Mackenzie Financial Corp Has $26.01 Million Stake in Dropbox, Inc. (NASDAQ:DBX)

Mackenzie Financial Corp trimmed its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 7.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 882,400 shares of the company's stock after selling 72,228 shares during the period. Mackenzie Financial Corp owned approximately 0.26% of Dropbox worth $26,013,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Contravisory Investment Management Inc. acquired a new position in Dropbox in the fourth quarter valued at approximately $26,000. Fifth Third Bancorp lifted its holdings in Dropbox by 424.2% in the third quarter. Fifth Third Bancorp now owns 1,085 shares of the company's stock valued at $30,000 after buying an additional 878 shares during the period. Cary Street Partners Investment Advisory LLC lifted its holdings in Dropbox by 29,175.0% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company's stock valued at $32,000 after buying an additional 1,167 shares during the period. Covestor Ltd lifted its holdings in Dropbox by 446.6% in the first quarter. Covestor Ltd now owns 1,372 shares of the company's stock valued at $32,000 after buying an additional 1,121 shares during the period. Finally, Clear Street Markets LLC acquired a new position in Dropbox in the fourth quarter valued at approximately $33,000. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on DBX. The Goldman Sachs Group downgraded shares of Dropbox from a "neutral" rating to a "sell" rating and lowered their target price for the company from $26.00 to $24.00 in a research note on Friday, February 16th. Bank of America downgraded shares of Dropbox from a "buy" rating to an "underperform" rating and lowered their target price for the company from $34.00 to $28.00 in a research note on Friday, February 16th. KeyCorp upped their target price on shares of Dropbox from $32.00 to $37.00 and gave the company an "overweight" rating in a research note on Friday, January 19th. JMP Securities downgraded shares of Dropbox from an "outperform" rating to a "market perform" rating in a research note on Friday, February 16th. Finally, JPMorgan Chase & Co. downgraded shares of Dropbox from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $33.00 to $30.00 in a research note on Friday, February 16th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $29.78.

Dropbox Trading Down 0.2 %

Shares of DBX stock traded down $0.04 during trading hours on Thursday, hitting $22.76. 3,529,275 shares of the company were exchanged, compared to its average volume of 3,974,110. The business has a 50 day moving average of $24.93 and a two-hundred day moving average of $27.49. Dropbox, Inc. has a 52 week low of $19.55 and a 52 week high of $33.43. The company has a market capitalization of $7.83 billion, a PE ratio of 17.36, a PEG ratio of 2.58 and a beta of 0.71.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings data on Thursday, February 15th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). The company had revenue of $635.00 million for the quarter, compared to the consensus estimate of $630.77 million. Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. On average, research analysts forecast that Dropbox, Inc. will post 1.14 EPS for the current year.

Insider Activity at Dropbox

In related news, CFO Timothy Regan sold 3,000 shares of the firm's stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $32.50, for a total value of $97,500.00. Following the completion of the transaction, the chief financial officer now owns 434,761 shares of the company's stock, valued at $14,129,732.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Dropbox news, insider Bart Volkmer sold 7,039 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $24.02, for a total value of $169,076.78. Following the completion of the sale, the insider now owns 233,988 shares in the company, valued at $5,620,391.76. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Timothy Regan sold 3,000 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $32.50, for a total transaction of $97,500.00. Following the completion of the sale, the chief financial officer now owns 434,761 shares of the company's stock, valued at approximately $14,129,732.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 189,721 shares of company stock valued at $4,548,575. Corporate insiders own 26.40% of the company's stock.

Dropbox Company 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.