Public Employees Retirement System of Ohio Makes New $1.29 Million Investment in Dropbox, Inc. $DBX

Public Employees Retirement System of Ohio acquired a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 47,158 shares of the company’s stock, valued at approximately $1,295,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Palisade Asset Management LLC purchased a new position in shares of Dropbox in the third quarter worth $30,000. Kestra Advisory Services LLC purchased a new position in Dropbox during the fourth quarter valued at $31,000. Larson Financial Group LLC increased its holdings in Dropbox by 228.0% in the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after acquiring an additional 791 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Dropbox by 78.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after acquiring an additional 558 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Dropbox in the 4th quarter valued at $38,000. Institutional investors own 94.84% of the company’s stock.

Insider Buying and Selling

In other news, CTO Ali Dasdan sold 11,332 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $34.13, for a total transaction of $386,761.16. Following the transaction, the chief technology officer owned 471,052 shares of the company’s stock, valued at approximately $16,077,004.76. The trade was a 2.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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. Also, CAO Sarah Schubach sold 1,631 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $35.50, for a total value of $57,900.50. Following the completion of the sale, the chief accounting officer owned 115,150 shares of the company’s stock, valued at approximately $4,087,825. This represents a 1.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 38,667 shares of company stock valued at $1,285,874. 35.48% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on DBX shares. Royal Bank Of Canada reissued an “outperform” rating and set a $42.00 price objective on shares of Dropbox in a report on Thursday, September 3rd. Weiss Ratings upgraded Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, August 13th. William Blair raised Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. Zacks Research cut Dropbox from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 19th. Finally, Citigroup lifted their price objective on Dropbox from $28.00 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $30.75.

Dropbox Stock Down 2.9%

Shares of NASDAQ:DBX opened at $33.81 on Wednesday. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $36.37. The stock has a market capitalization of $7.63 billion, a P/E ratio of 18.78, a PEG ratio of 5.15 and a beta of 0.65. The firm has a fifty day simple moving average of $32.43 and a two-hundred day simple moving average of $27.91.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.01. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The firm had revenue of $631.50 million for the quarter, compared to analysts’ expectations of $626.69 million. During the same period in the prior year, the company earned $0.71 EPS. The business’s revenue was up .9% compared to the same quarter last year. On average, analysts expect that Dropbox, Inc. will post 1.93 earnings per share for the current year.

About Dropbox

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.