Hsbc Holdings PLC Decreases Stock Holdings in Dropbox, Inc. $DBX

Hsbc Holdings PLC reduced its position in Dropbox, Inc. (NASDAQ:DBX) by 33.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 71,740 shares of the company’s stock after selling 36,632 shares during the period. Hsbc Holdings PLC’s holdings in Dropbox were worth $1,991,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Dropbox during the fourth quarter valued at approximately $69,909,000. Arbejdsmarkedets Tillaegspension purchased a new position in Dropbox in the fourth quarter worth $22,050,000. Arrowstreet Capital Limited Partnership grew its holdings in Dropbox by 11.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,573,627 shares of the company’s stock worth $210,547,000 after purchasing an additional 767,119 shares during the last quarter. Allianz Asset Management GmbH increased its position in shares of Dropbox by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock worth $75,626,000 after purchasing an additional 596,440 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Dropbox by 29.1% during the third quarter. Northern Trust Corp now owns 2,488,077 shares of the company’s stock worth $75,165,000 after purchasing an additional 560,694 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Activity at Dropbox

In other news, CEO Andrew Houston sold 30,332 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $27.50, for a total value of $834,130.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrew William Moore sold 8,443 shares of the firm’s stock in a transaction dated 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 transaction, the director owned 4,737 shares of the company’s stock, valued at approximately $130,599.09. The trade was a 64.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 238,358 shares of company stock worth $5,973,652 in the last quarter. 35.48% of the stock is owned by insiders.

Dropbox Trading Up 2.9%

NASDAQ DBX opened at $27.40 on Tuesday. The company has a fifty day simple moving average of $26.30 and a two-hundred day simple moving average of $25.85. The stock has a market cap of $6.39 billion, a P/E ratio of 14.97, a P/E/G ratio of 2.92 and a beta of 0.67. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $32.40.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The business had revenue of $629.50 million during the quarter, compared to the consensus estimate of $620.56 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, sell-side analysts forecast that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

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

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.