Pictet Asset Management Holding SA Reduces Stock Position in Dropbox, Inc. $DBX

Pictet Asset Management Holding SA trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 75.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,226 shares of the company’s stock after selling 94,918 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Dropbox were worth $687,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new position in Dropbox in the first quarter worth about $1,150,000. OP Asset Management Ltd purchased a new stake in shares of Dropbox during the 1st quarter valued at about $3,196,000. Assenagon Asset Management S.A. increased its position in shares of Dropbox by 29.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 143,978 shares of the company’s stock valued at $3,271,000 after purchasing an additional 32,695 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Dropbox in the 1st quarter worth approximately $5,221,000. Finally, Corient Private Wealth LLC boosted its holdings in shares of Dropbox by 166.6% in the fourth quarter. Corient Private Wealth LLC now owns 61,456 shares of the company’s stock worth $1,708,000 after buying an additional 38,402 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Sarah Elizabeth Schubach sold 1,305 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $27.11, for a total value of $35,378.55. Following the sale, the chief accounting officer directly owned 127,204 shares of the company’s stock, valued at $3,448,500.44. This represents a 1.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew Houston sold 30,332 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.50, for a total value of $834,130.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 128,497 shares of company stock worth $3,464,440. 35.48% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DBX has been the subject of several recent research reports. William Blair restated an “underperform” rating on shares of Dropbox in a research report on Monday, March 23rd. Citigroup increased their price target on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a research report on Monday, June 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. Finally, Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Dropbox currently has a consensus rating of “Reduce” and a consensus target price of $27.00.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $28.83 on Thursday. The company has a market cap of $6.73 billion, a P/E ratio of 15.75, a P/E/G ratio of 3.16 and a beta of 0.66. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $32.40. The firm’s fifty day moving average is $26.89 and its two-hundred day moving average is $25.87.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The business had revenue of $629.50 million during the quarter, compared to analysts’ expectations of $620.56 million. During the same quarter last year, the business posted $0.70 EPS. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, analysts forecast that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Dropbox Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.