Dropbox, Inc. $DBX Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lowered its holdings in Dropbox, Inc. (NASDAQ:DBX) by 48.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 53,605 shares of the company’s stock after selling 50,388 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Dropbox were worth $1,218,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Palisade Asset Management LLC purchased a new stake in Dropbox during the third quarter worth approximately $30,000. Kestra Advisory Services LLC purchased a new position in Dropbox in the fourth quarter valued at approximately $31,000. Larson Financial Group LLC increased its stake in Dropbox by 228.0% in the fourth quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after purchasing an additional 791 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings 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 purchasing an additional 558 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Dropbox during the fourth quarter worth approximately $38,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Insider Activity

In other news, CEO Andrew Houston sold 30,332 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $27.50, for a total value of $834,130.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ashraf Alkarmi sold 22,700 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total transaction of $632,422.00. Following the sale, the chief executive officer owned 1,080,746 shares of the company’s stock, valued at $30,109,583.56. This trade represents a 2.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 129,313 shares of company stock worth $3,513,542 over the last 90 days. 35.48% of the stock is owned by corporate insiders.

Dropbox Trading Up 1.5%

Shares of NASDAQ DBX opened at $33.05 on Tuesday. The stock has a market cap of $7.71 billion, a P/E ratio of 18.06, a P/E/G ratio of 3.57 and a beta of 0.64. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $33.67. The stock has a 50 day moving average of $28.42 and a two-hundred day moving average of $26.23.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $629.50 million for the quarter, compared to analyst estimates of $620.56 million. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the firm posted $0.70 earnings per share. As a group, research analysts predict that Dropbox, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on DBX. Royal Bank Of Canada restated an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Sunday, June 28th. Citigroup upped their price objective on shares of Dropbox from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Dropbox in a report on Friday. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $27.00.

Dropbox Company 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.