Pictet Asset Management Holding SA Acquires 95,146 Shares of Dropbox, Inc. $DBX

Key Points

• Pictet Asset Management raised its Dropbox stake by 317.2% in Q4, buying 95,146 shares to hold 125,144 shares worth about $3.48 million.
• Analyst sentiment has softened—Dropbox's consensus rating is "Reduce" with a consensus price target of $27.50, based on 1 Buy, 3 Hold and 2 Sell ratings.
• Insiders have been net sellers: CEO Andrew Houston sold 111,166 shares at roughly $22.89 (under a Rule 10b5-1 plan), and insiders sold 247,519 shares (~$5.95M) in the last quarter, though insiders still own 35.48% of the company.

Pictet Asset Management Holding SA raised its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 317.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 125,144 shares of the company's stock after purchasing an additional 95,146 shares during the period. Pictet Asset Management Holding SA's holdings in Dropbox were worth $3,479,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Inscription Capital LLC lifted its position in shares of Dropbox by 6.0% during the 4th quarter. Inscription Capital LLC now owns 33,289 shares of the company's stock valued at $925,000 after buying an additional 1,870 shares during the last quarter. Abacus FCF Advisors LLC increased its holdings in Dropbox by 2.4% in the 4th quarter. Abacus FCF Advisors LLC now owns 109,392 shares of the company's stock worth $3,041,000 after acquiring an additional 2,540 shares during the last quarter. Resonant Capital Advisors LLC raised its stake in Dropbox by 11.8% in the 4th quarter. Resonant Capital Advisors LLC now owns 17,716 shares of the company's stock valued at $493,000 after acquiring an additional 1,870 shares during the period. Caprock Group LLC raised its stake in Dropbox by 156.0% in the 4th quarter. Caprock Group LLC now owns 79,000 shares of the company's stock valued at $2,196,000 after acquiring an additional 48,139 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in Dropbox by 2.7% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 371,491 shares of the company's stock valued at $10,316,000 after purchasing an additional 9,880 shares during the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DBX has been the subject of a number of research reports. William Blair reiterated an "underperform" rating on shares of Dropbox in a research report on Monday, March 23rd. Royal Bank Of Canada dropped their price target on shares of Dropbox from $35.00 to $30.00 and set an "outperform" rating on the stock in a research note on Friday, February 20th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Dropbox in a report on Wednesday, January 21st. JPMorgan Chase & Co. reduced their price objective on shares of Dropbox from $29.00 to $25.00 and set a "neutral" rating for the company in a research note on Friday, February 20th. Finally, UBS Group dropped their target price on Dropbox from $27.00 to $23.00 and set a "sell" rating on the stock in a research report on Friday, February 20th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Dropbox has an average rating of "Reduce" and a consensus price target of $27.50.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $24.93 on Monday. The company has a market cap of $6.01 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.76 and a beta of 0.64. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $32.40. The business has a 50-day simple moving average of $24.32 and a two-hundred day simple moving average of $26.61.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.02. Dropbox had a negative return on equity of 37.47% and a net margin of 20.17%.The firm had revenue of $636.20 million for the quarter, compared to analysts' expectations of $627.83 million. During the same period in the prior year, the business posted $0.73 earnings per share. The company's revenue was down 1.1% on a year-over-year basis. Equities research analysts anticipate that Dropbox, Inc. will post 2.03 EPS for the current year.

Insider Activity

In other news, CEO Andrew Houston sold 111,166 shares of the business's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $22.89, for a total transaction of $2,544,589.74. Following the completion of the transaction, the chief executive officer directly owned 8,266,666 shares in the company, valued at $189,223,984.74. The trade was a 1.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ashraf Alkarmi sold 12,472 shares of the company's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total transaction of $324,272.00. Following the completion of the transaction, the insider directly owned 414,661 shares in the company, valued at approximately $10,781,186. The trade was a 2.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 247,519 shares of company stock worth $5,952,284. Insiders own 35.48% of the company's stock.

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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