BI Asset Management Fondsmaeglerselskab A S Buys New Stake in Dropbox, Inc. $DBX

Key Points

• BI Asset Management opened a new position in Dropbox during the first quarter, buying 229,812 shares valued at about $5.22 million.
• Dropbox shares were down 0.7% in Tuesday trading, opening at $25.80, with a market cap of about $6.02 billion.
• The company recently beat earnings expectations, reporting $0.76 EPS on revenue of $629.5 million, while analysts currently have a consensus rating of "Reduce" and a target price of $27.00.

BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Dropbox, Inc. (NASDAQ:DBX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 229,812 shares of the company's stock, valued at approximately $5,221,000. BI Asset Management Fondsmaeglerselskab A S owned about 0.10% of Dropbox as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in DBX. LSV Asset Management lifted its holdings in shares of Dropbox by 1.1% in the 4th quarter. LSV Asset Management now owns 11,735,641 shares of the company's stock valued at $326,251,000 after buying an additional 121,999 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Dropbox by 11.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,573,627 shares of the company's stock worth $210,547,000 after buying an additional 767,119 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Dropbox by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company's stock worth $153,935,000 after acquiring an additional 70,867 shares during the period. Allianz Asset Management GmbH grew its holdings in Dropbox by 28.1% during the fourth quarter. Allianz Asset Management GmbH now owns 2,720,372 shares of the company's stock worth $75,626,000 after acquiring an additional 596,440 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its position in Dropbox by 22.5% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company's stock valued at $70,015,000 after acquiring an additional 463,258 shares in the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Dropbox Stock Down 0.7%

Shares of Dropbox stock opened at $25.80 on Tuesday. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $32.40. The business has a 50-day moving average price of $25.97 and a 200 day moving average price of $25.96. The firm has a market cap of $6.02 billion, a PE ratio of 14.10, a P/E/G ratio of 2.84 and a beta of 0.67.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. The company had revenue of $629.50 million during the quarter, compared to analysts' expectations of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.Dropbox's quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.70 EPS. On average, sell-side analysts expect that Dropbox, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

DBX has been the subject of a number of analyst reports. Royal Bank Of Canada reissued an "outperform" rating on shares of Dropbox in a report on Monday, June 1st. William Blair reaffirmed an "underperform" rating on shares of Dropbox in a research note on Monday, March 23rd. Wall Street Zen lowered shares of Dropbox from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings reiterated a "hold (c)" rating on shares of Dropbox in a research note on Monday, May 4th. Finally, Citigroup increased their price target on shares of Dropbox from $27.00 to $28.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $27.00.

Insiders Place Their Bets

In other news, CTO Ali Dasdan sold 5,666 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $27.56, for a total transaction of $156,154.96. Following the completion of the transaction, the chief technology officer directly owned 514,611 shares of the company's stock, valued at $14,182,679.16. This represents a 1.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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. Also, insider William T. Yoon sold 7,230 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.57, for a total value of $199,331.10. Following the transaction, the insider owned 366,963 shares in the company, valued at $10,117,169.91. This trade represents a 1.93% 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. Over the last three months, insiders sold 239,774 shares of company stock valued at $6,005,653. 35.48% of the stock is owned by 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.

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