Bank of New York Mellon Corp Has $77.19 Million Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Bank of New York Mellon Corp reduced its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 27.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,569,403 shares of the company's stock after selling 993,882 shares during the period. Bank of New York Mellon Corp owned approximately 0.83% of Dropbox worth $77,185,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Dropbox in the 3rd quarter worth about $11,687,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Dropbox by 6.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company's stock worth $158,670,000 after acquiring an additional 365,893 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Dropbox by 4.5% in the 3rd quarter. Pacer Advisors Inc. now owns 7,788,652 shares of the company's stock valued at $198,065,000 after purchasing an additional 333,245 shares during the last quarter. Algert Global LLC grew its position in Dropbox by 414.9% during the third quarter. Algert Global LLC now owns 365,832 shares of the company's stock valued at $9,303,000 after acquiring an additional 294,780 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in Dropbox by 8.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company's stock valued at $71,108,000 after buying an additional 228,685 shares during the period. Hedge funds and other institutional investors own 94.84% of the company's stock.

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Dropbox Stock Up 1.7 %

NASDAQ:DBX traded up $0.43 during trading hours on Friday, reaching $26.06. 1,840,846 shares of the company's stock were exchanged, compared to its average volume of 3,446,212. The company has a market capitalization of $7.86 billion, a P/E ratio of 18.48, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.33. The business's 50-day simple moving average is $30.24 and its two-hundred day simple moving average is $27.80.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.11). Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The firm had revenue of $643.60 million for the quarter, compared to analysts' expectations of $638.61 million. As a group, sell-side analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Jefferies Financial Group upped their price objective on shares of Dropbox from $27.00 to $30.00 and gave the company a "hold" rating in a research report on Monday, January 6th.

Insider Buying and Selling

In other news, insider Eric Cox sold 3,765 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $26.30, for a total transaction of $99,019.50. Following the completion of the transaction, the insider now owns 309,550 shares of the company's stock, valued at approximately $8,141,165. This represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $30.38, for a total value of $75,950.00. Following the sale, the chief financial officer now directly owns 413,764 shares in the company, valued at approximately $12,570,150.32. This trade represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 772,003 shares of company stock valued at $23,067,375. Insiders own 28.59% of the company's stock.

Dropbox 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.