OVERSEA CHINESE BANKING Corp Ltd Purchases New Stake in Dropbox, Inc. (NASDAQ:DBX)

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Dropbox, Inc. (NASDAQ:DBX) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,325 shares of the company’s stock, valued at approximately $517,000.

Several other institutional investors have also modified their holdings of DBX. Assenagon Asset Management S.A. raised its stake in Dropbox by 0.4% during the third quarter. Assenagon Asset Management S.A. now owns 89,157 shares of the company’s stock worth $2,267,000 after purchasing an additional 383 shares during the period. iA Global Asset Management Inc. increased its stake in Dropbox by 6.5% during the second quarter. iA Global Asset Management Inc. now owns 9,725 shares of the company’s stock worth $219,000 after acquiring an additional 597 shares during the last quarter. Tobam lifted its stake in shares of Dropbox by 4.1% in the 2nd quarter. Tobam now owns 19,642 shares of the company’s stock valued at $441,000 after purchasing an additional 767 shares during the last quarter. Quarry LP increased its position in shares of Dropbox by 81.1% during the 2nd quarter. Quarry LP now owns 1,965 shares of the company’s stock worth $44,000 after purchasing an additional 880 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Dropbox by 274.0% in the second quarter. GAMMA Investing LLC now owns 1,238 shares of the company’s stock valued at $28,000 after buying an additional 907 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Buying and Selling at Dropbox

In related news, CFO Timothy Regan sold 3,177 shares of the business’s 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 completion of the sale, the chief financial officer now owns 481,747 shares in the company, valued at $12,043,675. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Timothy Regan sold 3,177 shares of Dropbox stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.00, for a total transaction of $79,425.00. Following the sale, the chief financial officer now owns 481,747 shares in the company, valued at approximately $12,043,675. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andrew Houston sold 66,064 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $25.00, for a total value of $1,651,600.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at $206,666,650. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 459,952 shares of company stock worth $11,544,337 over the last ninety days. Corporate insiders own 26.40% of the company’s stock.

Dropbox Stock Down 0.1 %

Shares of Dropbox stock opened at $27.91 on Thursday. Dropbox, Inc. has a 52-week low of $20.68 and a 52-week high of $33.43. The company has a 50 day moving average of $25.59 and a 200 day moving average of $23.84. The company has a market capitalization of $9.08 billion, a P/E ratio of 16.13, a P/E/G ratio of 1.78 and a beta of 0.61.

Analyst Upgrades and Downgrades

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

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.