Carret Asset Management LLC Decreases Holdings in Dropbox, Inc. (NASDAQ:DBX)

Carret Asset Management LLC trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 25.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 12,292 shares of the company’s stock after selling 4,300 shares during the quarter. Carret Asset Management LLC’s holdings in Dropbox were worth $362,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. GAMMA Investing LLC purchased a new position in Dropbox in the 4th quarter worth approximately $25,000. Contravisory Investment Management Inc. bought a new stake in shares of Dropbox in the 4th quarter worth approximately $26,000. Fifth Third Bancorp grew its position in shares of Dropbox by 424.2% in the 3rd quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock worth $30,000 after buying an additional 878 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its position in shares of Dropbox by 29,175.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock worth $32,000 after buying an additional 1,167 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Dropbox in the 3rd quarter worth approximately $62,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total transaction of $97,500.00. Following the transaction, the chief financial officer now directly owns 434,761 shares of the company’s stock, valued at $14,129,732.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total transaction of $97,500.00. Following the transaction, the chief financial officer now directly owns 434,761 shares of the company’s stock, valued at $14,129,732.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bart Volkmer sold 7,039 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $24.02, for a total value of $169,076.78. Following the completion of the transaction, the insider now directly owns 233,988 shares in the company, valued at approximately $5,620,391.76. The disclosure for this sale can be found here. Insiders have sold a total of 189,721 shares of company stock valued at $4,548,575 over the last ninety days. 26.40% of the stock is currently owned by corporate insiders.

Dropbox Stock Down 0.9 %

Shares of NASDAQ DBX traded down $0.22 during trading on Thursday, reaching $23.80. The company had a trading volume of 704,665 shares, compared to its average volume of 3,877,360. Dropbox, Inc. has a 12-month low of $19.55 and a 12-month high of $33.43. The stock has a market cap of $8.19 billion, a PE ratio of 18.20, a P/E/G ratio of 2.64 and a beta of 0.71. The business’s 50-day moving average is $24.00 and its 200 day moving average is $27.35.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The company had revenue of $635.00 million during the quarter, compared to analysts’ expectations of $630.77 million. Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. On average, analysts anticipate that Dropbox, Inc. will post 1.14 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on DBX. KeyCorp lifted their price objective on Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 19th. JPMorgan Chase & Co. cut Dropbox from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $33.00 to $30.00 in a research note on Friday, February 16th. JMP Securities cut Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. Citigroup reduced their price target on Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group cut Dropbox from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $26.00 to $24.00 in a research note on Friday, February 16th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $29.78.

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.