Dropbox, Inc. (NASDAQ:DBX) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC reduced its position in Dropbox, Inc. (NASDAQ:DBX) by 27.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,953 shares of the company’s stock after selling 5,278 shares during the period. Pzena Investment Management LLC’s holdings in Dropbox were worth $355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in Dropbox during the third quarter worth approximately $28,000. V Square Quantitative Management LLC purchased a new position in shares of Dropbox during the 3rd quarter valued at approximately $31,000. GAMMA Investing LLC grew its stake in Dropbox by 274.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,238 shares of the company’s stock valued at $28,000 after acquiring an additional 907 shares during the period. Fifth Third Bancorp grew its stake in Dropbox by 548.8% in the 2nd quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock valued at $31,000 after acquiring an additional 1,169 shares during the period. Finally, UMB Bank n.a. increased its holdings in Dropbox by 2,479.4% in the 3rd quarter. UMB Bank n.a. now owns 1,754 shares of the company’s stock worth $45,000 after acquiring an additional 1,686 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Performance

Shares of DBX opened at $26.89 on Thursday. The stock has a 50 day moving average price of $25.88 and a 200 day moving average price of $23.93. The stock has a market capitalization of $8.33 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 1.72 and a beta of 0.61. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.43.

Analysts Set New Price Targets

Separately, UBS Group decreased their price objective on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $28.67.

Insider Transactions at Dropbox

In related news, CFO Timothy Regan sold 3,177 shares of Dropbox stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $25.00, for a total transaction of $79,425.00. Following the transaction, the chief financial officer now owns 481,747 shares in the company, valued at approximately $12,043,675. This trade represents a 0.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Eric Cox sold 2,330 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $26.41, for a total value 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 disclosure for this sale can be found here. Insiders sold 464,782 shares of company stock valued at $11,673,797 over the last 90 days. 26.40% of the stock is currently owned by corporate insiders.

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.