Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston Sells 500,323 Shares

Dropbox, Inc. (NASDAQ:DBX) CEO Andrew Houston sold 500,323 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $29.65, for a total transaction of $14,834,576.95. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $245,106,646.90. This trade represents a 5.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Andrew Houston also recently made the following trade(s):

• On Wednesday, December 11th, Andrew Houston sold 137,499 shares of Dropbox stock. The shares were sold at an average price of $30.05, for a total transaction of $4,131,844.95.
• On Monday, December 2nd, Andrew Houston sold 132,000 shares of Dropbox stock. The shares were sold at an average price of $28.12, for a total value of $3,711,840.00.

Dropbox Stock Up 0.2 %

Shares of NASDAQ DBX traded up $0.07 during mid-day trading on Monday, hitting $30.07. 3,654,880 shares of the company were exchanged, compared to its average volume of 2,994,327. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.43. The firm has a market cap of $9.31 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 1.68 and a beta of 0.61. The stock has a 50 day simple moving average of $28.59 and a 200-day simple moving average of $25.57.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group raised their target price on Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Dropbox has an average rating of “Hold” and an average price target of $28.86.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in DBX. Assenagon Asset Management S.A. increased its position in Dropbox by 0.4% during the 3rd 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. Quarry LP boosted its position in shares of Dropbox by 23.4% in the 3rd quarter. Quarry LP now owns 2,424 shares of the company’s stock worth $62,000 after buying an additional 459 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Dropbox by 13.2% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 7,956 shares of the company’s stock valued at $202,000 after acquiring an additional 926 shares in the last quarter. Covestor Ltd raised its position in Dropbox by 34.3% during the third quarter. Covestor Ltd now owns 4,043 shares of the company’s stock worth $102,000 after acquiring an additional 1,033 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Dropbox in the third quarter valued at about $28,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

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.