Bank of New York Mellon Corp Sells 5,257 Shares of Dropbox, Inc. $DBX

Bank of New York Mellon Corp cut its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 0.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,301,798 shares of the company’s stock after selling 5,257 shares during the quarter. Bank of New York Mellon Corp’s holdings in Dropbox were worth $65,831,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in DBX. Elequin Capital LP grew its holdings in shares of Dropbox by 71.0% during the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company’s stock worth $30,000 after purchasing an additional 469 shares in the last quarter. Brooklyn Investment Group lifted its position in Dropbox by 250.3% in the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock worth $37,000 after purchasing an additional 991 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in Dropbox during the second quarter worth $41,000. SBI Securities Co. Ltd. boosted its stake in Dropbox by 33.4% during the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock worth $48,000 after buying an additional 449 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in Dropbox by 29.7% in the 2nd quarter. UMB Bank n.a. now owns 3,243 shares of the company’s stock valued at $93,000 after buying an additional 742 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Stock Up 7.7%

Shares of Dropbox stock opened at $30.87 on Monday. Dropbox, Inc. has a 12-month low of $24.42 and a 12-month high of $33.33. The stock has a market capitalization of $8.33 billion, a P/E ratio of 17.44, a price-to-earnings-growth ratio of 4.07 and a beta of 0.66. The company has a 50-day simple moving average of $29.80 and a 200 day simple moving average of $28.78.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.10. The firm had revenue of $634.40 million for the quarter, compared to analysts’ expectations of $623.59 million. Dropbox had a net margin of 19.87% and a negative return on equity of 49.51%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.60 earnings per share. Dropbox has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. On average, equities analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Royal Bank Of Canada raised their price objective on shares of Dropbox from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Friday. UBS Group cut shares of Dropbox from a “neutral” rating to a “sell” rating and cut their price target for the stock from $29.00 to $27.00 in a research note on Thursday, September 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, October 8th. Finally, Wall Street Zen raised Dropbox from a “hold” rating to a “buy” rating in a report on Saturday. 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’s stock. According to MarketBeat.com, Dropbox currently has a consensus rating of “Hold” and an average target price of $31.75.

Insider Activity

In other Dropbox news, CEO Andrew Houston sold 101,167 shares of Dropbox stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $29.64, for a total value of $2,998,589.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Sarah Elizabeth Schubach sold 1,066 shares of the stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $28.40, for a total value of $30,274.40. Following the sale, the chief accounting officer owned 103,591 shares in the company, valued at $2,941,984.40. The trade was a 1.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 318,698 shares of company stock worth $9,251,159. 28.59% of the stock is currently owned by insiders.

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.