Cerity Partners LLC Buys 565 Shares of Dropbox, Inc. (NASDAQ:DBX)

Cerity Partners LLC raised its stake in Dropbox, Inc. (NASDAQ:DBX) by 0.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 79,052 shares of the company’s stock after purchasing an additional 565 shares during the period. Cerity Partners LLC’s holdings in Dropbox were worth $2,330,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in Dropbox by 19.1% in the first quarter. PNC Financial Services Group Inc. now owns 5,730 shares of the company’s stock worth $133,000 after purchasing an additional 918 shares during the last quarter. D.A. Davidson & CO. purchased a new position in Dropbox during the 1st quarter worth $217,000. MetLife Investment Management LLC acquired a new position in Dropbox during the 1st quarter valued at about $447,000. Blair William & Co. IL raised its stake in Dropbox by 233.0% in the first quarter. Blair William & Co. IL now owns 102,489 shares of the company’s stock valued at $2,383,000 after buying an additional 71,708 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in Dropbox by 47.6% in the first quarter. Canada Pension Plan Investment Board now owns 21,710 shares of the company’s stock worth $505,000 after acquiring an additional 7,000 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Andrew Houston sold 164,000 shares of Dropbox stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $197,242,650.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Andrew Houston sold 164,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $197,242,650.76. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $23.11, for a total value of $69,330.00. Following the completion of the transaction, the chief financial officer now owns 594,995 shares of the company’s stock, valued at approximately $13,750,334.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 189,721 shares of company stock worth $4,548,575. Corporate insiders own 26.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on DBX. The Goldman Sachs Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and cut their price objective for the company from $26.00 to $24.00 in a report on Friday, February 16th. JPMorgan Chase & Co. cut shares of Dropbox from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $33.00 to $30.00 in a report on Friday, February 16th. Bank of America lowered shares of Dropbox from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $34.00 to $28.00 in a report on Friday, February 16th. KeyCorp raised their target price on Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, January 19th. Finally, Citigroup dropped their price target on Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $29.78.

Dropbox Stock Performance

Shares of DBX opened at $22.76 on Friday. The business’s 50-day moving average is $24.93 and its two-hundred day moving average is $27.49. The company has a market capitalization of $7.83 billion, a P/E ratio of 17.24, a P/E/G ratio of 2.58 and a beta of 0.71. Dropbox, Inc. has a fifty-two week low of $19.55 and a fifty-two week high of $33.43.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The company had revenue of $635.00 million during the quarter, compared to analysts’ expectations of $630.77 million. Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. Analysts forecast that Dropbox, Inc. will post 1.14 EPS for the current year.

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.