Allianz Asset Management GmbH Raises Position in Dropbox, Inc. $DBX

Allianz Asset Management GmbH raised its holdings in Dropbox, Inc. (NASDAQ:DBX) by 28.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,720,372 shares of the company’s stock after acquiring an additional 596,440 shares during the quarter. Allianz Asset Management GmbH’s holdings in Dropbox were worth $75,626,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rossby Financial LCC boosted its position in Dropbox by 128.5% in the 3rd quarter. Rossby Financial LCC now owns 937 shares of the company’s stock valued at $28,000 after buying an additional 527 shares during the period. Palisade Asset Management LLC purchased a new position in Dropbox in the 3rd quarter valued at approximately $30,000. Larson Financial Group LLC boosted its position in Dropbox by 228.0% in the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after buying an additional 791 shares during the period. Geneos Wealth Management Inc. boosted its position in Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after buying an additional 558 shares during the period. Finally, Hantz Financial Services Inc. boosted its position in Dropbox by 342.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,448 shares of the company’s stock valued at $44,000 after buying an additional 1,121 shares during the period. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Activity

In related news, CEO Andrew Houston sold 30,332 shares of Dropbox stock in a transaction on Monday, May 18th. The shares were sold at an average price of $27.50, for a total transaction of $834,130.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William T. Yoon sold 7,230 shares of Dropbox stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total transaction of $199,331.10. Following the sale, the insider owned 366,963 shares in the company, valued at $10,117,169.91. This represents a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold 239,883 shares of company stock worth $6,006,972 over the last three months. Company insiders own 35.48% of the company’s stock.

Dropbox Price Performance

Shares of NASDAQ:DBX opened at $27.65 on Thursday. The company’s fifty day moving average price is $25.41 and its 200 day moving average price is $26.13. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $32.40. The firm has a market capitalization of $6.45 billion, a P/E ratio of 15.11, a P/E/G ratio of 3.00 and a beta of 0.67.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. During the same period last year, the business earned $0.70 EPS. Dropbox’s revenue for the quarter was up .8% compared to the same quarter last year. On average, sell-side analysts anticipate that Dropbox, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have commented on the stock. William Blair reissued an “underperform” rating on shares of Dropbox in a research report on Monday, March 23rd. UBS Group reduced their price objective on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a report on Friday, February 20th. Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Dropbox presently has an average rating of “Reduce” and a consensus target price of $27.00.

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.