Norges Bank Makes New Investment in Dropbox, Inc. $DBX

Norges Bank bought a new position in Dropbox, Inc. (NASDAQ:DBX) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 2,514,706 shares of the company’s stock, valued at approximately $69,909,000. Norges Bank owned approximately 0.97% of Dropbox at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of DBX. LSV Asset Management lifted its stake in Dropbox by 38.1% in the 3rd quarter. LSV Asset Management now owns 11,613,642 shares of the company’s stock worth $350,848,000 after purchasing an additional 3,205,140 shares in the last quarter. Arbejdsmarkedets Tillaegspension purchased a new position in Dropbox in the 4th quarter worth approximately $22,050,000. Northern Trust Corp lifted its stake in Dropbox by 29.1% in the 3rd quarter. Northern Trust Corp now owns 2,488,077 shares of the company’s stock worth $75,165,000 after purchasing an additional 560,694 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in Dropbox by 22.5% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company’s stock worth $70,015,000 after purchasing an additional 463,258 shares in the last quarter. Finally, Gotham Asset Management LLC lifted its stake in Dropbox by 64.1% in the 3rd quarter. Gotham Asset Management LLC now owns 1,082,916 shares of the company’s stock worth $32,715,000 after purchasing an additional 422,934 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Dropbox

In related news, CEO Andrew Houston sold 30,332 shares of Dropbox stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.50, for a total value of $834,130.00. 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. Also, CEO Ashraf Alkarmi sold 22,700 shares of Dropbox stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total transaction of $632,422.00. Following the completion of the sale, the chief executive officer owned 1,080,746 shares of the company’s stock, valued at $30,109,583.56. This trade represents a 2.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 239,883 shares of company stock worth $6,006,972 in the last three months. Company insiders own 35.48% of the company’s stock.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $27.52 on Friday. The company has a 50 day simple moving average of $25.11 and a 200-day simple moving average of $26.19. The company has a market capitalization of $6.42 billion, a P/E ratio of 15.04, a P/E/G ratio of 3.01 and a beta of 0.67. Dropbox, Inc. has a 1 year low of $21.69 and a 1 year high of $32.40.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $629.50 million during the quarter, compared to the consensus estimate of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The business’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.70 EPS. As a group, research analysts expect that Dropbox, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DBX. Citigroup raised their target price on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Dropbox in a research note on Monday, May 4th. JPMorgan Chase & Co. cut their price target on shares of Dropbox from $29.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, February 20th. UBS Group cut their price target on shares of Dropbox from $27.00 to $23.00 and set a “sell” rating for the company in a report on Friday, February 20th. Finally, Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. One 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 stock. Based on data from MarketBeat.com, the company currently has a consensus 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.