Louisiana State Employees Retirement System Makes New Investment in Dropbox, Inc. $DBX

Louisiana State Employees Retirement System acquired a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) in the 1st quarter, HoldingsChannel.com reports. The firm acquired 50,600 shares of the company’s stock, valued at approximately $1,150,000.

Other large investors have also made changes to their positions in the company. OP Asset Management Ltd acquired a new stake in shares of Dropbox in the first quarter worth $3,196,000. Assenagon Asset Management S.A. raised its holdings in shares of Dropbox by 29.4% during the first quarter. Assenagon Asset Management S.A. now owns 143,978 shares of the company’s stock worth $3,271,000 after purchasing an additional 32,695 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Dropbox during the first quarter valued at $5,221,000. Corient Private Wealth LLC lifted its position in Dropbox by 166.6% during the fourth quarter. Corient Private Wealth LLC now owns 61,456 shares of the company’s stock valued at $1,708,000 after purchasing an additional 38,402 shares during the period. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Dropbox in the fourth quarter valued at $103,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Stock Performance

Shares of NASDAQ DBX opened at $28.56 on Friday. The company has a market capitalization of $6.66 billion, a PE ratio of 15.61, a price-to-earnings-growth ratio of 3.13 and a beta of 0.66. The company’s fifty day moving average price is $26.61 and its 200 day moving average price is $25.88. Dropbox, Inc. has a 1 year low of $21.69 and a 1 year high of $32.40.

Dropbox (NASDAQ:DBX) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $629.50 million during the quarter, compared to analysts’ expectations of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 earnings per share. On average, equities analysts expect that Dropbox, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Citigroup increased their price target on Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Royal Bank Of Canada restated an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. William Blair reiterated an “underperform” rating on shares of Dropbox in a research report on Monday, March 23rd. Finally, Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research report on Sunday, June 28th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Dropbox currently has a consensus rating of “Reduce” and an average target price of $27.00.

Insider Buying and Selling at Dropbox

In related news, Director Andrew William Moore sold 8,443 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 value of $232,773.51. Following the completion of the transaction, the director owned 4,737 shares of the company’s stock, valued at approximately $130,599.09. This represents a 64.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 5,666 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $27.56, for a total value of $156,154.96. Following the completion of the transaction, the chief technology officer directly owned 514,611 shares of the company’s stock, valued at $14,182,679.16. The trade was a 1.09% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders sold 128,497 shares of company stock worth $3,464,440. 35.48% of the stock is currently owned by company insiders.

Dropbox Profile

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.