Dropbox, Inc. (NASDAQ:DBX) Shares Bought by Huntington National Bank

Huntington National Bank grew its position in Dropbox, Inc. (NASDAQ:DBX) by 768.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,538 shares of the company’s stock after acquiring an additional 1,361 shares during the period. Huntington National Bank’s holdings in Dropbox were worth $46,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership boosted its position in Dropbox by 38.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,224,864 shares of the company’s stock valued at $156,955,000 after buying an additional 1,440,887 shares during the period. Geode Capital Management LLC boosted its stake in shares of Dropbox by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,366,271 shares of the company’s stock valued at $111,368,000 after buying an additional 25,893 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Dropbox by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,914,005 shares of the company’s stock worth $87,537,000 after buying an additional 117,767 shares in the last quarter. Retirement Systems of Alabama increased its stake in shares of Dropbox by 15.2% during the third quarter. Retirement Systems of Alabama now owns 944,033 shares of the company’s stock worth $24,007,000 after buying an additional 124,528 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Dropbox by 13.5% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 901,459 shares of the company’s stock valued at $27,080,000 after purchasing an additional 107,460 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group raised their target price on Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, January 6th.

Dropbox Stock Performance

Dropbox stock opened at $25.46 on Tuesday. The stock has a 50-day simple moving average of $28.46 and a 200-day simple moving average of $28.17. The company has a market capitalization of $7.68 billion, a P/E ratio of 18.06, a PEG ratio of 1.70 and a beta of 0.75. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.33.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.11). The firm had revenue of $643.60 million during the quarter, compared to analyst estimates of $638.61 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. As a group, analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insiders Place Their Bets

In other Dropbox news, CEO Andrew Houston sold 80,499 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $30.97, for a total transaction of $2,493,054.03. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $256,018,646.02. This trade represents a 0.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $30.37, for a total value of $75,925.00. Following the completion of the transaction, the chief financial officer now directly owns 401,264 shares in the company, valued at approximately $12,186,387.68. The trade was a 0.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,264 shares of company stock valued at $2,895,324. Insiders own 28.59% 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.