Texas Permanent School Fund Corp Sells 20,447 Shares of Dropbox, Inc. (NASDAQ:DBX)

Texas Permanent School Fund Corp lowered its stake in shares of Dropbox, Inc. (NASDAQ:DBXFree Report) by 8.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 218,981 shares of the company’s stock after selling 20,447 shares during the period. Texas Permanent School Fund Corp owned approximately 0.06% of Dropbox worth $5,963,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. raised its position in Dropbox by 2.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 19,167 shares of the company’s stock valued at $522,000 after buying an additional 500 shares during the last quarter. CWM LLC raised its position in Dropbox by 35.8% in the 2nd quarter. CWM LLC now owns 2,045 shares of the company’s stock valued at $55,000 after buying an additional 539 shares during the last quarter. Ossiam raised its position in Dropbox by 29.2% in the 1st quarter. Ossiam now owns 3,093 shares of the company’s stock valued at $67,000 after buying an additional 699 shares during the last quarter. Cetera Advisor Networks LLC raised its position in Dropbox by 2.6% in the 4th quarter. Cetera Advisor Networks LLC now owns 27,578 shares of the company’s stock valued at $617,000 after buying an additional 700 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in Dropbox by 424.2% in the 3rd quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock valued at $30,000 after buying an additional 878 shares during the last quarter. Institutional investors own 70.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DBX. UBS Group began coverage on Dropbox in a research report on Friday, December 15th. They set a “buy” rating and a $36.00 price target on the stock. KeyCorp boosted their price target on Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Dropbox presently has a consensus rating of “Hold” and an average price target of $31.00.

Get Our Latest Research Report on DBX

Insider Transactions at Dropbox

In other news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $28.07, for a total transaction of $84,210.00. Following the completion of the transaction, the chief financial officer now directly owns 456,761 shares in the company, valued at approximately $12,821,281.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Bart Volkmer sold 7,055 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $29.37, for a total value of $207,205.35. Following the completion of the sale, the insider now directly owns 267,623 shares in the company, valued at approximately $7,860,087.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 3,000 shares of the business’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $28.07, for a total value of $84,210.00. Following the completion of the sale, the chief financial officer now owns 456,761 shares of the company’s stock, valued at $12,821,281.27. The disclosure for this sale can be found here. In the last three months, insiders sold 16,055 shares of company stock worth $477,145. 25.78% of the stock is owned by company insiders.

Dropbox Trading Up 1.2 %

Shares of NASDAQ DBX opened at $33.16 on Monday. Dropbox, Inc. has a 12 month low of $18.71 and a 12 month high of $33.43. The stock has a 50 day moving average of $30.52 and a 200-day moving average of $28.38. The company has a market capitalization of $11.47 billion, a P/E ratio of 20.86, a P/E/G ratio of 1.90 and a beta of 0.77.

Dropbox Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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