Cullen Frost Bankers Inc. Acquires Shares of 1,429 Dropbox, Inc. $DBX

Cullen Frost Bankers Inc. acquired a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 1,429 shares of the company’s stock, valued at approximately $41,000.

Several other institutional investors and hedge funds have also bought and sold shares of DBX. GAMMA Investing LLC grew its holdings in Dropbox by 12.2% during the first quarter. GAMMA Investing LLC now owns 7,219 shares of the company’s stock valued at $193,000 after purchasing an additional 783 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Dropbox by 37.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 43,088 shares of the company’s stock worth $1,151,000 after acquiring an additional 11,713 shares during the period. New York State Teachers Retirement System boosted its holdings in shares of Dropbox by 6.7% in the first quarter. New York State Teachers Retirement System now owns 101,917 shares of the company’s stock worth $2,722,000 after acquiring an additional 6,366 shares during the period. Vontobel Holding Ltd. bought a new position in shares of Dropbox in the first quarter worth $235,000. Finally, Summit Trail Advisors LLC boosted its holdings in shares of Dropbox by 204.2% in the first quarter. Summit Trail Advisors LLC now owns 24,691 shares of the company’s stock worth $659,000 after acquiring an additional 16,574 shares during the period. 94.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on DBX shares. UBS Group lowered Dropbox from a “neutral” rating to a “sell” rating and cut their price target for the stock from $29.00 to $27.00 in a report on Thursday, September 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dropbox in a report on Friday. Finally, Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a report on Sunday. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $29.67.

Dropbox Stock Performance

NASDAQ:DBX opened at $29.36 on Monday. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 17.90, a P/E/G ratio of 3.87 and a beta of 0.67. Dropbox, Inc. has a 52-week low of $24.42 and a 52-week high of $33.33. The stock has a fifty day moving average of $29.67 and a 200 day moving average of $28.62.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.08. The company had revenue of $625.70 million during the quarter, compared to analyst estimates of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The firm’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the company earned $0.60 earnings per share. Equities analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Activity

In other Dropbox news, CAO Sarah Elizabeth Schubach sold 1,066 shares of Dropbox stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $28.62, for a total transaction of $30,508.92. Following the completion of the sale, the chief accounting officer owned 104,657 shares of the company’s stock, valued at $2,995,283.34. The trade was a 1.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Andrew Houston sold 101,167 shares of Dropbox stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $29.64, for a total value of $2,998,589.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 318,632 shares of company stock valued at $9,248,234. 28.59% of the stock is owned by insiders.

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.