Sumitomo Mitsui Trust Group Inc. Acquires 1,800 Shares of Dropbox, Inc. (NASDAQ:DBX)

Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 4.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,512 shares of the company’s stock after purchasing an additional 1,800 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Dropbox were worth $979,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in DBX. Blair William & Co. IL bought a new position in shares of Dropbox in the 1st quarter worth about $596,000. Vanguard Group Inc. raised its position in Dropbox by 0.4% in the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock worth $665,323,000 after acquiring an additional 105,250 shares during the period. UniSuper Management Pty Ltd increased its position in Dropbox by 94.7% in the first quarter. UniSuper Management Pty Ltd now owns 3,700 shares of the company’s stock worth $90,000 after buying an additional 1,800 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of Dropbox by 10.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 435,928 shares of the company’s stock worth $10,591,000 after purchasing an additional 41,680 shares during the period. Finally, Vident Advisory LLC raised its holdings in Dropbox by 51.4% during the first quarter. Vident Advisory LLC now owns 557,612 shares of the company’s stock valued at $13,550,000 after acquiring an additional 189,352 shares during the period. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, UBS Group dropped their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Two 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 stock. According to MarketBeat, Dropbox currently has an average rating of “Hold” and an average target price of $28.67.

Insider Transactions at Dropbox

In other news, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction that occurred on 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. The trade was a 0.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Cox sold 2,330 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $26.41, for a total value of $61,535.30. Following the transaction, the insider now owns 321,871 shares in the company, valued at approximately $8,500,613.11. This represents a 0.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 464,782 shares of company stock worth $11,673,797 over the last quarter. 26.40% of the stock is currently owned by insiders.

Dropbox Stock Up 1.1 %

DBX stock opened at $26.67 on Wednesday. The stock has a market capitalization of $8.26 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.72 and a beta of 0.61. The firm has a 50 day moving average of $25.82 and a 200 day moving average of $23.91. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.43.

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.