Pinebridge Investments LLC Makes New $1.14 Million Investment in Dropbox, Inc. $DBX

Pinebridge Investments LLC bought a new position in shares of Dropbox, Inc. (NASDAQ:DBX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 41,087 shares of the company’s stock, valued at approximately $1,142,000.

A number of other hedge funds also recently bought and sold shares of the stock. Parallel Advisors LLC lifted its holdings in Dropbox by 8.3% during the fourth quarter. Parallel Advisors LLC now owns 5,765 shares of the company’s stock worth $160,000 after buying an additional 440 shares during the period. WCG Wealth Advisors LLC lifted its holdings in shares of Dropbox by 106.9% during the 4th quarter. WCG Wealth Advisors LLC now owns 39,478 shares of the company’s stock valued at $1,097,000 after purchasing an additional 20,398 shares during the last quarter. AXQ Capital LP lifted its holdings in shares of Dropbox by 27.1% during the 4th quarter. AXQ Capital LP now owns 35,691 shares of the company’s stock valued at $992,000 after purchasing an additional 7,617 shares during the last quarter. AdvisorShares Investments LLC purchased a new stake in shares of Dropbox during the 4th quarter valued at $486,000. Finally, Norges Bank purchased a new stake in shares of Dropbox during the 4th quarter valued at $69,909,000. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. UBS Group decreased their price objective on Dropbox from $27.00 to $23.00 and set a “sell” rating for the company in a report on Friday, February 20th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. Citigroup increased their price objective on Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Finally, JPMorgan Chase & Co. decreased their price objective on Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 20th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $27.00.

Insider Activity at Dropbox

In other Dropbox news, CAO Sarah Elizabeth Schubach sold 1,305 shares of Dropbox stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $27.66, for a total transaction of $36,096.30. Following the completion of the transaction, the chief accounting officer owned 129,815 shares in the company, valued at approximately $3,590,682.90. This trade represents a 1.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 5,666 shares of Dropbox stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.56, for a total value of $156,154.96. Following the transaction, the chief technology officer owned 514,611 shares of the company’s stock, valued at $14,182,679.16. The trade was a 1.09% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 in the last three months. Company insiders own 35.48% of the company’s stock.

Dropbox Trading Down 0.8%

Shares of NASDAQ:DBX opened at $27.30 on Tuesday. The company’s 50 day moving average is $25.20 and its 200 day moving average is $26.15. The company has a market cap of $6.37 billion, a PE ratio of 14.92, a price-to-earnings-growth ratio of 3.01 and a beta of 0.67. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $32.40.

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