Dropbox, Inc. (NASDAQ:DBX) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in Dropbox, Inc. (NASDAQ:DBX) by 58.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 445,736 shares of the company’s stock after selling 623,156 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Dropbox were worth $11,335,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of DBX. 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 grew its position in Dropbox by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock valued at $231,761,000 after acquiring an additional 506,200 shares in the last quarter. Pacer Advisors Inc. increased its stake in Dropbox by 63.0% during the second quarter. Pacer Advisors Inc. now owns 7,455,407 shares of the company’s stock worth $167,523,000 after purchasing an additional 2,881,981 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in shares of Dropbox by 0.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 4,670,151 shares of the company’s stock worth $113,485,000 after purchasing an additional 32,600 shares in the last quarter. Finally, LSV Asset Management boosted its stake in shares of Dropbox by 9.2% in the second quarter. LSV Asset Management now owns 3,742,292 shares of the company’s stock valued at $84,089,000 after purchasing an additional 314,862 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Dropbox

In other Dropbox news, CEO Andrew Houston sold 351,306 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $25.12, for a total transaction of $8,824,806.72. Following the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $207,658,649.92. This trade represents a 4.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Cox sold 2,330 shares of Dropbox stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $26.41, for a total value of $61,535.30. Following the transaction, the insider now directly owns 321,871 shares in the company, valued at approximately $8,500,613.11. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 464,782 shares of company stock valued at $11,673,797. Insiders own 26.40% of the company’s stock.

Dropbox Stock Up 2.8 %

Shares of Dropbox stock opened at $27.64 on Friday. 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 $25.94 and a 200 day moving average of $23.96. The company has a market capitalization of $8.56 billion, a P/E ratio of 15.98, a P/E/G ratio of 1.49 and a beta of 0.61.

Wall Street Analyst Weigh In

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