Amundi Lowers Stock Position in Dropbox, Inc. $DBX

Key Points

• Amundi cut its Dropbox stake by 43.2% in the first quarter, selling 84,488 shares and retaining 111,263 shares valued at approximately $2.53 million. Institutional investors collectively own 94.84% of Dropbox’s outstanding stock.
• Dropbox reported quarterly EPS of $0.75, exceeding estimates of $0.74, while revenue of $631.5 million also topped forecasts and increased 0.9% year over year.
• Analyst sentiment remains cautious: Dropbox has a consensus rating of “Reduce” and an average price target of $27, below the reported share price of $34.54.

Amundi lessened its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 43.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 111,263 shares of the company's stock after selling 84,488 shares during the period. Amundi's holdings in Dropbox were worth $2,528,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Palisade Asset Management LLC purchased a new position in shares of Dropbox during the third quarter valued at approximately $30,000. Kestra Advisory Services LLC bought a new stake in shares of Dropbox in the 4th quarter worth approximately $31,000. Larson Financial Group LLC grew its stake in shares of Dropbox by 228.0% in the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company's stock worth $32,000 after buying an additional 791 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company's stock worth $36,000 after buying an additional 558 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Dropbox during the 4th quarter valued at approximately $38,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Performance

Shares of Dropbox stock opened at $34.54 on Friday. The stock has a market cap of $8.06 billion, a P/E ratio of 18.87, a P/E/G ratio of 3.83 and a beta of 0.64. The stock's fifty day moving average is $28.92 and its 200 day moving average is $26.40. Dropbox, Inc. has a one year low of $21.69 and a one year high of $35.17.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.01. The business had revenue of $631.50 million during the quarter, compared to analyst estimates of $626.69 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.Dropbox's revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.71 earnings per share. Analysts predict that Dropbox, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on DBX shares. Royal Bank Of Canada restated an "outperform" rating on shares of Dropbox in a report on Monday, June 1st. Citigroup upped their price target on shares of Dropbox from $27.00 to $28.00 and gave the stock a "neutral" rating in a research note on Monday, May 11th. Wall Street Zen raised shares of Dropbox from a "hold" rating to a "buy" rating in a research report on Sunday, June 28th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Dropbox in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Dropbox presently has a consensus rating of "Reduce" and a consensus target price of $27.00.

Insider Activity

In related news, CEO Andrew Houston sold 37,498 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $25.96, for a total transaction of $973,448.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 5,666 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $27.56, for a total transaction of $156,154.96. Following the completion of the sale, the chief technology officer directly owned 514,611 shares of the company's stock, valued at $14,182,679.16. This represents a 1.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 130,945 shares of company stock worth $3,565,129. 35.48% of the stock is currently owned by corporate insiders.

About Dropbox

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.

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