KLP Kapitalforvaltning AS Acquires 21,800 Shares of Dropbox, Inc. $DBX

KLP Kapitalforvaltning AS raised its stake in Dropbox, Inc. (NASDAQ:DBX) by 2.9% in the third quarter, Holdings Channel reports. The fund owned 764,100 shares of the company’s stock after purchasing an additional 21,800 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Dropbox were worth $23,083,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. grew its holdings in shares of 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 valued at $62,090,000 after purchasing an additional 52,218 shares during the last quarter. CWA Asset Management Group LLC boosted its position in Dropbox by 11.6% in the third quarter. CWA Asset Management Group LLC now owns 61,593 shares of the company’s stock valued at $1,861,000 after buying an additional 6,408 shares in the last quarter. SJS Investment Consulting Inc. grew its stake in shares of Dropbox by 6,319.0% during the third quarter. SJS Investment Consulting Inc. now owns 1,348 shares of the company’s stock worth $41,000 after buying an additional 1,327 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Dropbox during the third quarter worth $647,000. Finally, Merit Financial Group LLC increased its holdings in shares of Dropbox by 4.4% during the third quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock worth $344,000 after buying an additional 480 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on DBX shares. Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, October 8th. UBS Group cut Dropbox from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $29.00 to $27.00 in a report on Thursday, September 18th. 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 note on Monday. Finally, Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Dropbox has a consensus rating of “Hold” and a consensus price target of $31.33.

Dropbox Trading Up 1.1%

Shares of DBX stock opened at $27.30 on Thursday. Dropbox, Inc. has a 1-year low of $24.42 and a 1-year high of $33.33. The stock has a market cap of $7.06 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 2.20 and a beta of 0.62. The stock has a 50-day moving average of $28.92 and a 200-day moving average of $28.78.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.74 EPS for the quarter, topping 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 analyst estimates of $623.59 million. During the same period in the previous year, the firm earned $0.60 earnings per share. The firm’s quarterly revenue was down .7% on a year-over-year basis. Sell-side analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Insider Activity at Dropbox

In related news, CEO Andrew Houston sold 92,668 shares of Dropbox stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $26.91, for a total transaction of $2,493,695.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Sarah Elizabeth Schubach sold 1,168 shares of the business’s stock in a transaction on Monday, December 29th. The shares were sold at an average price of $27.88, for a total transaction of $32,563.84. Following the completion of the transaction, the chief accounting officer owned 93,870 shares in the company, valued at approximately $2,617,095.60. The trade was a 1.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 348,018 shares of company stock valued at $10,093,774 over the last 90 days. 29.95% of the stock is owned by company insiders.

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.