Dropbox, Inc. $DBX Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its holdings in shares of Dropbox, Inc. (NASDAQ:DBX) by 7.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 94,129 shares of the company’s stock after selling 7,788 shares during the quarter. New York State Teachers Retirement System’s holdings in Dropbox were worth $2,692,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DBX. GAMMA Investing LLC increased its position in Dropbox by 12.2% during the 1st quarter. GAMMA Investing LLC now owns 7,219 shares of the company’s stock worth $193,000 after purchasing an additional 783 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Dropbox by 37.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 43,088 shares of the company’s stock worth $1,151,000 after purchasing an additional 11,713 shares in the last quarter. Graphene Investments SAS increased its position in Dropbox by 16.4% during the 1st quarter. Graphene Investments SAS now owns 113,500 shares of the company’s stock worth $3,032,000 after purchasing an additional 16,000 shares in the last quarter. 3Chopt Investment Partners LLC increased its position in Dropbox by 5.6% during the 1st quarter. 3Chopt Investment Partners LLC now owns 127,365 shares of the company’s stock worth $3,402,000 after purchasing an additional 6,781 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in Dropbox during the 1st quarter worth approximately $235,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Insider Activity at Dropbox

In other news, CFO Timothy Regan sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $29.76, for a total transaction of $148,800.00. Following the completion of the transaction, the chief financial officer directly owned 471,621 shares in the company, valued at approximately $14,035,440.96. This represents a 1.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Ashraf Alkarmi sold 10,098 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $27.30, for a total value of $275,675.40. Following the transaction, the insider owned 469,333 shares of the company’s stock, valued at approximately $12,812,790.90. This trade represents a 2.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 318,632 shares of company stock worth $9,248,234. 28.59% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, October 8th. UBS Group cut Dropbox from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $29.00 to $27.00 in a report on Thursday, September 18th. Finally, Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a report on Saturday. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Dropbox has a consensus rating of “Reduce” and an average price target of $29.67.

Dropbox Trading Up 1.8%

Dropbox stock opened at $29.82 on Wednesday. The stock has a market cap of $8.05 billion, a P/E ratio of 18.18, a price-to-earnings-growth ratio of 3.86 and a beta of 0.67. The stock has a 50 day moving average of $29.58 and a 200-day moving average of $28.54. Dropbox, Inc. has a 52 week low of $24.42 and a 52 week high of $33.33.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. The company had revenue of $625.70 million during the quarter, compared to analysts’ expectations of $618.60 million. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The business’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.60 EPS. As a group, equities analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Dropbox Profile

Dropbox, Inc provides a content collaboration platform worldwide. The company's platform allows individuals, families, teams, and organizations to collaborate and sign up for free through its website or app, as well as upgrade to a paid subscription plan for premium features. It serves customers in professional services, technology, media, education, industrial, consumer and retail, and financial services industries.