Dropbox, Inc. $DBX Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC lessened its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 33.8% in the 4th quarter, HoldingsChannel reports. The firm owned 71,740 shares of the company’s stock after selling 36,632 shares during the quarter. Hsbc Holdings PLC’s holdings in Dropbox were worth $1,991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Palisade Asset Management LLC purchased a new stake in Dropbox in the third quarter valued at $30,000. Kestra Advisory Services LLC purchased a new position in shares of Dropbox during the 4th quarter valued at about $31,000. Larson Financial Group LLC lifted its holdings 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 valued at $32,000 after buying an additional 791 shares during the period. Geneos Wealth Management Inc. lifted its holdings 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 valued at $36,000 after buying an additional 558 shares during the period. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Dropbox in the fourth quarter worth about $38,000. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Dropbox Stock Up 2.9%

DBX stock opened at $27.40 on Tuesday. The company’s 50-day simple moving average is $26.30 and its 200-day simple moving average is $25.85. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $32.40. The firm has a market cap of $6.39 billion, a P/E ratio of 14.97, a PEG ratio of 2.92 and a beta of 0.67.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The firm had revenue of $629.50 million for the quarter, compared to analysts’ expectations of $620.56 million. During the same period last year, the firm earned $0.70 EPS. The company’s quarterly revenue was up .8% on a year-over-year basis. On average, analysts anticipate that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Dropbox

In other news, Director Andrew William Moore sold 8,443 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $232,773.51. Following the completion of the sale, the director directly owned 4,737 shares in the company, valued at $130,599.09. The trade was a 64.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William T. Yoon sold 7,230 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $199,331.10. Following the transaction, the insider directly owned 366,963 shares of the company’s stock, valued at approximately $10,117,169.91. The trade was a 1.93% 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. Insiders have sold a total of 238,358 shares of company stock valued at $5,973,652 in the last ninety days. 35.48% of the stock is currently owned by company insiders.

Dropbox Company Profile

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.