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

Allianz Asset Management GmbH lifted its position in Dropbox, Inc. (NASDAQ:DBX) by 47.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,123,932 shares of the company’s stock after purchasing an additional 686,577 shares during the quarter. Allianz Asset Management GmbH owned 0.79% of Dropbox worth $64,164,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Neo Ivy Capital Management purchased a new stake in Dropbox in the second quarter worth approximately $30,000. First Horizon Corp bought a new stake in shares of Dropbox in the 3rd quarter worth approximately $31,000. LRI Investments LLC boosted its stake in shares of Dropbox by 666.7% in the 3rd quarter. LRI Investments LLC now owns 1,150 shares of the company’s stock valued at $35,000 after purchasing an additional 1,000 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of 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 purchasing an additional 558 shares in the last quarter. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Dropbox during the 2nd quarter valued at $41,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Dropbox

In other Dropbox news, CFO Timothy Regan sold 1,500 shares of the business’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $29.64, for a total transaction of $44,460.00. Following the transaction, the chief financial officer directly owned 439,147 shares of the company’s stock, valued at approximately $13,016,317.08. The trade was a 0.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew Houston sold 164,502 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $25.66, for a total transaction of $4,221,121.32. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 568,556 shares of company stock worth $15,851,617. 29.95% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on DBX shares. Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, January 21st. Finally, Royal Bank Of Canada reduced their price target on Dropbox from $38.00 to $35.00 and set an “outperform” rating on the stock in a research report on Monday, January 5th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $31.33.

Dropbox Stock Performance

Shares of NASDAQ:DBX opened at $25.11 on Thursday. The company has a 50-day moving average price of $27.53 and a 200-day moving average price of $28.59. The company has a market cap of $6.50 billion, a price-to-earnings ratio of 14.19, a price-to-earnings-growth ratio of 2.05 and a beta of 0.63. Dropbox, Inc. has a 12 month low of $24.41 and a 12 month high of $33.27.

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