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

Pzena Investment Management LLC cut its holdings in Dropbox, Inc. (NASDAQ:DBX) by 27.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund 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 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Dropbox by 0.4% in the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock valued at $665,323,000 after buying an additional 105,250 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Dropbox by 5.2% in the second quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock valued at $231,761,000 after purchasing an additional 506,200 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Dropbox by 63.0% in the second quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock valued at $167,523,000 after purchasing an additional 2,881,981 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Dropbox by 0.7% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 4,670,151 shares of the company’s stock worth $113,485,000 after buying an additional 32,600 shares during the period. Finally, LSV Asset Management lifted its holdings in Dropbox by 9.2% during the 2nd quarter. LSV Asset Management now owns 3,742,292 shares of the company’s stock worth $84,089,000 after buying an additional 314,862 shares in the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $27.17, for a total transaction of $67,925.00. Following the transaction, the chief financial officer now owns 436,264 shares of the company’s stock, valued at $11,853,292.88. The trade was a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Eric Cox sold 2,330 shares of the stock in a transaction that occurred 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 directly owns 321,871 shares of the company’s stock, valued at $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. In the last 90 days, insiders have sold 464,782 shares of company stock worth $11,673,797. 26.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Dropbox Price Performance

Dropbox stock opened at $26.89 on Thursday. The stock has a market cap of $8.33 billion, a PE ratio of 15.54, a P/E/G ratio of 1.72 and a beta of 0.61. The stock’s fifty day moving average is $25.88 and its two-hundred day moving average is $23.93. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.43.

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.