Assenagon Asset Management S.A. Cuts Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Assenagon Asset Management S.A. trimmed its position in Dropbox, Inc. (NASDAQ:DBX) by 7.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 82,451 shares of the company’s stock after selling 6,706 shares during the period. Assenagon Asset Management S.A.’s holdings in Dropbox were worth $2,477,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Quarry LP lifted its holdings in shares of Dropbox by 23.4% in the 3rd quarter. Quarry LP now owns 2,424 shares of the company’s stock valued at $62,000 after buying an additional 459 shares during the period. Harbor Capital Advisors Inc. raised its position in Dropbox by 13.2% in the third quarter. Harbor Capital Advisors Inc. now owns 7,956 shares of the company’s stock worth $202,000 after acquiring an additional 926 shares in the last quarter. Covestor Ltd raised its position in Dropbox by 34.3% in the third quarter. Covestor Ltd now owns 4,043 shares of the company’s stock worth $102,000 after acquiring an additional 1,033 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in Dropbox in the third quarter valued at $28,000. Finally, Venturi Wealth Management LLC boosted its position in shares of Dropbox by 43.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,818 shares of the company’s stock worth $97,000 after purchasing an additional 1,149 shares in the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group raised their price objective on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $27.50.

Dropbox Stock Performance

Dropbox stock opened at $31.19 on Thursday. The firm has a market capitalization of $9.66 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 1.55 and a beta of 0.61. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.43. The stock’s fifty day moving average is $29.30 and its two-hundred day moving average is $26.18.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.16). The business had revenue of $638.80 million during the quarter, compared to analyst estimates of $636.93 million. Dropbox had a net margin of 22.71% and a negative return on equity of 135.85%. During the same period in the previous year, the company posted $0.35 earnings per share. As a group, sell-side analysts forecast that Dropbox, Inc. will post 1.49 EPS for the current fiscal year.

Insider Transactions at Dropbox

In related news, CEO Andrew Houston sold 132,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $28.12, for a total value of $3,711,840.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $232,458,647.92. The trade was a 1.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy Regan sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total transaction of $296,500.00. Following the sale, the chief financial officer now directly owns 403,764 shares in the company, valued at $11,971,602.60. This represents a 2.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 822,069 shares of company stock valued at $24,219,976 in the last ninety days. Corporate insiders own 26.40% of the company’s stock.

About Dropbox

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.