,000 after purchasing an additional 18,100 shares during this period. Great West Life Assurance Co. Can acquired a new stake in his Dropbox worth $6,151,000 in the third quarter. Investment Management Associates Inc. ADV increased its shares in Dropbox by 8.1% in the third quarter. Investment Management Associates Inc. ADV now owns 375,149 shares worth $7,773,000 after purchasing an additional 27,958 shares during this period. Finally, Mitsubishi UFJ International Asset Management Co., Ltd. increased its Dropbox stake by 22.3% in the third quarter. Mitsubishi UFJ International Asset Management Co., Ltd. now owns 97,978 shares worth $2,030,000 after purchasing an additional 17,869 shares during this period. Institutional investors own 61.80% of the company’s shares.
Analyst upgrades and downgrades
DBX has been the subject of several recent analyst reports. Goldman Sachs Group lowered its price target on Dropbox stock from $25.00 to $22.00 in its research notes on Monday, November 7, giving the stock a sell rating. Jefferies Financial Group downgraded Dropbox’s stock from a ‘buy’ rating to a ‘hold’ rating and lowered the company’s price target from $28.00 to $25.00 in its Thursday, January 5 report. Finally, Credit Suisse Group began coverage of his Dropbox stake in its Monday, November 21 report. They set a “poor performance” rating and a price target of $20.00. Two research analysts rated the stock with a sell rating, two issued a pending rating, and three assigned a buy rating to the company. Based on MarketBeat.com data, the company’s current average valuation is “pending” with a consensus price target of $26.43.
Dropbox deals drop 1.9%
NASDAQ:DBX shares opened Friday at $22.53. The stock has a market cap of $8.17 billion, a PE ratio of 24.23, a P/E/G ratio of 3.26, and a beta of 0.81. Dropbox, Inc. has a one-year low of $19.07 and a one-year high of $25.81. The company has a 50-day moving average price of $22.64 and a 200-day moving average price of $22.24.
Dropbox (NASDAQ:DBX – Get Rating) last published quarterly earnings data on Thursday, November 3rd. The company reported earnings per share (EPS) of $0.25 for the quarter, beating analyst consensus expectations of $0.21 by $0.04. The company posted revenue of $591 million for the quarter, compared with analyst estimates of $585.45 million. Dropbox had a net profit margin of 15.25% and a return on equity of 74.21%. Sell-side analysts forecast Dropbox, Inc.’s average earnings per share for the current fiscal year to be 0.87.
Insider trading on Dropbox
In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the company in a deal on Tuesday, October 25th. The shares sold for an average of $21.75, and the transaction totaled him $65,250.00. Following the closing of the sale, the Chief Financial Officer now owns directly his 497,787 shares of the company, valued at $10,826,867.25. The transaction was disclosed in filings with the Securities and Exchange Commission that can be accessed via this hyperlink. In other news, insider Bart Volkmer sold 10,000 shares of the company’s stock in his Wednesday, January 11th deal. The shares sold for an average of $22.79, and the total transaction value he had was $227,900.00. Following the closing of the transaction, insiders now own 265,802 shares of the Company’s stock valued at $6,057,627.58. The sale was disclosed in documents filed with the Securities and Exchange Commission, which can be accessed at this link. CFO Timothy Regan also sold 3,000 shares of the company’s stock in a transaction on Tuesday, October 25th. The shares sold for an average of $21.75, and the total transaction value he had was $65,250.00. Following the transaction, the Chief Financial Officer now directly owns 497,787 shares of the Company’s stock valued at approximately $10,826,867.25. Please see here for the disclosure of this sale. The insider said that in the past 90 days he has sold 572,298 shares of company stock worth $12,788,431. A company insider owns his 25.05% of the company’s shares.
Dropbox, Inc. is a global content collaboration platform. Its platform allows individuals, families, teams and organizations to collaborate and sign up for free from the website or app or upgrade to a paid subscription plan for premium features. As of December 31, 2021, the company has approximately 700 million registered users.
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