OP Asset Management Ltd Acquires Shares of 140,651 Dropbox, Inc. $DBX

Key Points

• OP Asset Management Ltd initiated a new position in Dropbox during the first quarter, buying 140,651 shares worth about $3.2 million.
• Dropbox insiders have been selling shares recently, including CEO Andrew Houston and insider William T. Yoon, with 239,774 shares sold over the last 90 days.
• Dropbox reported better-than-expected quarterly earnings of $0.76 per share on revenue of $629.5 million, while analysts currently hold a Reduce consensus rating with a price target of $27.

OP Asset Management Ltd bought a new position in Dropbox, Inc. (NASDAQ:DBX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 140,651 shares of the company's stock, valued at approximately $3,196,000. OP Asset Management Ltd owned approximately 0.06% of Dropbox as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Palisade Asset Management LLC acquired a new position in shares of Dropbox in the third quarter worth $30,000. Kestra Advisory Services LLC purchased a new position in Dropbox in the fourth quarter valued at about $31,000. Larson Financial Group LLC grew its stake in Dropbox by 228.0% in the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company's stock valued at $32,000 after purchasing an additional 791 shares in the last quarter. Geneos Wealth Management Inc. increased its position in 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 purchasing an additional 558 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Dropbox in the 4th quarter worth about $38,000. Institutional investors and hedge funds own 94.84% of the company's stock.

Insider Buying and Selling

In related news, CEO Andrew Houston sold 111,166 shares of the firm's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $22.89, for a total value of $2,544,589.74. Following the transaction, the chief executive officer directly owned 8,266,666 shares in the company, valued at approximately $189,223,984.74. This trade represents a 1.33% decrease in their position. The transaction 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. Also, insider William T. Yoon sold 7,230 shares of the business's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total transaction of $199,331.10. Following the transaction, the insider directly owned 366,963 shares of the company's stock, valued at approximately $10,117,169.91. This represents a 1.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 90 days, insiders have sold 239,774 shares of company stock valued at $6,005,653. 35.48% of the stock is owned by corporate insiders.

Dropbox Stock Performance

DBX opened at $26.64 on Friday. The company has a market cap of $6.22 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 2.92 and a beta of 0.67. The stock has a 50-day moving average of $26.24 and a 200-day moving average of $25.88. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $32.40.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The business had revenue of $629.50 million for the quarter, compared to the consensus estimate of $620.56 million. During the same period last year, the business earned $0.70 EPS. The firm's revenue was up .8% compared to the same quarter last year. On average, research analysts predict that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Dropbox Company 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.

Want to see what other hedge funds are holding DBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dropbox, Inc. (NASDAQ:DBX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.