Pinebridge Investments L.P. Boosts Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Pinebridge Investments L.P. lifted its stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 48.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 134,459 shares of the company's stock after purchasing an additional 43,985 shares during the quarter. Pinebridge Investments L.P.'s holdings in Dropbox were worth $4,039,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its holdings in shares of Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock valued at $26,000 after purchasing an additional 424 shares during the last quarter. Avion Wealth raised its stake in shares of Dropbox by 4,472.7% during the 4th quarter. Avion Wealth now owns 1,006 shares of the company's stock valued at $30,000 after buying an additional 984 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Dropbox during the 4th quarter valued at about $40,000. Allworth Financial LP raised its stake in shares of Dropbox by 33.5% during the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company's stock valued at $45,000 after buying an additional 365 shares during the last quarter. Finally, Huntington National Bank raised its stake in shares of Dropbox by 768.9% during the 4th quarter. Huntington National Bank now owns 1,538 shares of the company's stock valued at $46,000 after buying an additional 1,361 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Insider Buying and Selling at Dropbox

In other news, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction on Friday, February 7th. The shares were sold at an average price of $32.19, for a total transaction of $80,475.00. Following the completion of the sale, the chief financial officer now directly owns 396,264 shares of the company's stock, valued at approximately $12,755,738.16. The trade was a 0.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Cox sold 3,765 shares of Dropbox stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $26.30, for a total transaction of $99,019.50. Following the sale, the insider now directly owns 309,550 shares of the company's stock, valued at approximately $8,141,165. This trade represents a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,265 shares of company stock worth $313,270. Insiders own 28.59% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group raised their target price on Dropbox from $27.00 to $30.00 and gave the company a "hold" rating in a research report on Monday, January 6th.

Dropbox Stock Performance

Shares of NASDAQ DBX traded up $0.29 during mid-day trading on Thursday, reaching $28.84. The company's stock had a trading volume of 891,528 shares, compared to its average volume of 3,619,784. The stock has a 50-day moving average of $26.67 and a two-hundred day moving average of $28.38. The stock has a market capitalization of $8.70 billion, a P/E ratio of 20.45, a P/E/G ratio of 1.70 and a beta of 0.75. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.51 EPS for the quarter, missing analysts' consensus estimates of $0.62 by ($0.11). The business had revenue of $643.60 million during the quarter, compared to analyst estimates of $638.61 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. Analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Dropbox Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.