Dropbox, Inc. (NASDAQ:DBX) Shares Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama lifted its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 154.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 819,505 shares of the company’s stock after acquiring an additional 497,806 shares during the quarter. Retirement Systems of Alabama’s holdings in Dropbox were worth $18,414,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Federated Hermes Inc. increased its position in shares of Dropbox by 17.6% in the fourth quarter. Federated Hermes Inc. now owns 141,664 shares of the company’s stock worth $4,176,000 after acquiring an additional 21,193 shares in the last quarter. Handelsbanken Fonder AB raised its stake in Dropbox by 11.7% during the 4th quarter. Handelsbanken Fonder AB now owns 43,900 shares of the company’s stock valued at $1,294,000 after purchasing an additional 4,600 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Dropbox by 2.1% in the fourth quarter. California Public Employees Retirement System now owns 1,727,055 shares of the company’s stock valued at $50,914,000 after purchasing an additional 35,137 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Dropbox in the fourth quarter valued at $25,000. Finally, Truist Financial Corp boosted its position in shares of Dropbox by 1.8% in the fourth quarter. Truist Financial Corp now owns 42,999 shares of the company’s stock worth $1,268,000 after buying an additional 769 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on DBX. Citigroup dropped their price target on Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. UBS Group reduced their price target on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $29.14.

Insider Buying and Selling at Dropbox

In related news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $22.76, for a total value of $68,280.00. Following the completion of the sale, the chief financial officer now directly owns 535,122 shares in the company, valued at $12,179,376.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Dropbox news, insider Bart Volkmer sold 7,000 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $22.76, for a total transaction of $159,320.00. Following the transaction, the insider now owns 333,934 shares in the company, valued at $7,600,337.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $22.76, for a total transaction of $68,280.00. Following the completion of the transaction, the chief financial officer now directly owns 535,122 shares in the company, valued at approximately $12,179,376.72. The disclosure for this sale can be found here. Insiders sold 208,536 shares of company stock worth $4,672,611 over the last ninety days. 26.40% of the stock is currently owned by insiders.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $24.33 on Friday. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.43. The business’s 50-day moving average price is $22.67 and its two-hundred day moving average price is $23.61. The company has a market capitalization of $8.03 billion, a P/E ratio of 16.11, a price-to-earnings-growth ratio of 1.61 and a beta of 0.65.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. Dropbox had a negative return on equity of 148.13% and a net margin of 20.50%. The business had revenue of $634.50 million during the quarter, compared to analyst estimates of $630.10 million. During the same period in the previous year, the company earned $0.28 EPS. The firm’s revenue was up 1.9% on a year-over-year basis. On average, equities analysts anticipate that Dropbox, Inc. will post 1.26 EPS for the current year.

Dropbox Profile

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.