Allianz Asset Management GmbH Buys 455,876 Shares of Dropbox, Inc. $DBX

Allianz Asset Management GmbH boosted its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 46.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,437,355 shares of the company’s stock after acquiring an additional 455,876 shares during the period. Allianz Asset Management GmbH’s holdings in Dropbox were worth $41,108,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Acadian Asset Management LLC increased its stake in shares of Dropbox by 1.9% in the 1st quarter. Acadian Asset Management LLC now owns 8,544,978 shares of the company’s stock valued at $228,202,000 after purchasing an additional 157,148 shares during the last quarter. LSV Asset Management increased its stake in shares of Dropbox by 18.4% in the 1st quarter. LSV Asset Management now owns 7,633,516 shares of the company’s stock valued at $203,891,000 after purchasing an additional 1,187,395 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Dropbox by 1.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,950,273 shares of the company’s stock valued at $78,802,000 after purchasing an additional 36,268 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Dropbox by 38.1% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,482,705 shares of the company’s stock valued at $66,313,000 after purchasing an additional 684,882 shares during the last quarter. Finally, Wedge Capital Management L L P NC increased its stake in shares of Dropbox by 4.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 2,227,560 shares of the company’s stock valued at $63,708,000 after purchasing an additional 86,534 shares during the last quarter. Institutional investors own 94.84% of the company’s stock.

Insider Buying and Selling at Dropbox

In other Dropbox news, CTO Ali Dasdan sold 12,812 shares of the company’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $384,360.00. Following the sale, the chief technology officer owned 551,060 shares in the company, valued at approximately $16,531,800. The trade was a 2.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider William T. Yoon sold 11,430 shares of the company’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $30.16, for a total value of $344,728.80. Following the completion of the sale, the insider owned 223,662 shares in the company, valued at $6,745,645.92. This trade represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 318,632 shares of company stock worth $9,248,234 over the last three months. 29.95% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

DBX has been the topic of several recent analyst reports. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, October 8th. Finally, UBS Group lowered Dropbox from a “neutral” rating to a “sell” rating and decreased their price target for the company from $29.00 to $27.00 in a research note on Thursday, September 18th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $29.67.

Dropbox Stock Up 2.5%

Shares of DBX stock opened at $29.10 on Friday. The firm has a market capitalization of $7.85 billion, a P/E ratio of 17.74, a P/E/G ratio of 3.74 and a beta of 0.67. Dropbox, Inc. has a twelve month low of $24.42 and a twelve month high of $33.33. The stock’s fifty day simple moving average is $29.49 and its 200 day simple moving average is $28.48.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The business had revenue of $625.70 million for the quarter, compared to analyst estimates of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.Dropbox’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 EPS. As a group, equities research analysts expect that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

About Dropbox

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.