Mackenzie Financial Corp Grows Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Mackenzie Financial Corp boosted its stake in Dropbox, Inc. (NASDAQ:DBX) by 22.2% during the second quarter, Holdings Channel.com reports. The firm owned 1,449,825 shares of the company’s stock after buying an additional 262,927 shares during the period. Mackenzie Financial Corp’s holdings in Dropbox were worth $32,578,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Dropbox by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock valued at $665,323,000 after buying an additional 105,250 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Dropbox by 5.2% during the second quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock valued at $231,761,000 after acquiring an additional 506,200 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Dropbox by 63.0% during the second quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock worth $167,523,000 after purchasing an additional 2,881,981 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Dropbox by 0.7% in the first quarter. Jacobs Levy Equity Management Inc. now owns 4,670,151 shares of the company’s stock worth $113,485,000 after purchasing an additional 32,600 shares during the last quarter. Finally, LSV Asset Management grew its stake in shares of Dropbox by 9.2% in the second quarter. LSV Asset Management now owns 3,742,292 shares of the company’s stock worth $84,089,000 after purchasing an additional 314,862 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Citigroup lowered their price target on Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. UBS Group decreased their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Dropbox presently has a consensus rating of “Hold” and a consensus price target of $28.67.

Dropbox Stock Performance

Dropbox stock opened at $25.31 on Friday. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.43. The stock’s 50 day simple moving average is $23.77 and its two-hundred day simple moving average is $23.27. The stock has a market cap of $8.36 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.55 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.08. The company had revenue of $634.50 million for the quarter, compared to analyst estimates of $630.10 million. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. On average, analysts predict that Dropbox, Inc. will post 1.31 earnings per share for the current year.

Insider Activity

In related news, CFO Timothy Regan sold 13,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $22.33, for a total transaction of $290,290.00. Following the sale, the chief financial officer now owns 538,122 shares of the company’s stock, valued at $12,016,264.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Andrew Houston sold 66,064 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $25.00, for a total transaction of $1,651,600.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $206,666,650. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 13,000 shares of Dropbox stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $22.33, for a total transaction of $290,290.00. Following the completion of the transaction, the chief financial officer now directly owns 538,122 shares of the company’s stock, valued at $12,016,264.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 180,634 shares of company stock worth $4,243,915. 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.