Hsbc Holdings PLC Sells 36,632 Shares of Dropbox, Inc. $DBX

Hsbc Holdings PLC cut its position in Dropbox, Inc. (NASDAQ:DBX) by 33.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of DBX. Palisade Asset Management LLC bought a new position in Dropbox in the 3rd quarter worth approximately $30,000. Kestra Advisory Services LLC bought a new stake in shares of Dropbox in the fourth quarter valued at approximately $31,000. Larson Financial Group LLC grew its stake in shares of Dropbox by 228.0% in the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock worth $32,000 after acquiring an additional 791 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Dropbox by 78.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after acquiring an additional 558 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Dropbox during the fourth quarter worth $38,000. Institutional investors own 94.84% of the company’s stock.

Insider Transactions at Dropbox

In other Dropbox news, CEO Andrew Houston sold 37,498 shares of Dropbox stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $25.96, for a total transaction of $973,448.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 5,666 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.56, for a total value of $156,154.96. Following the completion of the sale, the chief technology officer owned 514,611 shares in the company, valued at approximately $14,182,679.16. This represents a 1.09% 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. Over the last three months, insiders have sold 130,497 shares of company stock valued at $3,522,440. Corporate insiders own 35.48% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on DBX shares. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dropbox in a research report on Monday, May 4th. Citigroup increased their target price on shares of Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. William Blair reissued an “underperform” rating on shares of Dropbox in a research report on Monday, March 23rd. Finally, Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. One investment 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, Dropbox presently has a consensus rating of “Reduce” and an average target price of $27.00.

Dropbox Trading Down 0.7%

DBX stock traded down $0.22 during midday trading on Friday, hitting $29.19. The stock had a trading volume of 2,743,123 shares, compared to its average volume of 3,554,992. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $32.40. The stock has a 50-day simple moving average of $27.10 and a 200 day simple moving average of $25.89. The firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of 15.95, a P/E/G ratio of 3.20 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results 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. The firm had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.70 EPS. On average, equities analysts forecast that Dropbox, Inc. will post 2.09 EPS for the current year.

Dropbox 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.