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

Carret Asset Management LLC lessened its stake in Dropbox, Inc. (NASDAQ:DBX) by 6.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 8,892 shares of the company’s stock after selling 600 shares during the quarter. Carret Asset Management LLC’s holdings in Dropbox were worth $226,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in DBX. Vanguard Group Inc. grew its stake in shares of Dropbox by 0.4% during 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. Susquehanna Fundamental Investments LLC acquired a new position in shares of Dropbox during the 1st quarter worth about $4,900,000. Lakewood Asset Management LLC purchased a new position in shares of Dropbox in the 2nd quarter valued at about $797,000. Janus Henderson Group PLC raised its position in shares of Dropbox by 16.4% during the 1st quarter. Janus Henderson Group PLC now owns 1,619,231 shares of the company’s stock worth $39,340,000 after acquiring an additional 228,316 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Dropbox by 32.8% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 154,260 shares of the company’s stock worth $3,749,000 after acquiring an additional 38,131 shares in the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, UBS Group dropped their price target on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Dropbox presently has an average rating of “Hold” and a consensus target price of $28.67.

Dropbox Stock Performance

Dropbox stock opened at $26.00 on Monday. The company has a market capitalization of $8.58 billion, a P/E ratio of 17.22, a PEG ratio of 1.61 and a beta of 0.61. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.43. The stock has a 50-day simple moving average of $24.94 and a 200-day simple moving average of $23.52.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The company had revenue of $634.50 million during the quarter, compared to analysts’ expectations of $630.10 million. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.28 earnings per share. As a group, analysts forecast that Dropbox, Inc. will post 1.31 earnings per share for the current year.

Insider Buying and Selling

In other Dropbox news, CEO Andrew Houston sold 3,493 shares of Dropbox stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.00, for a total value of $87,325.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $206,666,650. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Timothy Regan sold 3,177 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $25.00, for a total transaction of $79,425.00. Following the completion of the sale, the chief financial officer now owns 481,747 shares in the company, valued at $12,043,675. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Andrew Houston sold 3,493 shares of Dropbox stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.00, for a total transaction of $87,325.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $206,666,650. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 457,452 shares of company stock worth $11,480,062 in the last 90 days. Company insiders own 26.40% of the company’s stock.

About Dropbox

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.