Massachusetts Financial Services Co. MA Boosts Holdings in Dropbox, Inc. (NASDAQ:DBX)

Massachusetts Financial Services Co. MA boosted its stake in Dropbox, Inc. (NASDAQ:DBX) by 25.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 615,879 shares of the company’s stock after acquiring an additional 123,000 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Dropbox were worth $15,662,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. QRG Capital Management Inc. raised its stake in shares of Dropbox by 10.6% during the third quarter. QRG Capital Management Inc. now owns 221,716 shares of the company’s stock worth $5,638,000 after purchasing an additional 21,190 shares during the last quarter. Lakewood Asset Management LLC purchased a new position in Dropbox during the 2nd quarter worth $797,000. Aigen Investment Management LP acquired a new stake in shares of Dropbox in the 3rd quarter worth $482,000. Janus Henderson Group PLC boosted its holdings in shares of Dropbox by 16.4% in the first quarter. Janus Henderson Group PLC now owns 1,619,231 shares of the company’s stock valued at $39,340,000 after acquiring an additional 228,316 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Dropbox by 6.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company’s stock worth $59,907,000 after acquiring an additional 134,503 shares during the period. 94.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Dropbox news, insider Eric Cox sold 2,330 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $26.41, for a total transaction of $61,535.30. Following the completion of the sale, the insider now owns 321,871 shares of the company’s stock, valued at approximately $8,500,613.11. The trade was a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andrew Houston sold 3,493 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.00, for a total value of $87,325.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $206,666,650. This trade represents a 0.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 464,782 shares of company stock valued at $11,673,797. Insiders own 26.40% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, UBS Group reduced their price objective on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $28.67.

Dropbox Price Performance

DBX opened at $28.52 on Tuesday. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.43. The business has a 50-day moving average of $26.07 and a two-hundred day moving average of $24.02. The stock has a market capitalization of $8.83 billion, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 1.57 and a beta of 0.61.

About Dropbox

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.