Teacher Retirement System of Texas Cuts Holdings in Dropbox, Inc. (NASDAQ:DBX)

Teacher Retirement System of Texas cut its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 50.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DBX. SG Americas Securities LLC purchased a new stake in Dropbox in the first quarter worth $647,000. Intech Investment Management LLC raised its stake in Dropbox by 185.2% in the fourth quarter. Intech Investment Management LLC now owns 150,488 shares of the company's stock valued at $4,521,000 after buying an additional 97,725 shares during the last quarter. HighTower Advisors LLC raised its stake in shares of Dropbox by 4.3% in the fourth quarter. HighTower Advisors LLC now owns 27,707 shares of the company's stock worth $832,000 after purchasing an additional 1,131 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Dropbox in the fourth quarter worth about $25,375,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Dropbox by 8.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,761,252 shares of the company's stock worth $52,908,000 after purchasing an additional 137,916 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors.

Dropbox Price Performance

DBX stock traded down $0.71 during trading on Friday, hitting $26.61. 2,712,738 shares of the company traded hands, compared to its average volume of 3,405,596. The stock's 50-day simple moving average is $28.61 and its 200 day simple moving average is $28.67. The company has a market cap of $7.49 billion, a PE ratio of 17.39, a P/E/G ratio of 10.47 and a beta of 0.65. Dropbox, Inc. has a 1 year low of $21.32 and a 1 year high of $33.33.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.08. The company had revenue of $624.70 million during the quarter, compared to analysts' expectations of $619.56 million. Dropbox had a negative return on equity of 79.66% and a net margin of 18.50%. Dropbox's quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the business earned $0.58 earnings per share. Research analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on DBX. UBS Group raised their price objective on Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Citigroup lifted their price target on Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday, May 9th.

Insider Transactions at Dropbox

In other news, CEO Andrew Houston sold 92,000 shares of Dropbox stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $27.96, for a total value of $2,572,320.00. Following the sale, the chief executive officer directly owned 8,266,666 shares of the company's stock, valued at $231,135,981.36. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lisa M. Campbell sold 5,239 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $28.94, for a total value of $151,616.66. Following the transaction, the director directly owned 19,220 shares in the company, valued at $556,226.80. This trade represents a 21.42% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 466,125 shares of company stock valued at $13,222,405. Insiders own 29.95% of the company's stock.

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.