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

Carret Asset Management LLC reduced its stake in Dropbox, Inc. (NASDAQ:DBX) by 19.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 7,142 shares of the company’s stock after selling 1,750 shares during the quarter. Carret Asset Management LLC’s holdings in Dropbox were worth $215,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Commonwealth Equity Services LLC purchased a new position in shares of Dropbox during the 4th quarter worth approximately $201,000. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Dropbox by 3.9% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 42,638 shares of the company’s stock worth $1,291,000 after purchasing an additional 1,585 shares during the period. Vestcor Inc boosted its position in shares of Dropbox by 163.4% during the 4th quarter. Vestcor Inc now owns 114,750 shares of the company’s stock worth $3,447,000 after purchasing an additional 71,178 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Dropbox by 20.7% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 537,875 shares of the company’s stock worth $16,158,000 after purchasing an additional 92,139 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company’s stock worth $26,000 after purchasing an additional 424 shares during the period. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Transactions at Dropbox

In other news, insider Eric Cox sold 3,765 shares of Dropbox stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $26.30, for a total transaction of $99,019.50. Following the completion of the sale, the insider now directly owns 309,550 shares of the company’s stock, valued at approximately $8,141,165. The trade was a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Andrew Houston sold 500,323 shares of Dropbox stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total transaction of $14,834,576.95. Following the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $245,106,646.90. This trade represents a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 634,504 shares of company stock valued at $18,935,530. Insiders own 28.59% of the company’s stock.

Dropbox Stock Up 4.4 %

Shares of DBX stock opened at $25.62 on Friday. Dropbox, Inc. has a 52 week low of $20.68 and a 52 week high of $33.33. The stock has a market capitalization of $7.73 billion, a PE ratio of 18.17, a P/E/G ratio of 1.70 and a beta of 0.77. The firm has a 50 day moving average of $29.68 and a two-hundred day moving average of $27.86.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.11). Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The business had revenue of $643.60 million during the quarter, compared to analysts’ expectations of $638.61 million. Analysts expect that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Jefferies Financial Group increased their price objective on shares of Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, January 6th.

Dropbox Company 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.