Allianz Asset Management GmbH Purchases 686,577 Shares of Dropbox, Inc. $DBX

Allianz Asset Management GmbH grew its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 47.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,123,932 shares of the company’s stock after acquiring an additional 686,577 shares during the period. Allianz Asset Management GmbH’s holdings in Dropbox were worth $64,164,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in DBX. First Horizon Corp bought a new stake in shares of Dropbox during the third quarter valued at approximately $31,000. Neo Ivy Capital Management purchased a new position in Dropbox during the second quarter valued at $30,000. LRI Investments LLC boosted its holdings in shares of Dropbox by 666.7% during the 3rd quarter. LRI Investments LLC now owns 1,150 shares of the company’s stock valued at $35,000 after buying an additional 1,000 shares in the last quarter. Geneos Wealth Management Inc. grew its position 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 worth $36,000 after buying an additional 558 shares during the period. Finally, SJS Investment Consulting Inc. increased its stake in shares of Dropbox by 6,319.0% in the 3rd quarter. SJS Investment Consulting Inc. now owns 1,348 shares of the company’s stock worth $41,000 after acquiring an additional 1,327 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Dropbox Stock Performance

NASDAQ:DBX opened at $25.11 on Thursday. The firm has a market cap of $6.50 billion, a P/E ratio of 14.19, a P/E/G ratio of 2.05 and a beta of 0.63. Dropbox, Inc. has a fifty-two week low of $24.41 and a fifty-two week high of $33.27. The firm has a 50-day simple moving average of $27.53 and a two-hundred day simple moving average of $28.59.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.10. The firm had revenue of $634.40 million for the quarter, compared to analysts’ expectations of $623.59 million. Dropbox had a net margin of 19.87% and a negative return on equity of 49.51%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.60 earnings per share. On average, equities research analysts predict that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Activity at Dropbox

In other Dropbox news, CEO Andrew Houston sold 164,502 shares of the 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ashraf Alkarmi sold 10,098 shares of Dropbox stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $29.18, for a total value of $294,659.64. Following the completion of the sale, the insider directly owned 435,810 shares of the company’s stock, valued at approximately $12,716,935.80. The trade was a 2.26% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 568,556 shares of company stock valued at $15,851,617. 29.95% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

DBX has been the topic of several research reports. Royal Bank Of Canada dropped their price objective on shares of Dropbox from $38.00 to $35.00 and set an “outperform” rating on the stock in a research note on Monday, January 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, January 21st. Finally, Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $31.33.

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.