State of Tennessee Department of Treasury Has $2.94 Million Holdings in Dropbox, Inc. (NASDAQ:DBX)

State of Tennessee Department of Treasury lowered its holdings in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 17.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 97,879 shares of the company's stock after selling 20,821 shares during the quarter. State of Tennessee Department of Treasury's holdings in Dropbox were worth $2,940,000 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 DBX. EverSource Wealth Advisors LLC boosted its position in shares of Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock worth $26,000 after purchasing an additional 424 shares in the last quarter. Avion Wealth grew its stake in Dropbox by 4,472.7% in the 4th quarter. Avion Wealth now owns 1,006 shares of the company's stock worth $30,000 after acquiring an additional 984 shares during the period. SBI Securities Co. Ltd. acquired a new position in Dropbox in the fourth quarter valued at $40,000. Allworth Financial LP lifted its holdings in shares of Dropbox by 33.5% during the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company's stock worth $45,000 after acquiring an additional 365 shares during the period. Finally, Huntington National Bank raised its stake in Dropbox by 768.9% during the fourth quarter. Huntington National Bank now owns 1,538 shares of the company's stock worth $46,000 after purchasing an additional 1,361 shares during the period. Institutional investors and hedge funds own 94.84% of the company's stock.

Insider Activity at Dropbox

In related news, insider Eric Cox sold 3,765 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $26.30, for a total value of $99,019.50. Following the completion of the transaction, the insider now directly owns 309,550 shares of the company's stock, valued at $8,141,165. This represents a 1.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the firm's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $32.19, for a total transaction of $80,475.00. Following the transaction, the chief financial officer now directly owns 396,264 shares in the company, valued at approximately $12,755,738.16. The trade was a 0.63 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,765 shares of company stock valued at $383,995. Insiders own 28.59% of the company's stock.

Analyst Ratings Changes

Separately, Jefferies Financial Group boosted their target price on Dropbox from $27.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, January 6th.

Dropbox Trading Down 0.8 %

Shares of DBX traded down $0.23 during midday trading on Friday, reaching $28.61. 4,139,767 shares of the company were exchanged, compared to its average volume of 3,632,574. Dropbox, Inc. has a 1-year low of $20.68 and a 1-year high of $33.33. The stock has a 50-day moving average price of $26.77 and a 200-day moving average price of $28.44. The company has a market cap of $8.63 billion, a price-to-earnings ratio of 20.29, a P/E/G ratio of 1.70 and a beta of 0.68.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its earnings results on Thursday, February 20th. The company reported $0.51 EPS for the quarter, missing analysts' consensus estimates of $0.62 by ($0.11). Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The firm had revenue of $643.60 million for the quarter, compared to analyst estimates of $638.61 million. Equities research analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Dropbox Company 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.