Teacher Retirement System of Texas lowered its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 50.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,778 shares of the company's stock after selling 123,848 shares during the quarter. Teacher Retirement System of Texas' holdings in Dropbox were worth $3,199,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new position in Dropbox during the fourth quarter valued at approximately $40,000. Charles Schwab Investment Management Inc. increased its holdings in Dropbox by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,914,005 shares of the company's stock worth $87,537,000 after buying an additional 117,767 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in Dropbox in the fourth quarter valued at approximately $511,000. Raymond James Financial Inc. bought a new position in shares of Dropbox during the 4th quarter valued at $2,511,000. Finally, PNC Financial Services Group Inc. increased its position in Dropbox by 8.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,272 shares of the company's stock worth $218,000 after buying an additional 538 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on DBX shares. Citigroup upped their price target on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, May 9th. UBS Group upped their price target on Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, May 9th.
Get Our Latest Stock Report on Dropbox
Insider Activity
In other Dropbox news, CFO Timothy Regan sold 10,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $27.94, for a total value of $279,400.00. Following the completion of the transaction, the chief financial officer directly owned 516,094 shares of the company's stock, valued at approximately $14,419,666.36. The trade was a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ashraf Alkarmi sold 10,098 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $28.10, for a total transaction of $283,753.80. Following the sale, the insider owned 492,856 shares in the company, valued at $13,849,253.60. This trade represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 466,125 shares of company stock valued at $13,222,405. 28.59% of the stock is currently owned by company insiders.
Dropbox Price Performance
DBX stock opened at $27.36 on Wednesday. The stock has a market capitalization of $7.70 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 10.78 and a beta of 0.65. The company has a 50 day moving average price of $28.70 and a 200 day moving average price of $28.74. Dropbox, Inc. has a fifty-two week low of $21.32 and a fifty-two week high of $33.33.
Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.62 by $0.08. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The company had revenue of $624.70 million during the quarter, compared to analysts' expectations of $619.56 million. During the same quarter in the previous year, the company earned $0.58 EPS. Dropbox's revenue was down 1.0% on a year-over-year basis. As a group, equities analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.
About Dropbox
(
Free Report)
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.
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