Truist Financial Corp Has $735,000 Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Truist Financial Corp lowered its position in Dropbox, Inc. (NASDAQ:DBX) by 20.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,694 shares of the company’s stock after selling 8,555 shares during the period. Truist Financial Corp’s holdings in Dropbox were worth $735,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Quarry LP increased its stake in Dropbox by 81.1% during the 2nd quarter. Quarry LP now owns 1,965 shares of the company’s stock worth $44,000 after purchasing an additional 880 shares in the last quarter. Algert Global LLC acquired a new position in shares of Dropbox in the second quarter valued at approximately $1,597,000. Susquehanna Fundamental Investments LLC increased its position in shares of Dropbox by 160.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 525,262 shares of the company’s stock worth $11,803,000 after acquiring an additional 323,621 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Dropbox by 22.2% during the second quarter. Mackenzie Financial Corp now owns 1,449,825 shares of the company’s stock worth $32,578,000 after acquiring an additional 262,927 shares during the period. Finally, Maverick Capital Ltd. lifted its position in Dropbox by 129.1% in the 2nd quarter. Maverick Capital Ltd. now owns 32,940 shares of the company’s stock valued at $740,000 after acquiring an additional 18,563 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on DBX shares. Citigroup dropped their price target on Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. UBS Group cut their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $28.67.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $25.94 on Tuesday. The stock has a 50 day moving average price of $24.13 and a 200 day moving average price of $23.34. The stock has a market capitalization of $8.57 billion, a PE ratio of 17.29, a price-to-earnings-growth ratio of 1.61 and a beta of 0.61. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.43.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Dropbox had a net margin of 23.06% and a negative return on equity of 161.78%. The company had revenue of $634.50 million during the quarter, compared to the consensus estimate of $630.10 million. During the same quarter last year, the firm posted $0.28 EPS. The company’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, research analysts forecast that Dropbox, Inc. will post 1.31 EPS for the current year.

Insider Buying and Selling

In related news, CFO Timothy Regan sold 2,500 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $24.35, for a total value of $60,875.00. Following the sale, the chief financial officer now directly owns 485,724 shares of the company’s stock, valued at $11,827,379.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $24.35, for a total transaction of $60,875.00. Following the sale, the chief financial officer now owns 485,724 shares in the company, valued at $11,827,379.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Andrew Houston sold 351,306 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $25.12, for a total value of $8,824,806.72. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $207,658,649.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 454,952 shares of company stock worth $11,414,612. Company 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.