New York State Common Retirement Fund Sells 136,813 Shares of Dropbox, Inc. (NASDAQ:DBX)

New York State Common Retirement Fund trimmed its position in Dropbox, Inc. (NASDAQ:DBX) by 38.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 214,444 shares of the company’s stock after selling 136,813 shares during the quarter. New York State Common Retirement Fund owned 0.06% of Dropbox worth $6,322,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Contravisory Investment Management Inc. acquired a new position in shares of Dropbox in the 4th quarter worth approximately $26,000. Fifth Third Bancorp lifted its holdings in shares of Dropbox by 424.2% during the third quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock valued at $30,000 after acquiring an additional 878 shares during the period. Cary Street Partners Investment Advisory LLC boosted its stake in shares of Dropbox by 29,175.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock valued at $32,000 after purchasing an additional 1,167 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new stake in shares of Dropbox in the 3rd quarter worth about $62,000. Finally, Shell Asset Management Co. increased its position in shares of Dropbox by 51.4% during the 3rd quarter. Shell Asset Management Co. now owns 2,643 shares of the company’s stock worth $72,000 after purchasing an additional 897 shares in the last quarter. 94.84% of the stock is owned by institutional investors.

Dropbox Trading Down 0.9 %

Dropbox stock opened at $23.37 on Friday. The company has a market cap of $8.04 billion, a PE ratio of 17.70, a PEG ratio of 2.64 and a beta of 0.70. Dropbox, Inc. has a 1 year low of $19.55 and a 1 year high of $33.43. The company’s 50-day moving average is $23.76 and its two-hundred day moving average is $27.15.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, February 15th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. The business had revenue of $635.00 million for the quarter, compared to the consensus estimate of $630.77 million. Research analysts forecast that Dropbox, Inc. will post 1.14 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on DBX. JMP Securities cut shares of Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. The Goldman Sachs Group lowered Dropbox from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $26.00 to $24.00 in a research note on Friday, February 16th. Bank of America lowered Dropbox from a “buy” rating to an “underperform” rating and lowered their target price for the company from $34.00 to $28.00 in a research note on Friday, February 16th. KeyCorp upped their price target on shares of Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 19th. Finally, Citigroup decreased their price objective on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a report on Friday, March 22nd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $29.78.

Insider Buying and Selling at Dropbox

In related news, CEO Andrew Houston sold 164,000 shares of Dropbox stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the completion of the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $197,242,650.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Andrew Houston sold 164,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total value of $3,913,040.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $197,242,650.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Timothy Regan sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $24.02, for a total transaction of $72,060.00. Following the transaction, the chief financial officer now owns 403,720 shares of the company’s stock, valued at approximately $9,697,354.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 271,721 shares of company stock worth $6,443,955. Insiders own 26.40% of the company’s stock.

About Dropbox

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.