Bank of New York Mellon Corp Sells 262,348 Shares of Dropbox, Inc. (NASDAQ:DBX)

Bank of New York Mellon Corp reduced its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 10.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in DBX. EverSource Wealth Advisors LLC increased its holdings in shares of Dropbox by 96.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after purchasing an additional 424 shares in the last quarter. True Wealth Design LLC increased its holdings in Dropbox by 191.0% during the 4th quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock worth $31,000 after purchasing an additional 680 shares in the last quarter. Huntington National Bank grew its holdings in Dropbox by 768.9% during the fourth 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 period. Fifth Third Bancorp raised its holdings in shares of 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 buying an additional 490 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in shares of Dropbox by 115.0% in the first quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $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.

Analysts Set New Price Targets

Several equities analysts have issued reports on DBX shares. Citigroup lifted their price target on shares of Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. UBS Group upped their target price on shares of Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a report on Friday, May 9th.

Insiders Place Their Bets

In other news, CEO Andrew Houston sold 319,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $28.48, for a total transaction of $9,085,120.00. Following the transaction, the chief executive officer owned 8,266,666 shares of the company's stock, valued at approximately $235,434,647.68. This represents a 3.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William T. Yoon sold 5,449 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $28.94, for a total value of $157,694.06. Following the completion of the sale, the insider owned 245,837 shares of the company's stock, valued at $7,114,522.78. This represents a 2.17% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 463,625 shares of company stock worth $13,155,055. 28.59% of the stock is owned by insiders.

Dropbox Stock Down 1.9%

DBX traded down $0.52 during midday trading on Tuesday, hitting $26.58. 3,486,870 shares of the company traded hands, compared to its average volume of 3,409,160. The company's 50-day moving average is $28.61 and its 200 day moving average is $28.66. Dropbox, Inc. has a 52 week low of $21.32 and a 52 week high of $33.33. The firm has a market capitalization of $7.48 billion, a PE ratio of 17.37, a price-to-earnings-growth ratio of 10.47 and a beta of 0.65.

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

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.