179,750 Shares in Dropbox, Inc. $DBX Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 179,750 shares of the company’s stock, valued at approximately $4,938,000.

Several other hedge funds also recently modified their holdings of the business. Parallel Advisors LLC raised its holdings in shares of Dropbox by 8.3% during the 4th quarter. Parallel Advisors LLC now owns 5,765 shares of the company’s stock valued at $160,000 after purchasing an additional 440 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Dropbox by 1.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,254 shares of the company’s stock worth $730,000 after purchasing an additional 466 shares in the last quarter. Merit Financial Group LLC boosted its holdings in Dropbox by 4.4% in the third quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock worth $344,000 after purchasing an additional 480 shares in the last quarter. Geneos Wealth Management Inc. increased its position in Dropbox by 78.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after buying an additional 558 shares during the last quarter. Finally, Captrust Financial Advisors increased its position in Dropbox by 0.4% during the third quarter. Captrust Financial Advisors now owns 133,608 shares of the company’s stock worth $4,036,000 after buying an additional 563 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Stock Performance

Shares of NASDAQ:DBX opened at $33.81 on Wednesday. The company has a market cap of $7.63 billion, a P/E ratio of 18.78, a P/E/G ratio of 5.15 and a beta of 0.65. The stock’s 50-day moving average is $32.43 and its 200-day moving average is $27.91. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $36.37.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The business had revenue of $631.50 million for the quarter, compared to analyst estimates of $626.69 million. During the same period in the previous year, the company posted $0.71 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. As a group, equities analysts predict that Dropbox, Inc. will post 1.93 EPS for the current year.

Insiders Place Their Bets

In other news, Director Karen Peacock sold 2,000 shares of the firm’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $33.00, for a total value of $66,000.00. Following the sale, the director owned 22,366 shares in the company, valued at approximately $738,078. This trade represents a 8.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 11,332 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $34.13, for a total transaction of $386,761.16. Following the completion of the sale, the chief technology officer owned 471,052 shares in the company, valued at approximately $16,077,004.76. The trade was a 2.35% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 38,667 shares of company stock valued at $1,285,874. Corporate insiders own 35.48% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Citigroup boosted their price target on Dropbox from $28.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Royal Bank Of Canada reissued an “outperform” rating and set a $42.00 price objective on shares of Dropbox in a report on Thursday, September 3rd. Zacks Research downgraded Dropbox from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Bank of America restated an “underperform” rating on shares of Dropbox in a report on Friday, August 7th. Finally, Weiss Ratings raised Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $30.75.

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.