Pictet Asset Management Holding SA Sells 94,918 Shares of Dropbox, Inc. $DBX

Key Points

• Pictet Asset Management Holding SA cut its Dropbox stake by 75.8% in the first quarter, selling 94,918 shares and leaving it with 30,226 shares worth about $687,000.
• Dropbox insiders have also been selling shares recently, including CEO Andrew Houston and insider William T. Yoon, with 128,497 shares sold over the last 90 days valued at $3.46 million.
• Dropbox reported quarterly results that beat analyst expectations, posting EPS of $0.76 versus $0.71 expected and revenue of $629.5 million, while analysts currently hold a Reduce consensus rating with a $27 average price target.

Pictet Asset Management Holding SA lessened its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 75.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,226 shares of the company's stock after selling 94,918 shares during the quarter. Pictet Asset Management Holding SA's holdings in Dropbox were worth $687,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Empowered Funds LLC boosted its holdings in Dropbox by 7.3% in the first quarter. Empowered Funds LLC now owns 38,795 shares of the company's stock valued at $1,036,000 after acquiring an additional 2,655 shares in the last quarter. Cetera Investment Advisers raised its holdings in Dropbox by 10.8% in the 2nd quarter. Cetera Investment Advisers now owns 24,623 shares of the company's stock worth $704,000 after purchasing an additional 2,405 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Dropbox by 88.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company's stock worth $48,000 after purchasing an additional 787 shares in the last quarter. Cresset Asset Management LLC lifted its position in shares of Dropbox by 75.8% in the 2nd quarter. Cresset Asset Management LLC now owns 15,230 shares of the company's stock worth $436,000 after purchasing an additional 6,569 shares during the period. Finally, Federated Hermes Inc. lifted its position in shares of Dropbox by 360.9% in the 2nd quarter. Federated Hermes Inc. now owns 117,852 shares of the company's stock worth $3,371,000 after purchasing an additional 92,280 shares during the period. Institutional investors own 94.84% of the company's stock.

Insider Transactions at Dropbox

In related news, insider William T. Yoon sold 7,230 shares of Dropbox stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $199,331.10. Following the completion of the sale, the insider directly owned 366,963 shares in the company, valued at approximately $10,117,169.91. This trade represents a 1.93% decrease in their position. The transaction 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew Houston sold 37,498 shares of Dropbox stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $25.96, for a total value of $973,448.08. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 128,497 shares of company stock valued at $3,464,440. Insiders own 35.48% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on DBX. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Dropbox in a research note on Monday, May 4th. Royal Bank Of Canada restated an "outperform" rating on shares of Dropbox in a report on Monday, June 1st. William Blair reaffirmed an "underperform" rating on shares of Dropbox in a research report on Monday, March 23rd. Citigroup upped their target price on Dropbox from $27.00 to $28.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Finally, Wall Street Zen raised Dropbox from a "hold" rating to a "buy" rating in a research report on Sunday, June 28th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $27.00.

Dropbox Stock Down 0.1%

Shares of DBX opened at $28.83 on Thursday. The company has a market capitalization of $6.73 billion, a P/E ratio of 15.75, a price-to-earnings-growth ratio of 3.16 and a beta of 0.66. The firm has a 50 day moving average of $26.89 and a 200 day moving average of $25.87. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $32.40.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The business had revenue of $629.50 million for the quarter, compared to analysts' expectations of $620.56 million. During the same period in the prior year, the firm posted $0.70 EPS. The firm's quarterly revenue was up .8% on a year-over-year basis. On average, sell-side analysts expect that Dropbox, Inc. will post 2.09 EPS for the current year.

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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