Ashton Thomas Private Wealth LLC Increases Stake in Dropbox, Inc. $DBX

Ashton Thomas Private Wealth LLC lifted its position in Dropbox, Inc. (NASDAQ:DBX) by 300.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 159,326 shares of the company’s stock after buying an additional 119,511 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Dropbox were worth $4,813,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in DBX. Penserra Capital Management LLC purchased a new position in Dropbox during the 3rd quarter valued at about $706,000. Allianz Asset Management GmbH boosted its stake in shares of Dropbox by 47.8% during the third quarter. Allianz Asset Management GmbH now owns 2,123,932 shares of the company’s stock valued at $64,164,000 after purchasing an additional 686,577 shares in the last quarter. State of Wyoming increased its holdings in Dropbox by 6.5% during the third quarter. State of Wyoming now owns 13,884 shares of the company’s stock valued at $419,000 after buying an additional 853 shares during the period. Convergence Investment Partners LLC raised its stake in Dropbox by 23.2% in the third quarter. Convergence Investment Partners LLC now owns 62,902 shares of the company’s stock worth $1,900,000 after buying an additional 11,830 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in Dropbox by 1,067.7% in the third quarter. Thrivent Financial for Lutherans now owns 539,470 shares of the company’s stock worth $16,298,000 after buying an additional 493,271 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $25.11 on Thursday. Dropbox, Inc. has a fifty-two week low of $24.41 and a fifty-two week high of $33.27. The company has a market cap of $6.50 billion, a PE ratio of 14.19, a P/E/G ratio of 2.05 and a beta of 0.63. The business has a 50-day simple moving average of $27.53 and a two-hundred day simple moving average of $28.59.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.64 by $0.10. The firm had revenue of $634.40 million during the quarter, compared to analyst estimates of $623.59 million. Dropbox had a net margin of 19.87% and a negative return on equity of 49.51%. Dropbox’s revenue was down .7% on a year-over-year basis. During the same period last year, the firm posted $0.60 EPS. On average, sell-side analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DBX has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, January 21st. Royal Bank Of Canada dropped their price objective on Dropbox from $38.00 to $35.00 and set an “outperform” rating on the stock in a research report on Monday, January 5th. Finally, Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Dropbox has an average rating of “Hold” and an average target price of $31.33.

Insider Buying and Selling at Dropbox

In other Dropbox news, insider Ashraf Alkarmi sold 10,098 shares of the firm’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 transaction, the insider owned 435,810 shares of the company’s stock, valued at approximately $12,716,935.80. This trade represents a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Andrew Houston sold 164,502 shares of Dropbox stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $25.66, for a total transaction of $4,221,121.32. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 568,556 shares of company stock worth $15,851,617. 29.95% of the stock is owned by corporate insiders.

About Dropbox

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.