Bank of New York Mellon Corp Has $61.62 Million Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Bank of New York Mellon Corp reduced its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,307,055 shares of the company's stock after selling 262,348 shares during the period. Bank of New York Mellon Corp owned 0.76% of Dropbox worth $61,621,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of DBX. EverSource Wealth Advisors LLC raised its stake in Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after purchasing an additional 424 shares during the last quarter. True Wealth Design LLC raised its stake in Dropbox by 191.0% during the 4th quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock valued at $31,000 after purchasing an additional 680 shares during the last quarter. Huntington National Bank raised its stake in Dropbox by 768.9% during the 4th quarter. Huntington National Bank now owns 1,538 shares of the company's stock valued at $46,000 after purchasing an additional 1,361 shares during the last quarter. Fifth Third Bancorp raised its stake in Dropbox by 27.3% during the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after purchasing an additional 490 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in Dropbox by 115.0% during the 1st quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock valued at $67,000 after purchasing an additional 1,338 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on DBX shares. UBS Group increased their price objective on shares of Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Citigroup increased their price objective on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, May 9th.

Dropbox Stock Performance

Shares of DBX stock traded down $0.71 during mid-day trading on Friday, reaching $26.61. The company's stock had a trading volume of 2,712,738 shares, compared to its average volume of 3,405,497. Dropbox, Inc. has a 1-year low of $21.32 and a 1-year high of $33.33. The company has a market cap of $7.49 billion, a P/E ratio of 17.39, a PEG ratio of 10.75 and a beta of 0.65. The firm's 50-day moving average is $28.61 and its two-hundred day moving average is $28.69.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.08. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The company had revenue of $624.70 million during the quarter, compared to analysts' expectations of $619.56 million. During the same quarter in the prior year, the company posted $0.58 EPS. The business's revenue was down 1.0% on a year-over-year basis. Sell-side analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Buying and Selling at Dropbox

In related news, CEO Andrew Houston sold 92,000 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $27.96, for a total transaction of $2,572,320.00. Following the completion of the sale, the chief executive officer owned 8,266,666 shares in the company, valued at $231,135,981.36. This trade represents a 1.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Karen Peacock sold 7,000 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $28.53, for a total transaction of $199,710.00. Following the sale, the director owned 25,295 shares of the company's stock, valued at $721,666.35. This trade represents a 21.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 466,125 shares of company stock worth $13,222,405 over the last ninety days. Company insiders own 29.95% of the company's stock.

About Dropbox

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.