Connor Clark & Lunn Investment Management Ltd. Cuts Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 58.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 445,736 shares of the company’s stock after selling 623,156 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.14% of Dropbox worth $11,335,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Dropbox by 0.4% in the first quarter. Vanguard Group Inc. now owns 27,379,532 shares of the company’s stock worth $665,323,000 after purchasing an additional 105,250 shares in the last quarter. UniSuper Management Pty Ltd increased its position in shares of Dropbox by 94.7% during the first quarter. UniSuper Management Pty Ltd now owns 3,700 shares of the company’s stock worth $90,000 after purchasing an additional 1,800 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Dropbox by 10.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 435,928 shares of the company’s stock valued at $10,591,000 after purchasing an additional 41,680 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Dropbox during the 1st quarter worth $65,000. Finally, Advisors Asset Management Inc. acquired a new position in Dropbox during the 1st quarter valued at about $291,000. Institutional investors own 94.84% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, UBS Group lowered their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report 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 issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $28.67.

Dropbox Trading Up 2.8 %

DBX opened at $27.64 on Friday. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43. The firm has a 50 day moving average of $25.94 and a two-hundred day moving average of $23.96. The firm has a market capitalization of $8.56 billion, a PE ratio of 15.98, a P/E/G ratio of 1.49 and a beta of 0.61.

Insider Activity at Dropbox

In other Dropbox news, insider Eric Cox sold 2,330 shares of Dropbox stock in a transaction 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 transaction, the insider now owns 321,871 shares of the company’s stock, valued at approximately $8,500,613.11. The trade was a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Regan sold 2,500 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $27.17, for a total transaction of $67,925.00. Following the sale, the chief financial officer now directly owns 436,264 shares in the company, valued at approximately $11,853,292.88. The trade was a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 464,782 shares of company stock worth $11,673,797 over the last three months. Company insiders own 26.40% of the company’s stock.

Dropbox Profile

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.