Mackenzie Financial Corp Sells 145,046 Shares of Dropbox, Inc. (NASDAQ:DBX)

Mackenzie Financial Corp reduced its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 9.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,316,593 shares of the company's stock after selling 145,046 shares during the period. Mackenzie Financial Corp owned about 0.43% of Dropbox worth $39,550,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DBX. Empowered Funds LLC increased its holdings in Dropbox by 68.0% in the 4th quarter. Empowered Funds LLC now owns 36,140 shares of the company's stock worth $1,086,000 after acquiring an additional 14,629 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in Dropbox by 291.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 124,991 shares of the company's stock worth $3,755,000 after purchasing an additional 93,058 shares during the period. Blue Trust Inc. increased its stake in shares of Dropbox by 23.2% in the fourth quarter. Blue Trust Inc. now owns 3,616 shares of the company's stock worth $109,000 after purchasing an additional 682 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Dropbox in the fourth quarter valued at approximately $656,000. Finally, Intech Investment Management LLC raised its position in shares of Dropbox by 185.2% in the fourth quarter. Intech Investment Management LLC now owns 150,488 shares of the company's stock valued at $4,521,000 after purchasing an additional 97,725 shares during the period. 94.84% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Karen Peacock sold 7,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $28.53, for a total value of $199,710.00. Following the sale, the director now owns 25,295 shares in the company, valued at approximately $721,666.35. This trade represents a 21.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lisa M. Campbell sold 5,239 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $28.94, for a total value of $151,616.66. Following the transaction, the director now owns 19,220 shares of the company's stock, valued at approximately $556,226.80. The trade was a 21.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,027 shares of company stock worth $855,036 in the last three months. Corporate insiders own 28.59% of the company's stock.

Dropbox Price Performance

DBX stock traded down $0.07 during mid-day trading on Friday, reaching $28.60. 643,285 shares of the company traded hands, compared to its average volume of 3,574,450. The company has a market capitalization of $8.05 billion, a P/E ratio of 20.29, a P/E/G ratio of 1.70 and a beta of 0.68. Dropbox, Inc. has a 52-week low of $20.68 and a 52-week high of $33.33. The company has a fifty day moving average price of $27.89 and a 200-day moving average price of $28.76.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.08. The company had revenue of $624.70 million during the quarter, compared to analyst estimates of $619.56 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. Dropbox's revenue was down 1.0% compared to the same quarter last year. During the same period last year, the business earned $0.58 earnings per share. As a group, analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. UBS Group lifted 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 raised their price target on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, May 9th.

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.