ING Groep NV Invests $1.22 Million in Dropbox, Inc. $DBX

ING Groep NV acquired a new stake in Dropbox, Inc. (NASDAQ:DBX) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 44,000 shares of the company’s stock, valued at approximately $1,223,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cookson Peirce & Co. Inc. bought a new stake in Dropbox in the 4th quarter valued at about $215,000. Vestcor Inc raised its stake in Dropbox by 3.2% in the 4th quarter. Vestcor Inc now owns 211,888 shares of the company’s stock valued at $5,890,000 after acquiring an additional 6,533 shares during the period. Pinebridge Investments LLC bought a new stake in Dropbox in the 4th quarter valued at about $1,142,000. Parallel Advisors LLC raised its stake in Dropbox by 8.3% in the 4th quarter. Parallel Advisors LLC now owns 5,765 shares of the company’s stock valued at $160,000 after acquiring an additional 440 shares during the period. Finally, WCG Wealth Advisors LLC raised its stake in Dropbox by 106.9% in the 4th quarter. WCG Wealth Advisors LLC now owns 39,478 shares of the company’s stock valued at $1,097,000 after acquiring an additional 20,398 shares during the period. 94.84% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider William T. Yoon sold 7,230 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $27.57, for a total transaction of $199,331.10. Following the sale, the insider directly owned 366,963 shares in the company, valued at $10,117,169.91. This represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew Houston sold 30,332 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.50, for a total value of $834,130.00. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 239,883 shares of company stock valued at $6,006,972. 35.48% of the stock is currently owned by insiders.

Dropbox Stock Up 0.5%

Shares of DBX opened at $27.43 on Wednesday. The business’s 50-day moving average price is $25.31 and its 200-day moving average price is $26.14. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $32.40. The stock has a market cap of $6.40 billion, a PE ratio of 14.99, a P/E/G ratio of 2.99 and a beta of 0.67.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The firm had revenue of $629.50 million for the quarter, compared to analysts’ expectations of $620.56 million. During the same period in the prior year, the business posted $0.70 earnings per share. The company’s revenue was up .8% on a year-over-year basis. Analysts expect that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. William Blair restated an “underperform” rating on shares of Dropbox in a research note on Monday, March 23rd. Royal Bank Of Canada restated an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. JPMorgan Chase & Co. lowered their price objective on Dropbox from $29.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Finally, UBS Group lowered their price objective on Dropbox from $27.00 to $23.00 and set a “sell” rating on the stock in a research note on Friday, February 20th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $27.00.

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.