LSV Asset Management Buys 3,205,140 Shares of Dropbox, Inc. $DBX

LSV Asset Management grew its holdings in Dropbox, Inc. (NASDAQ:DBX) by 38.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,613,642 shares of the company’s stock after buying an additional 3,205,140 shares during the quarter. Dropbox accounts for approximately 0.8% of LSV Asset Management’s holdings, making the stock its 25th biggest holding. LSV Asset Management owned 4.30% of Dropbox worth $350,848,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership increased its position in shares of Dropbox by 10.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 6,662,161 shares of the company’s stock worth $190,538,000 after purchasing an additional 605,258 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in Dropbox by 2.7% in the third quarter. Wedge Capital Management L L P NC now owns 2,287,185 shares of the company’s stock worth $69,096,000 after purchasing an additional 59,625 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Dropbox by 47.8% during the third quarter. Allianz Asset Management GmbH now owns 2,123,932 shares of the company’s stock worth $64,164,000 after purchasing an additional 686,577 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Dropbox by 14.5% in the second quarter. Russell Investments Group Ltd. now owns 2,123,102 shares of the company’s stock valued at $60,443,000 after buying an additional 268,442 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in Dropbox by 2.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,055,276 shares of the company’s stock worth $62,090,000 after buying an additional 52,218 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

Insider Activity at Dropbox

In other Dropbox news, insider William T. Yoon sold 7,142 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $29.19, for a total value of $208,474.98. Following the transaction, the insider directly owned 206,228 shares of the company’s stock, valued at $6,019,795.32. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew Houston sold 164,502 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were 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 90 days, insiders have sold 568,556 shares of company stock worth $15,851,617. Insiders own 29.95% of the company’s stock.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $24.41 on Thursday. The stock has a market capitalization of $6.32 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 2.04 and a beta of 0.63. Dropbox, Inc. has a 52 week low of $24.17 and a 52 week high of $33.27. The stock has a 50 day moving average price of $27.03 and a 200 day moving average price of $28.48.

Wall Street Analysts Forecast Growth

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

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.