OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 20,325 shares of the company's stock, valued at approximately $517,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Pacer Advisors Inc. increased its stake in Dropbox by 63.0% in the 2nd quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company's stock valued at $167,523,000 after buying an additional 2,881,981 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Dropbox by 63.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,536,412 shares of the company's stock valued at $56,994,000 after buying an additional 986,942 shares during the last quarter. AQR Capital Management LLC increased 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 during the last quarter. Distillate Capital Partners LLC acquired a new stake in Dropbox in the 2nd quarter valued at $14,291,000. Finally, Acadian Asset Management LLC increased its stake in Dropbox by 18.7% in the 1st quarter. Acadian Asset Management LLC now owns 3,279,401 shares of the company's stock valued at $79,664,000 after buying an additional 517,052 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Separately, UBS Group lowered their price target on shares of Dropbox from $30.00 to $28.00 and set a "buy" rating on the stock in a research note on Friday, August 9th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $28.67.
Read Our Latest Research Report on DBX
Insider Buying and Selling at Dropbox
In other news, CEO Andrew Houston sold 351,306 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 8,266,666 shares of the company's stock, valued at approximately $207,658,649.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Dropbox news, CEO Andrew Houston sold 351,306 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $25.12, for a total value of $8,824,806.72. Following the completion of 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 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Timothy Regan sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $25.71, for a total transaction of $64,275.00. Following the completion of the transaction, the chief financial officer now owns 464,247 shares of the company's stock, valued at approximately $11,935,790.37. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 459,952 shares of company stock valued at $11,544,337 in the last quarter. Company insiders own 26.40% of the company's stock.
Dropbox Stock Performance
Shares of DBX stock traded down $0.21 during midday trading on Thursday, hitting $27.70. 1,104,765 shares of the company were exchanged, compared to its average volume of 3,686,409. The firm has a market capitalization of $9.01 billion, a P/E ratio of 16.13, a PEG ratio of 1.78 and a beta of 0.61. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.43. The firm's 50 day moving average price is $25.59 and its two-hundred day moving average price is $23.84.
About Dropbox
(
Free Report)
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.
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