Insider Selling: Dropbox, Inc. (NASDAQ:DBX) CEO Sells 500,323 Shares of Stock

Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston sold 500,323 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total transaction of $14,834,576.95. Following the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $245,106,646.90. The trade was a 5.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Andrew Houston also recently made the following trade(s):

• On Wednesday, December 11th, Andrew Houston sold 137,499 shares of Dropbox stock. The shares were sold at an average price of $30.05, for a total value of $4,131,844.95.
• On Monday, December 2nd, Andrew Houston sold 132,000 shares of Dropbox stock. The stock was sold at an average price of $28.12, for a total value of $3,711,840.00.

Dropbox Price Performance

Shares of DBX opened at $29.58 on Wednesday. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.43. The stock has a fifty day moving average price of $28.59 and a 200 day moving average price of $25.57. The company has a market cap of $9.16 billion, a P/E ratio of 17.10, a PEG ratio of 1.68 and a beta of 0.61.

Hedge Funds Weigh In On Dropbox

Institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. boosted its position in Dropbox by 63.0% during the 2nd quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock worth $167,523,000 after acquiring an additional 2,881,981 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Dropbox by 63.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,536,412 shares of the company’s stock valued at $56,994,000 after purchasing an additional 986,942 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Dropbox by 39.7% in the second quarter. AQR Capital Management LLC now owns 3,021,962 shares of the company’s stock worth $67,360,000 after purchasing an additional 859,233 shares during the period. Distillate Capital Partners LLC bought a new position in Dropbox in the 2nd quarter valued at about $14,291,000. Finally, Renaissance Technologies LLC increased its stake in Dropbox by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock valued at $231,761,000 after buying an additional 506,200 shares during the period. Institutional investors own 94.84% of the company’s stock.

Analysts Set New Price Targets

Separately, Jefferies Financial Group raised their price objective on Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $28.86.

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.