Harvest Fund Management Co. Ltd Has $56,000 Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Key Points

• Harvest Fund Management Co. Ltd reduced its stake in Dropbox, Inc. by 89.4%, leaving it with only 2,109 shares valued at approximately $56,000.
• During the 4th quarter, several institutional investors significantly increased their stakes in Dropbox, with True Wealth Design LLC raising its holdings by 191.0%.
• Dropbox reported earnings of $0.70 per share for the last quarter, surpassing expectations, while its revenue fell slightly by 1.0% year-over-year.

Harvest Fund Management Co. Ltd decreased its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 89.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,109 shares of the company's stock after selling 17,838 shares during the period. Harvest Fund Management Co. Ltd's holdings in Dropbox were worth $56,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of DBX. True Wealth Design LLC raised its holdings in shares of Dropbox by 191.0% in the 4th quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock worth $31,000 after purchasing an additional 680 shares during the period. Huntington National Bank grew its stake in Dropbox by 768.9% during the 4th quarter. Huntington National Bank now owns 1,538 shares of the company's stock valued at $46,000 after purchasing an additional 1,361 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in Dropbox by 33.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock valued at $48,000 after purchasing an additional 449 shares in the last quarter. Fifth Third Bancorp grew its stake in Dropbox by 27.3% during the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after purchasing an additional 490 shares in the last quarter. Finally, UMB Bank n.a. grew its stake in Dropbox by 115.0% during the 1st quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock valued at $67,000 after purchasing an additional 1,338 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.

Insider Buying and Selling

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $27.98, for a total value of $69,950.00. Following the completion of the sale, the chief financial officer owned 511,094 shares of the company's stock, valued at $14,300,410.12. The trade was a 0.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ashraf Alkarmi sold 10,098 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $28.10, for a total value of $283,753.80. Following the completion of the sale, the insider directly owned 492,856 shares of the company's stock, valued at $13,849,253.60. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 466,125 shares of company stock worth $13,221,355 over the last ninety days. 29.95% of the stock is currently owned by corporate insiders.

Dropbox Stock Performance

Shares of DBX stock traded down $0.71 on Friday, reaching $26.46. 4,328,635 shares of the company's stock traded hands, compared to its average volume of 2,964,519. Dropbox, Inc. has a 12-month low of $21.32 and a 12-month high of $33.33. The company has a market capitalization of $7.45 billion, a P/E ratio of 17.29, a price-to-earnings-growth ratio of 10.41 and a beta of 0.64. The business's 50 day moving average price is $28.09 and its two-hundred day moving average price is $28.40.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.08. Dropbox had a negative return on equity of 79.66% and a net margin of 18.50%. The business had revenue of $624.70 million for the quarter, compared to the consensus estimate of $619.56 million. During the same quarter in the previous year, the company posted $0.58 earnings per share. Dropbox's revenue for the quarter was down 1.0% compared to the same quarter last year. Research analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on DBX. UBS Group lifted their target price on Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Citigroup boosted their price objective on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, May 9th.

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.