Dropbox Inc (NASDAQ:DBX) Holdings Trimmed by Toronto Dominion Bank
Toronto Dominion Bank trimmed its position in shares of Dropbox Inc (NASDAQ:DBX) by 15.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 769,753 shares of the company’s stock after selling 139,187 shares during the period. Toronto Dominion Bank owned 0.16% of Dropbox worth $19,283,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tortoise Index Solutions LLC acquired a new stake in shares of Dropbox during the 1st quarter valued at $29,000. Meridian Wealth Management LLC acquired a new stake in shares of Dropbox during the 2nd quarter valued at $34,000. Glen Harbor Capital Management LLC boosted its stake in shares of Dropbox by 203.0% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after buying an additional 1,072 shares during the period. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Dropbox during the 2nd quarter valued at $55,000. Finally, Tyers Asset Management LLC boosted its stake in shares of Dropbox by 203.0% during the 2nd quarter. Tyers Asset Management LLC now owns 2,200 shares of the company’s stock valued at $55,000 after buying an additional 1,474 shares during the period. Hedge funds and other institutional investors own 40.40% of the company’s stock.
DBX has been the subject of a number of research reports. Nomura decreased their target price on shares of Dropbox from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. TheStreet lowered shares of Dropbox from a “c-” rating to a “d+” rating in a research note on Friday, August 9th. Bank of America dropped coverage on shares of Dropbox in a research note on Friday, August 9th. DA Davidson dropped coverage on shares of Dropbox in a research note on Friday, August 9th. Finally, Zacks Investment Research lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Dropbox has a consensus rating of “Hold” and an average target price of $28.13.
Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.15. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. The business had revenue of $401.50 million during the quarter, compared to analyst estimates of $401.09 million. During the same quarter in the previous year, the business earned $0.11 EPS. Dropbox’s quarterly revenue was up 18.4% compared to the same quarter last year. Analysts predict that Dropbox Inc will post -0.11 EPS for the current fiscal year.
In other Dropbox news, CFO Ajay Vashee sold 13,731 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $25.00, for a total transaction of $343,275.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Condoleezza Rice sold 23,943 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $18.38, for a total transaction of $440,072.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 85,472 shares of company stock valued at $1,915,604. 31.20% of the stock is owned by company insiders.
Dropbox Company Profile
Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.
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