Mackenzie Financial Corp Sells 20,976 Shares of Dropbox, Inc. $DBX

Mackenzie Financial Corp cut its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 1.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,064,580 shares of the company’s stock after selling 20,976 shares during the quarter. Mackenzie Financial Corp owned about 0.39% of Dropbox worth $32,161,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Empowered Funds LLC boosted its position in Dropbox by 7.3% during the first quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock worth $1,036,000 after purchasing an additional 2,655 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Dropbox by 17.2% in the second quarter. Envestnet Asset Management Inc. now owns 128,398 shares of the company’s stock valued at $3,672,000 after purchasing an additional 18,849 shares during the period. Atria Investments Inc bought a new position in shares of Dropbox in the second quarter valued at about $292,000. Savant Capital LLC acquired a new stake in shares of Dropbox during the 2nd quarter worth about $209,000. Finally, Aviva PLC bought a new stake in shares of Dropbox during the 2nd quarter worth about $531,000. Institutional investors own 94.84% of the company’s stock.

Dropbox Stock Performance

DBX stock opened at $25.91 on Friday. Dropbox, Inc. has a 52 week low of $23.63 and a 52 week high of $32.40. The company has a market capitalization of $6.25 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.82 and a beta of 0.63. The company’s 50-day simple moving average is $25.76 and its 200 day simple moving average is $28.16.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, February 19th. The company reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.02. The business had revenue of $636.20 million during the quarter, compared to analysts’ expectations of $627.83 million. Dropbox had a net margin of 20.17% and a negative return on equity of 37.47%. The business’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 EPS. On average, analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Buying and Selling at Dropbox

In related news, CAO Sarah Elizabeth Schubach sold 1,415 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $24.76, for a total value of $35,035.40. Following the completion of the sale, the chief accounting officer directly owned 84,904 shares in the company, valued at approximately $2,102,223.04. The trade was a 1.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ashraf Alkarmi sold 12,472 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $324,272.00. Following the sale, the insider directly owned 414,661 shares in the company, valued at $10,781,186. This represents a 2.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 451,613 shares of company stock valued at $11,737,127 in the last three months. Corporate insiders own 29.95% of the company’s stock.

Analysts Set New Price Targets

DBX has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their price target on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. Wall Street Zen downgraded shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Royal Bank Of Canada reduced their price objective on Dropbox from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Friday, February 20th. UBS Group lowered their target price on Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a research note on Friday, February 20th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $27.50.

About Dropbox

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.