Bank of Nova Scotia Has $365,000 Holdings in Dropbox, Inc. $DBX

Key Points

• Bank of Nova Scotia cut its Dropbox holdings by 71.9% in the first quarter, selling 41,184 shares and retaining 16,077 shares valued at approximately $365,000. Institutional investors and hedge funds collectively own 94.84% of DBX.
• Dropbox reported quarterly adjusted earnings of $0.76 per share, beating estimates of $0.71, while revenue reached $629.5 million versus the $620.56 million consensus. Revenue increased 0.8% year over year, and analysts expect full-year EPS of $2.09.
• DBX opened at $32.11, above the analyst consensus price target of $27.00; the stock carries an overall “Reduce” rating. Corporate insiders have also sold 127,313 shares worth $3.45 million over the past three months.

Bank of Nova Scotia lowered its holdings in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 71.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,077 shares of the company's stock after selling 41,184 shares during the period. Bank of Nova Scotia's holdings in Dropbox were worth $365,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in DBX. Norges Bank acquired a new stake in shares of Dropbox during the 4th quarter valued at $69,909,000. Arbejdsmarkedets Tillaegspension acquired a new position in shares of Dropbox during the 4th quarter valued at about $22,050,000. Arrowstreet Capital Limited Partnership raised its position in shares of Dropbox by 11.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,573,627 shares of the company's stock valued at $210,547,000 after purchasing an additional 767,119 shares during the period. Allianz Asset Management GmbH raised its holdings in Dropbox by 28.1% in the 4th quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company's stock worth $75,626,000 after acquiring an additional 596,440 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Dropbox by 29.1% in the third quarter. Northern Trust Corp now owns 2,488,077 shares of the company's stock worth $75,165,000 after purchasing an additional 560,694 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Trading Down 3.7%

NASDAQ:DBX opened at $32.11 on Friday. The business's 50-day moving average price is $28.20 and its two-hundred day moving average price is $26.15. Dropbox, Inc. has a 1-year low of $21.69 and a 1-year high of $33.54. The firm has a market capitalization of $7.49 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 3.65 and a beta of 0.66.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm 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 company earned $0.70 earnings per share. The business's revenue for the quarter was up .8% on a year-over-year basis. Sell-side analysts predict that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on DBX. Weiss Ratings reiterated a "hold (c)" rating on shares of Dropbox in a research note on Monday, May 4th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Dropbox in a research report on Monday, June 1st. Citigroup raised their price objective on shares of Dropbox from $27.00 to $28.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Finally, Wall Street Zen upgraded Dropbox from a "hold" rating to a "buy" rating in a research note on Sunday, June 28th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Dropbox has an average rating of "Reduce" and a consensus price target of $27.00.

Insiders Place Their Bets

In related news, CEO Ashraf Alkarmi sold 22,700 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total transaction of $632,422.00. Following the completion of the sale, the chief executive officer directly owned 1,080,746 shares of the company's stock, valued at approximately $30,109,583.56. This represents a 2.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Ali Dasdan sold 5,666 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.56, for a total transaction of $156,154.96. Following the sale, the chief technology officer directly owned 514,611 shares of the company's stock, valued at $14,182,679.16. This represents a 1.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 127,313 shares of company stock worth $3,447,542 in the last three months. 35.48% of the stock is owned by corporate insiders.

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.

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