Smith Group Asset Management LLC Sells 1,000 Shares of Dropbox, Inc. $DBX

Smith Group Asset Management LLC trimmed its holdings in Dropbox, Inc. (NASDAQ:DBX) by 2.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 34,090 shares of the company’s stock after selling 1,000 shares during the quarter. Smith Group Asset Management LLC’s holdings in Dropbox were worth $975,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Acadian Asset Management LLC lifted its holdings in shares of Dropbox by 1.9% in the first quarter. Acadian Asset Management LLC now owns 8,544,978 shares of the company’s stock worth $228,202,000 after buying an additional 157,148 shares in the last quarter. LSV Asset Management increased its holdings in Dropbox by 18.4% in the 1st quarter. LSV Asset Management now owns 7,633,516 shares of the company’s stock valued at $203,891,000 after acquiring an additional 1,187,395 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Dropbox by 1.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,950,273 shares of the company’s stock worth $78,802,000 after purchasing an additional 36,268 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Dropbox by 38.1% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,482,705 shares of the company’s stock valued at $66,313,000 after purchasing an additional 684,882 shares during the last quarter. Finally, Wedge Capital Management L L P NC increased its holdings in shares of Dropbox by 4.0% in the second quarter. Wedge Capital Management L L P NC now owns 2,227,560 shares of the company’s stock worth $63,708,000 after purchasing an additional 86,534 shares during the last quarter. Institutional investors own 94.84% of the company’s stock.

Insider Activity at Dropbox

In other Dropbox news, insider William T. Yoon sold 11,430 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.16, for a total value of $344,728.80. Following the sale, the insider owned 223,662 shares in the company, valued at $6,745,645.92. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Andrew Houston sold 101,167 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $29.64, for a total transaction of $2,998,589.88. The disclosure for this sale can be found here. Insiders have sold 318,632 shares of company stock worth $9,248,234 over the last quarter. 29.95% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

DBX has been the topic of a number of research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a research note on Saturday, October 18th. Finally, UBS Group cut shares of Dropbox from a “neutral” rating to a “sell” rating and decreased their target price for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Dropbox has a consensus rating of “Reduce” and a consensus price target of $29.67.

Dropbox Trading Up 0.3%

Dropbox stock opened at $29.35 on Friday. Dropbox, Inc. has a 12-month low of $24.42 and a 12-month high of $33.33. The firm has a 50-day moving average price of $29.64 and a 200-day moving average price of $28.57. The firm has a market capitalization of $7.92 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 3.86 and a beta of 0.67.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. The company had revenue of $625.70 million for the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The firm’s revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.60 EPS. As a group, sell-side analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Dropbox 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.