Pinebridge Investments LLC Invests $1.14 Million in Dropbox, Inc. $DBX

Key Points

• Pinebridge Investments LLC opened a new position in Dropbox during the fourth quarter, buying 41,087 shares valued at about $1.14 million.
• Dropbox reported better-than-expected quarterly results, with EPS of $0.76 versus $0.71 expected and revenue of $629.5 million, slightly ahead of estimates.
• Sentiment remains mixed: analysts currently have a consensus rating of “Reduce” with a $27 target price, while insiders have recently sold shares through pre-arranged trading plans.

Pinebridge Investments LLC purchased a new position in Dropbox, Inc. (NASDAQ:DBX - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,087 shares of the company's stock, valued at approximately $1,142,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. WealthCollab LLC raised its holdings in shares of Dropbox by 20.6% in the fourth quarter. WealthCollab LLC now owns 2,356 shares of the company's stock worth $65,000 after buying an additional 403 shares during the period. Parallel Advisors LLC raised its holdings in shares of Dropbox by 8.3% in the fourth quarter. Parallel Advisors LLC now owns 5,765 shares of the company's stock worth $160,000 after buying an additional 440 shares during the period. Lakewood Asset Management LLC raised its holdings in shares of Dropbox by 1.0% in the fourth quarter. Lakewood Asset Management LLC now owns 44,905 shares of the company's stock worth $1,248,000 after buying an additional 458 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Dropbox by 1.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,254 shares of the company's stock worth $730,000 after buying an additional 466 shares during the period. Finally, Merit Financial Group LLC raised its holdings in shares of Dropbox by 4.4% in the third quarter. Merit Financial Group LLC now owns 11,385 shares of the company's stock worth $344,000 after buying an additional 480 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Stock Down 0.8%

Shares of NASDAQ:DBX opened at $27.30 on Tuesday. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $32.40. The stock has a market cap of $6.37 billion, a P/E ratio of 14.92, a price-to-earnings-growth ratio of 3.01 and a beta of 0.67. The business's 50 day moving average is $25.20 and its 200 day moving average is $26.15.

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

Analyst Ratings Changes

DBX has been the topic of several recent analyst reports. William Blair reiterated an "underperform" rating on shares of Dropbox in a report on Monday, March 23rd. Royal Bank Of Canada reissued an "outperform" rating on shares of Dropbox in a research note on Monday, June 1st. Wall Street Zen raised Dropbox from a "hold" rating to a "buy" rating in a research note on Saturday, May 16th. UBS Group dropped their price objective on Dropbox from $27.00 to $23.00 and set a "sell" rating on the stock in a research note on Friday, February 20th. Finally, Citigroup increased their price objective on Dropbox from $27.00 to $28.00 and gave the stock a "neutral" rating in a research note on Monday, May 11th. 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. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $27.00.

Insider Activity at Dropbox

In other Dropbox news, CTO Ali Dasdan sold 5,666 shares of the company's stock in a transaction 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 sale, the chief technology officer owned 514,611 shares in the company, valued at $14,182,679.16. This represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 company's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $27.57, for a total value of $199,331.10. Following the sale, the insider 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. 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. Insiders have sold 239,883 shares of company stock valued at $6,006,972 over the last 90 days. Insiders own 35.48% of the company's stock.

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.

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