OP Asset Management Ltd Takes $3.20 Million Position in Dropbox, Inc. $DBX

OP Asset Management Ltd bought a new position in shares of Dropbox, Inc. (NASDAQ:DBX) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 140,651 shares of the company’s stock, valued at approximately $3,196,000.

Several other large investors have also recently bought and sold shares of the stock. LSV Asset Management grew its position in Dropbox by 1.1% in the 4th quarter. LSV Asset Management now owns 11,735,641 shares of the company’s stock worth $326,251,000 after purchasing an additional 121,999 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Dropbox by 11.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,573,627 shares of the company’s stock valued at $210,547,000 after buying an additional 767,119 shares during the period. Jacobs Levy Equity Management Inc. grew its position in Dropbox by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company’s stock worth $153,935,000 after buying an additional 70,867 shares in the last quarter. Allianz Asset Management GmbH increased its stake in Dropbox by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock valued at $75,626,000 after acquiring an additional 596,440 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its stake in Dropbox by 22.5% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company’s stock valued at $70,015,000 after acquiring an additional 463,258 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Dropbox Stock Up 6.2%

Shares of DBX opened at $26.64 on Friday. The company has a 50-day moving average price of $26.24 and a two-hundred day moving average price of $25.88. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 14.56, 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 released its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The company had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. During the same period in the prior year, the company posted $0.70 EPS. The company’s revenue was up .8% compared to the same quarter last year. Equities research analysts expect that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, insider William T. Yoon sold 7,230 shares of the company’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 $199,331.10. Following the completion of the sale, the insider directly owned 366,963 shares of the company’s stock, valued at $10,117,169.91. This represents a 1.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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. Also, CEO Andrew Houston sold 30,332 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $27.50, for a total transaction of $834,130.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 239,774 shares of company stock worth $6,005,653 over the last quarter. Corporate insiders own 35.48% of the company’s stock.

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.