Mackenzie Financial Corp Sells 72,228 Shares of Dropbox, Inc. (NASDAQ:DBX)

Mackenzie Financial Corp decreased its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 7.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 882,400 shares of the company’s stock after selling 72,228 shares during the quarter. Mackenzie Financial Corp’s holdings in Dropbox were worth $26,013,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Baupost Group LLC MA grew its stake in shares of Dropbox by 30.6% during the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock worth $245,777,000 after acquiring an additional 2,476,021 shares during the period. Thrivent Financial for Lutherans grew its stake in shares of Dropbox by 0.6% during the 1st quarter. Thrivent Financial for Lutherans now owns 4,523,209 shares of the company’s stock worth $97,792,000 after acquiring an additional 27,991 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Dropbox by 5.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,418,927 shares of the company’s stock worth $120,327,000 after acquiring an additional 227,633 shares during the period. First Trust Advisors LP grew its stake in shares of Dropbox by 9.5% during the 1st quarter. First Trust Advisors LP now owns 3,782,752 shares of the company’s stock worth $81,783,000 after acquiring an additional 326,958 shares during the period. Finally, Eaton Vance Management grew its stake in shares of Dropbox by 3.2% during the 1st quarter. Eaton Vance Management now owns 3,670,636 shares of the company’s stock worth $85,342,000 after acquiring an additional 113,180 shares during the period. Institutional investors own 94.84% of the company’s stock.

Dropbox Stock Down 0.6 %

NASDAQ:DBX opened at $22.80 on Thursday. The business’s 50-day moving average price is $25.13 and its two-hundred day moving average price is $27.52. Dropbox, Inc. has a twelve month low of $19.55 and a twelve month high of $33.43. The stock has a market cap of $7.84 billion, a P/E ratio of 17.27, a PEG ratio of 2.58 and a beta of 0.71.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, February 15th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). The business had revenue of $635.00 million during the quarter, compared to analysts’ expectations of $630.77 million. Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. On average, equities research analysts expect that Dropbox, Inc. will post 1.14 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on DBX. JPMorgan Chase & Co. downgraded Dropbox from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $33.00 to $30.00 in a research note on Friday, February 16th. JMP Securities downgraded Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. Citigroup cut their target price on Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. The Goldman Sachs Group downgraded Dropbox from a “neutral” rating to a “sell” rating and cut their target price for the stock from $26.00 to $24.00 in a research note on Friday, February 16th. Finally, KeyCorp raised their target price on Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, January 19th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $29.78.

Insider Activity at Dropbox

In related news, CEO Andrew Houston sold 164,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $197,242,650.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Dropbox news, insider Bart Volkmer sold 7,039 shares of Dropbox stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $24.02, for a total value of $169,076.78. Following the transaction, the insider now directly owns 233,988 shares of the company’s stock, valued at approximately $5,620,391.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew Houston sold 164,000 shares of Dropbox stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total value of $3,913,040.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $197,242,650.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 189,721 shares of company stock valued at $4,548,575. Corporate insiders own 26.40% of the company’s stock.

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.