LSV Asset Management Buys 3,205,140 Shares of Dropbox, Inc. $DBX

LSV Asset Management raised its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 38.1% in the third quarter, HoldingsChannel.com reports. The firm owned 11,613,642 shares of the company’s stock after purchasing an additional 3,205,140 shares during the quarter. Dropbox accounts for approximately 0.8% of LSV Asset Management’s portfolio, making the stock its 25th biggest holding. LSV Asset Management’s holdings in Dropbox were worth $350,848,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Kera Capital Partners Inc. raised its stake in Dropbox by 3.7% during the third quarter. Kera Capital Partners Inc. now owns 12,945 shares of the company’s stock worth $391,000 after buying an additional 460 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Dropbox by 5.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,607 shares of the company’s stock worth $246,000 after acquiring an additional 461 shares during the period. Merit Financial Group LLC raised its position in shares of Dropbox by 4.4% in the 3rd quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock worth $344,000 after acquiring an additional 480 shares in the last quarter. CreativeOne Wealth LLC raised its position in shares of Dropbox by 4.2% in the 2nd quarter. CreativeOne Wealth LLC now owns 13,666 shares of the company’s stock worth $391,000 after acquiring an additional 552 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after purchasing an additional 558 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

DBX has been the subject of a number of research reports. Royal Bank Of Canada reduced their price target on shares of Dropbox from $38.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, January 21st. Finally, Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $31.33.

Dropbox Stock Down 2.3%

Shares of Dropbox stock opened at $24.41 on Thursday. The company has a market cap of $6.32 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 2.04 and a beta of 0.63. Dropbox, Inc. has a 52 week low of $24.17 and a 52 week high of $33.27. The business has a 50 day moving average price of $27.03 and a 200-day moving average price of $28.48.

Insiders Place Their Bets

In other news, insider Ashraf Alkarmi sold 10,098 shares of the company’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $29.18, for a total value of $294,659.64. Following the completion of the sale, the insider owned 435,810 shares in the company, valued at $12,716,935.80. This represents a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider William T. Yoon sold 7,142 shares of the stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $29.19, for a total transaction of $208,474.98. Following the completion of the sale, the insider owned 206,228 shares of the company’s stock, valued at approximately $6,019,795.32. This represents a 3.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 568,556 shares of company stock valued at $15,851,617 in the last three months. 29.95% of the stock is currently owned by insiders.

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.