Dropbox, Inc. (NASDAQ:DBX) Shares Sold by Carret Asset Management LLC

Carret Asset Management LLC reduced its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 4.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,792 shares of the company’s stock after selling 500 shares during the quarter. Carret Asset Management LLC’s holdings in Dropbox were worth $287,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of DBX. LSV Asset Management raised its stake in shares of Dropbox by 119.4% during the fourth quarter. LSV Asset Management now owns 3,305,730 shares of the company’s stock valued at $97,453,000 after purchasing an additional 1,799,030 shares in the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of Dropbox by 65.8% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 2,189,593 shares of the company’s stock valued at $64,825,000 after purchasing an additional 869,043 shares in the last quarter. Norges Bank bought a new stake in shares of Dropbox during the fourth quarter valued at about $19,361,000. Bank of Nova Scotia raised its stake in shares of Dropbox by 7,701.9% during the fourth quarter. Bank of Nova Scotia now owns 618,456 shares of the company’s stock valued at $18,231,000 after purchasing an additional 610,529 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Dropbox by 936.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 312,295 shares of the company’s stock worth $7,589,000 after acquiring an additional 282,173 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Dropbox Trading Up 0.1 %

NASDAQ DBX opened at $22.63 on Thursday. The stock’s 50-day moving average price is $22.63 and its two-hundred day moving average price is $25.67. The company has a market cap of $7.47 billion, a PE ratio of 14.99, a PEG ratio of 1.57 and a beta of 0.65. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.13. The firm had revenue of $631.30 million for the quarter, compared to the consensus estimate of $628.81 million. Dropbox had a negative return on equity of 148.13% and a net margin of 20.50%. Research analysts forecast that Dropbox, Inc. will post 1.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other Dropbox news, CEO Andrew Houston sold 82,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $23.44, for a total transaction of $1,922,080.00. Following the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $193,770,651.04. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Dropbox news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $23.11, for a total transaction of $69,330.00. Following the transaction, the chief financial officer now owns 594,995 shares of the company’s stock, valued at approximately $13,750,334.45. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Andrew Houston sold 82,000 shares of Dropbox stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $23.44, for a total value of $1,922,080.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $193,770,651.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293,218 shares of company stock worth $6,661,709. Company insiders own 26.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Citigroup dropped their price target on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $29.56.

Dropbox Company 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.