OP Asset Management Ltd took bold step by acquiring 140,651 shares of Dropbox,Inc. (NASDAQ: DBX) in first quarter . Investment valued at around $3,196,000,disclosed in filing with Securities and Exchange Commission. With this move, OP Asset Management now controls about 0.06% of Dropbox's total shares.
Other institutional players also tweaking stakes in Dropbox. Palisade Asset Management LLC entered market with a $30,000 position in third quarter. Kestra Advisory Services LLC bought shares worth about $31,000 in fourth quarter. Larsen Financial Group LLC boosted holdings by 228%, now has 1,138 shares valued at $32,000 after adding 791 shares. Geneos Wealth Management Inc . upped stake by 78% in second quarter,now at 1,273 shares worth $36,000. Caitong International Asset Management Co. Ltd also jumped in,investing around $38,000 .
Institutional investors and hedge funds control 94.84% of Dropbox stock. Shows strong interest from big players .
Insider trading: CEO Andrew Houston sold 111,166 shares on April 1 at $22.89 apiece, totaling $2,544,589.74. His holdings now at 8,266,666 shares, valued roughly at $189,223,984.74. Sale was part of pre-arranged plan,marked 1.33% drop in his position . Also, insider William T. Yoon unloaded 7,230 shares on May 18 for $27.57 each, totaling $199,331.10. Yoon now holds 366,963 shares valued at about $10,117,169.91,down 1.93%. In last 90 days,insiders sold 239,774 shares worth $6,005,653, with corporate insiders owning 35.48% of stock.
Stock performance: Dropbox opened at $26.64 on Friday,market cap at $6.22 billion. Price-to-earnings ratio 14.56,price-to-earnings-growth 2.92 . Stock's 52-week range: $21.69 to $32.40. 50-day moving average $26.24, 200-day average $25.88.
Dropbox's quarterly earnings report on May 7 showed earnings per share of $0.76,beating forecasts of $0.71. Revenue hit $629.5 million, just above $620.56 million estimate,marking 0.8% year-over-year rise. Analysts expect average earnings per share of 2.09 for current year.
Analyst reports mixed on Dropbox. Citigroup bumped price target from $27.00 to $28.00, kept “neutral” rating. Weiss Ratings stuck with “hold (c)” rating, while Royal Bank of Canada confirmed “outperform.” Wall Street Zen shifted from “hold” to “buy.” But William Blair held “underperform.” One analyst calls it a Buy, three say Hold, two say Sell. Consensus rating: “Reduce,” price target $27.00.
Founded in 2007,based in San Francisco, Dropbox grew from file-syncing to full cloud-based platform for collaboration. Still serving millions globally…
