Allspring Global Investments Holdings LLC Acquires Shares of 21,922 Dropbox, Inc. $DBX

Allspring Global Investments Holdings LLC bought a new position in Dropbox, Inc. (NASDAQ:DBX) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 21,922 shares of the company’s stock, valued at approximately $647,000.

A number of other large investors have also made changes to their positions in the company. Merit Financial Group LLC boosted its stake in Dropbox by 4.4% in the 3rd quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock worth $344,000 after purchasing an additional 480 shares during the period. 3Chopt Investment Partners LLC lifted its holdings in shares of Dropbox by 1.0% in the third quarter. 3Chopt Investment Partners LLC now owns 132,367 shares of the company’s stock valued at $3,999,000 after purchasing an additional 1,292 shares in the last quarter. Abacus FCF Advisors LLC boosted its position in shares of Dropbox by 2.9% in the third quarter. Abacus FCF Advisors LLC now owns 106,852 shares of the company’s stock worth $3,228,000 after buying an additional 3,048 shares during the period. CWM LLC boosted its position in shares of Dropbox by 16.9% in the third quarter. CWM LLC now owns 217,391 shares of the company’s stock worth $6,567,000 after buying an additional 31,477 shares during the period. Finally, ABLE Financial Group LLC grew its holdings in shares of Dropbox by 20.8% during the third quarter. ABLE Financial Group LLC now owns 72,473 shares of the company’s stock valued at $2,189,000 after buying an additional 12,477 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Price Performance

Shares of DBX stock opened at $27.28 on Friday. Dropbox, Inc. has a fifty-two week low of $24.42 and a fifty-two week high of $33.33. The stock’s 50-day moving average is $28.86 and its two-hundred day moving average is $28.76. The firm has a market cap of $7.06 billion, a P/E ratio of 15.41, a PEG ratio of 2.23 and a beta of 0.62.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.64 by $0.10. Dropbox had a negative return on equity of 49.51% and a net margin of 19.87%.The business had revenue of $634.40 million during the quarter, compared to analysts’ expectations of $623.59 million. During the same quarter in the previous year, the business posted $0.60 EPS. The firm’s quarterly revenue was down .7% compared to the same quarter last year. As a group, research analysts expect that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Buying and Selling at Dropbox

In other news, insider William T. Yoon sold 7,142 shares of the firm’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $29.19, for a total transaction of $208,474.98. Following the transaction, the insider owned 206,228 shares in the company, valued at approximately $6,019,795.32. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Ali Dasdan sold 5,666 shares of Dropbox stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $29.19, for a total transaction of $165,390.54. Following the completion of the sale, the chief technology officer directly owned 526,140 shares of the company’s stock, valued at approximately $15,358,026.60. The trade was a 1.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 348,018 shares of company stock worth $10,093,774. Company insiders own 29.95% of the company’s stock.

Wall Street Analysts Forecast Growth

DBX has been the subject of several research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, October 8th. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Royal Bank Of Canada decreased their price target on shares of Dropbox from $38.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Finally, UBS Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $31.33.

About Dropbox

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.