179,750 Shares in Dropbox, Inc. $DBX Bought by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 179,750 Dropbox shares valued at approximately $4.94 million, while institutional investors collectively own 94.84% of the company.
• Dropbox reported quarterly EPS of $0.75, slightly above estimates, and revenue of $631.5 million, up 0.9% year over year. Shares opened at $33.81, near the upper end of their 52-week range.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $30.75; insiders also sold 38,667 shares worth about $1.29 million during the last quarter.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 179,750 shares of the company's stock, valued at approximately $4,938,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.08% of Dropbox as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of DBX. Parallel Advisors LLC boosted its position in shares of Dropbox by 8.3% in the 4th quarter. Parallel Advisors LLC now owns 5,765 shares of the company's stock valued at $160,000 after purchasing an additional 440 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Dropbox by 1.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,254 shares of the company's stock worth $730,000 after buying an additional 466 shares during the period. Merit Financial Group LLC raised its holdings in Dropbox by 4.4% during the 3rd quarter. Merit Financial Group LLC now owns 11,385 shares of the company's stock worth $344,000 after buying an additional 480 shares during the period. Geneos Wealth Management Inc. lifted its stake in Dropbox by 78.0% during the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company's stock valued at $36,000 after buying an additional 558 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in Dropbox by 0.4% during the third quarter. Captrust Financial Advisors now owns 133,608 shares of the company's stock valued at $4,036,000 after buying an additional 563 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

Dropbox Price Performance

Shares of DBX opened at $33.81 on Wednesday. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of 18.78, a P/E/G ratio of 5.15 and a beta of 0.65. Dropbox, Inc. has a fifty-two week low of $21.69 and a fifty-two week high of $36.37. The business's 50-day moving average is $32.43 and its 200-day moving average is $27.91.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.01. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The business had revenue of $631.50 million during the quarter, compared to analyst estimates of $626.69 million. During the same period in the prior year, the firm earned $0.71 earnings per share. The firm's revenue was up .9% compared to the same quarter last year. Equities research analysts expect that Dropbox, Inc. will post 1.93 earnings per share for the current fiscal year.

Insider Activity at Dropbox

In other Dropbox news, CAO Sarah Schubach sold 1,631 shares of Dropbox stock in a transaction on Monday, August 31st. The shares were sold at an average price of $35.50, for a total transaction 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 $4,087,825. This trade represents a 1.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 11,332 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were 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 in the company, valued at approximately $16,077,004.76. This represents a 2.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 38,667 shares of company stock worth $1,285,874 in the last quarter. 35.48% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Dropbox from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Zacks Research downgraded shares of Dropbox from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 19th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $42.00 price objective on shares of Dropbox in a research note on Thursday, September 3rd. Citigroup raised their price objective on shares of Dropbox from $28.00 to $33.00 and gave the stock a "neutral" rating in a research note on Friday, August 7th. Finally, William Blair upgraded shares of Dropbox from an "underperform" rating to a "market perform" rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Dropbox has a consensus rating of "Reduce" and an average price target of $30.75.

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.

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