Assenagon Asset Management S.A. Has $3.27 Million Holdings in Dropbox, Inc. $DBX

Assenagon Asset Management S.A. raised its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 29.4% in the first quarter, HoldingsChannel reports. The fund owned 143,978 shares of the company’s stock after acquiring an additional 32,695 shares during the period. Assenagon Asset Management S.A.’s holdings in Dropbox were worth $3,271,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in DBX. Norges Bank bought a new stake in shares of Dropbox in the fourth quarter valued at approximately $69,909,000. Arbejdsmarkedets Tillaegspension acquired a new stake in Dropbox during the fourth quarter worth about $22,050,000. Arrowstreet Capital Limited Partnership increased its holdings in Dropbox by 11.3% in the 4th 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. Allianz Asset Management GmbH increased its holdings in Dropbox by 28.1% in the 4th quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company’s stock valued at $75,626,000 after buying an additional 596,440 shares during the period. Finally, Northern Trust Corp raised its position in shares of Dropbox by 29.1% in the 3rd quarter. Northern Trust Corp now owns 2,488,077 shares of the company’s stock valued at $75,165,000 after buying an additional 560,694 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Insiders Place Their Bets

In related news, Director Andrew William Moore sold 8,443 shares of Dropbox stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.57, for a total transaction of $232,773.51. Following the sale, the director directly owned 4,737 shares in the company, valued at $130,599.09. This trade represents a 64.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider William T. Yoon sold 7,230 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $27.57, for a total transaction of $199,331.10. Following the transaction, the insider directly owned 366,963 shares of the company’s stock, valued at $10,117,169.91. The trade was a 1.93% decrease in their position. 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 have sold 127,192 shares of company stock worth $3,429,062 over the last quarter. 35.48% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

Dropbox Stock Up 0.3%

Shares of DBX opened at $27.47 on Wednesday. The stock has a market cap of $6.41 billion, a PE ratio of 15.01, a PEG ratio of 3.00 and a beta of 0.67. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $32.40. The business has a 50-day simple moving average of $26.37 and a two-hundred day simple moving average of $25.85.

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

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.