Assenagon Asset Management S.A. Purchases 691 Shares of Dropbox, Inc. $DBX

Assenagon Asset Management S.A. lifted its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 88,984 shares of the company’s stock after acquiring an additional 691 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Dropbox were worth $2,545,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Elequin Capital LP boosted its stake in Dropbox by 71.0% in the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company’s stock worth $30,000 after purchasing an additional 469 shares during the period. Brooklyn Investment Group boosted its stake in Dropbox by 250.3% in the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock worth $37,000 after purchasing an additional 991 shares during the period. SBI Securities Co. Ltd. boosted its stake in Dropbox by 33.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock worth $48,000 after purchasing an additional 449 shares during the period. Fifth Third Bancorp boosted its stake in Dropbox by 27.3% in the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company’s stock worth $61,000 after purchasing an additional 490 shares during the period. Finally, UMB Bank n.a. boosted its stake in Dropbox by 115.0% in the 1st quarter. UMB Bank n.a. now owns 2,501 shares of the company’s stock worth $67,000 after purchasing an additional 1,338 shares during the period. Institutional investors own 94.84% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on DBX. Wall Street Zen downgraded Dropbox from a “buy” rating to a “hold” rating in a research note on Friday, September 5th. UBS Group downgraded Dropbox from a “neutral” rating to a “sell” rating and cut their target price for the stock from $29.00 to $27.00 in a research note on Thursday, September 18th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $29.67.

Dropbox Stock Down 0.4%

NASDAQ:DBX opened at $31.24 on Friday. The business’s 50-day moving average price is $28.80 and its two-hundred day moving average price is $28.15. Dropbox, Inc. has a twelve month low of $24.42 and a twelve month high of $33.33. The stock has a market cap of $8.43 billion, a P/E ratio of 19.05, a PEG ratio of 4.15 and a beta of 0.70.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.08. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The firm had revenue of $625.70 million for the quarter, compared to analysts’ expectations of $618.60 million. During the same quarter last year, the firm posted $0.60 EPS. The company’s revenue was down 1.4% compared to the same quarter last year. On average, equities research analysts expect that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Insider Activity at Dropbox

In related news, insider Ashraf Alkarmi sold 10,098 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $27.30, for a total transaction of $275,675.40. Following the transaction, the insider directly owned 469,333 shares of the company’s stock, valued at approximately $12,812,790.90. This trade represents a 2.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Ali Dasdan sold 12,812 shares of the firm’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $30.00, for a total value of $384,360.00. Following the transaction, the chief technology officer directly owned 551,060 shares in the company, valued at approximately $16,531,800. This represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 314,333 shares of company stock worth $8,938,399 in the last quarter. 29.95% of the stock is owned by company insiders.

Dropbox Profile

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.