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

Retirement Systems of Alabama lowered its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 2.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 902,906 shares of the company's stock after selling 23,571 shares during the quarter. Retirement Systems of Alabama owned about 0.30% of Dropbox worth $24,117,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Sowell Financial Services LLC acquired a new stake in shares of Dropbox in the first quarter valued at approximately $302,000. RHS Financial LLC increased its stake in shares of Dropbox by 46.7% during the first quarter. RHS Financial LLC now owns 11,089 shares of the company's stock valued at $296,000 after acquiring an additional 3,531 shares during the period. Optas LLC increased its stake in shares of Dropbox by 33.3% during the first quarter. Optas LLC now owns 8,995 shares of the company's stock valued at $240,000 after acquiring an additional 2,249 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Dropbox during the first quarter valued at approximately $554,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Dropbox by 37.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 43,088 shares of the company's stock valued at $1,151,000 after acquiring an additional 11,713 shares during the period. Institutional investors and hedge funds own 94.84% of the company's stock.

Insiders Place Their Bets

In related news, insider Eric Cox sold 2,339 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $28.94, for a total value of $67,690.66. Following the completion of the transaction, the insider now owns 378,427 shares of the company's stock, valued at approximately $10,951,677.38. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Timothy Regan sold 2,500 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 $70,250.00. Following the completion of the transaction, the chief financial officer now directly owns 528,594 shares of the company's stock, valued at $14,853,491.40. This represents a 0.47% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 364,125 shares of company stock worth $10,366,110. 29.95% of the stock is owned by insiders.

Dropbox Price Performance

NASDAQ DBX opened at $28.70 on Friday. Dropbox, Inc. has a 12 month low of $20.95 and a 12 month high of $33.33. The firm has a market capitalization of $8.08 billion, a PE ratio of 18.76 and a beta of 0.66. The company's 50 day simple moving average is $28.57 and its 200 day simple moving average is $28.88.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.08. The firm had revenue of $624.70 million for the quarter, compared to analyst estimates of $619.56 million. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The firm's quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.58 earnings per share. Sell-side analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DBX has been the topic of a number of research analyst reports. UBS Group raised their price objective on shares of Dropbox from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Citigroup raised their price objective on shares of Dropbox from $30.00 to $32.00 and gave the company a "neutral" rating in a research note on Friday, May 9th.

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.

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