Assenagon Asset Management SA sells 6,557 shares of Dropbox, Inc. (NASDAQ:DBX)

Assenagon Asset Management SA reduced its position in Dropbox, Inc. (NASDAQ:DBX – Free Report) by 6.9% in the second quarter, Holdings Channel reports. The institutional investor owned 88,774 shares of the company’s stock after selling 6,557 shares during the quarter. Assenagon Asset Management SA’s holdings in Dropbox were worth $1,995,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of DBX. Parallel Advisors LLC grew its position in Dropbox by 7.4% in the 4th quarter. Parallel Advisors LLC now owns 6,642 shares of the company’s stock valued at $196,000 after buying an additional 459 shares in the last quarter. Cooper Financial Group boosted its holdings in shares of Dropbox by 3.1% in the first quarter. Cooper Financial Group now owns 15,581 shares of the company’s stock valued at $379,000 after acquiring an additional 462 shares during the last quarter. Truist Financial Corp grew its position in shares of Dropbox by 1.8% in the fourth quarter. Truist Financial Corp now owns 42,999 shares of the company’s stock valued at $1,268,000 after buying an additional 769 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Dropbox in the 4th quarter valued at about $25,000. Finally, Retirement Systems of Alabama grew its position in Dropbox by 0.3% in the first quarter. Retirement Systems of Alabama now owns 321,699 shares of the company’s stock worth $7,817,000 after buying an additional 845 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s shares.

The Wall Street analyst weighs in

A number of research firms have issued reports on DBX. Citigroup cut their price target on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. UBS Group cut their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.14, based on data from MarketBeat.com.

Get the latest stock report on Dropbox

Dropbox trading up 2.6%

Shares of DBX opened at $24.33 on Thursday. Dropbox, Inc. it has a twelve month low of $20.68 and a twelve month high of $33.43. The stock has a market cap of $8.03 billion, a P/E ratio of 16.11, a P/E/G ratio of 1.61 and a beta of 0.65. The stock has a 50-day moving average of $22.54 and a 200-day moving average of $23.73.

Dropbox (NASDAQ:DBX – Get Your Free Report ) last released its earnings results on Thursday, August 8th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. Dropbox had a net margin of 20.50% and a negative return on equity of 148.13%. The firm had revenue of $634.50 million during the quarter, compared to analyst estimates of $630.10 million. During the same period in the previous year, the firm earned $0.28 EPS. The company’s quarterly revenue was up 1.9% year over year. On average, research analysts predict that Dropbox, Inc. will post 1.26 earnings per share for the current fiscal year.

Buy and sell inside Dropbox

In other news, insider Eric Cox sold 8,536 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $21.27, for a total transaction of $181,560.72. Following the sale, the insider now directly owns 350,471 shares of the company’s stock, valued at approximately $7,454,518.17. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Bart Volkmer sold 7,000 shares of Dropbox stock in a transaction on Monday, July 15th. The shares were sold at an average price of $22.76, for a total value of $159,320.00. Following the sale, the insider now owns 333,934 shares of the company’s stock, valued at approximately $7,600,337.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Also, insider Eric Cox sold 8,536 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $21.27, for a total transaction of $181,560.72. Following the transaction, the insider now owns 350,471 shares of the company’s stock, valued at $7,454,518.17. The disclosure for this sale can be found here. In the last quarter, insiders sold 208,536 shares of company stock worth $4,672,611. Corporate insiders own 26.40% of the company’s shares.

Dropbox Company Profile

(Free Report)

Dropbox, Inc provides a worldwide content collaboration platform. 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 clients in the professional services, technology, media, education, industrial, consumer and retail and financial services sectors.

Featured stories

Want to see what other hedge funds own DBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Dropbox, Inc. (NASDAQ:DBX – Free Report).

Get news and reviews for Dropbox Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Dropbox and related companies with MarketBeat.com’s FREE daily email newsletter.