Dropbox, Inc. $DBX Shares Bought by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH boosted its Dropbox stake by 28.1% in the fourth quarter, ending with 2.72 million shares valued at about $75.6 million.
• Dropbox reported better-than-expected quarterly results, with EPS of $0.76 versus $0.71 expected and revenue of $629.5 million versus $620.56 million expected.
• Despite the earnings beat, analysts remain cautious: the stock has a consensus rating of “Reduce” with an average price target of $27, while insiders have also sold shares recently.

Allianz Asset Management GmbH raised its holdings in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 28.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,720,372 shares of the company's stock after acquiring an additional 596,440 shares during the period. Allianz Asset Management GmbH owned approximately 1.05% of Dropbox worth $75,626,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. LSV Asset Management raised its holdings in Dropbox by 38.1% in the 3rd quarter. LSV Asset Management now owns 11,613,642 shares of the company's stock valued at $350,848,000 after acquiring an additional 3,205,140 shares during the last quarter. Arbejdsmarkedets Tillaegspension acquired a new stake in Dropbox in the 4th quarter valued at about $22,050,000. Intech Investment Management LLC grew its stake in shares of Dropbox by 117.3% in the 3rd quarter. Intech Investment Management LLC now owns 407,958 shares of the company's stock valued at $12,324,000 after buying an additional 220,176 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Dropbox by 57.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 223,706 shares of the company's stock valued at $6,219,000 after buying an additional 82,053 shares during the period. Finally, Tudor Investment Corp ET AL grew its stake in shares of Dropbox by 3,963.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 312,892 shares of the company's stock valued at $9,452,000 after buying an additional 305,192 shares during the period. Institutional investors and hedge funds own 94.84% of the company's stock.

Dropbox Stock Performance

NASDAQ:DBX opened at $27.65 on Thursday. The stock has a market capitalization of $6.45 billion, a P/E ratio of 15.11, a PEG ratio of 3.00 and a beta of 0.67. The company has a 50 day moving average price of $25.41 and a 200 day moving average price of $26.13. Dropbox, Inc. has a fifty-two week low of $21.69 and a fifty-two week high of $32.40.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $629.50 million during the quarter, compared to analysts' expectations of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm's quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company posted $0.70 EPS. Research analysts forecast that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Ali Dasdan sold 5,666 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were 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 owned 514,611 shares of the company's stock, valued at approximately $14,182,679.16. This trade represents a 1.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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, CEO Ashraf Alkarmi sold 22,700 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total transaction of $632,422.00. Following the transaction, the chief executive officer directly owned 1,080,746 shares of the company's stock, valued at $30,109,583.56. The trade was a 2.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 239,883 shares of company stock worth $6,006,972 in the last three months. 35.48% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

DBX has been the subject of several analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Dropbox from $29.00 to $25.00 and set a "neutral" rating for the company in a research note on Friday, February 20th. Weiss Ratings reissued a "hold (c)" rating on shares of Dropbox in a research note on Monday, May 4th. Royal Bank Of Canada reissued an "outperform" rating on shares of Dropbox in a research note on Monday, June 1st. William Blair reissued an "underperform" rating on shares of Dropbox in a research note on Monday, March 23rd. Finally, UBS Group dropped their price target on shares of Dropbox from $27.00 to $23.00 and set a "sell" rating for the company in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Dropbox currently has an average rating of "Reduce" and a consensus target price of $27.00.

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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