Cullen Frost Bankers Inc. Invests $41,000 in Dropbox, Inc. $DBX

Cullen Frost Bankers Inc. bought a new position in Dropbox, Inc. (NASDAQ:DBX) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,429 shares of the company’s stock, valued at approximately $41,000.

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

Dropbox Stock Performance

DBX stock opened at $29.36 on Monday. The stock’s 50 day simple moving average is $29.67 and its 200 day simple moving average is $28.62. Dropbox, Inc. has a fifty-two week low of $24.42 and a fifty-two week high of $33.33. The company has a market cap of $7.92 billion, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 3.87 and a beta of 0.67.

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

Analysts Set New Price Targets

DBX has been the subject of a number of recent research reports. Wall Street Zen cut Dropbox from a “buy” rating to a “hold” rating in a report on Sunday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research report on Friday. Finally, UBS Group lowered Dropbox from a “neutral” rating to a “sell” rating and reduced their price target for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $29.67.

Insider Activity at Dropbox

In related news, CTO Ali Dasdan sold 12,812 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.00, for a total transaction of $384,360.00. Following the completion of the sale, the chief technology officer directly owned 551,060 shares of the company’s stock, valued at approximately $16,531,800. This trade represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Sarah Elizabeth Schubach sold 1,066 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $28.62, for a total value of $30,508.92. Following the sale, the chief accounting officer directly 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 disclosure for this sale can be found here. Insiders sold a total of 318,632 shares of company stock valued at $9,248,234 in the last ninety days. Insiders own 28.59% 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.