Retirement Systems of Alabama Trims Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Retirement Systems of Alabama lowered its position in shares of 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 (SEC). The institutional investor owned 902,906 shares of the company's stock after selling 23,571 shares during the quarter. Retirement Systems of Alabama owned 0.30% of Dropbox worth $24,117,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of DBX. EverSource Wealth Advisors LLC lifted its holdings in Dropbox by 96.1% in 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. True Wealth Design LLC raised its position in shares of Dropbox by 191.0% during the fourth quarter. True Wealth Design LLC now owns 1,036 shares of the company's stock valued at $31,000 after buying an additional 680 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Dropbox in the fourth quarter worth $40,000. Allworth Financial LP boosted its position in shares of Dropbox by 33.5% during the fourth 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 last quarter. Finally, Huntington National Bank boosted its position in shares of 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 acquiring an additional 1,361 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other news, CEO Andrew Houston sold 319,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $28.48, for a total value of $9,085,120.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $235,434,647.68. This trade represents a 3.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William T. Yoon sold 5,449 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $28.94, for a total transaction of $157,694.06. Following the sale, the insider now directly owns 245,837 shares of the company's stock, valued at $7,114,522.78. The trade was a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 364,125 shares of company stock valued at $10,366,110 over the last three months. 28.59% of the stock is owned by company insiders.

Dropbox Stock Performance

Dropbox stock traded up $0.12 during mid-day trading on Tuesday, hitting $28.84. The company's stock had a trading volume of 2,980,760 shares, compared to its average volume of 3,395,638. Dropbox, Inc. has a one year low of $21.32 and a one year high of $33.33. The stock has a market cap of $8.12 billion, a PE ratio of 18.85 and a beta of 0.66. The company has a 50 day moving average of $28.61 and a 200-day moving average of $28.88.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. The business 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 company's quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the company posted $0.58 earnings per share. On average, equities research analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current fiscal 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.