Louisiana State Employees Retirement System Takes Position in Dropbox, Inc. $DBX

Key Points

• Louisiana State Employees Retirement System opened a new position in Dropbox during the first quarter, buying 50,600 shares valued at about $1.15 million.
• Institutional interest in Dropbox remains high, with large investors like Federated Hermes and others increasing their stakes; institutions now own 94.84% of the company.
• Dropbox reported better-than-expected quarterly results, posting $0.76 EPS on revenue of $629.5 million, while analysts currently have a mixed view with an average rating of “Reduce” and an average target price of $27.00.

Louisiana State Employees Retirement System acquired a new stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 50,600 shares of the company's stock, valued at approximately $1,150,000.

A number of other large investors also recently bought and sold shares of DBX. Empowered Funds LLC lifted its stake in shares of Dropbox by 7.3% during the 1st quarter. Empowered Funds LLC now owns 38,795 shares of the company's stock worth $1,036,000 after purchasing an additional 2,655 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Dropbox by 10.8% during the second quarter. Cetera Investment Advisers now owns 24,623 shares of the company's stock valued at $704,000 after buying an additional 2,405 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Dropbox by 88.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company's stock valued at $48,000 after buying an additional 787 shares during the last quarter. Cresset Asset Management LLC boosted its holdings in shares of Dropbox by 75.8% in the 2nd quarter. Cresset Asset Management LLC now owns 15,230 shares of the company's stock valued at $436,000 after buying an additional 6,569 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Dropbox by 360.9% in the 2nd quarter. Federated Hermes Inc. now owns 117,852 shares of the company's stock valued at $3,371,000 after buying an additional 92,280 shares in the last quarter. Institutional investors own 94.84% of the company's stock.

Insider Buying and Selling at Dropbox

In other news, CAO Sarah Elizabeth Schubach sold 1,305 shares of the business's stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $27.11, for a total transaction of $35,378.55. Following the sale, the chief accounting officer directly owned 127,204 shares of the company's stock, valued at $3,448,500.44. The trade was a 1.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 5,666 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $27.56, for a total value of $156,154.96. Following the completion of the transaction, the chief technology officer directly owned 514,611 shares in the company, valued at approximately $14,182,679.16. The trade was a 1.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last ninety days, insiders sold 128,497 shares of company stock valued at $3,464,440. Company insiders own 35.48% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Citigroup boosted their price objective on shares of Dropbox from $27.00 to $28.00 and gave the stock a "neutral" rating in a research note on Monday, May 11th. Wall Street Zen upgraded shares of Dropbox from a "hold" rating to a "buy" rating in a research note on Sunday, June 28th. William Blair reaffirmed an "underperform" rating on shares of Dropbox in a report on Monday, March 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Dropbox in a research report on Monday, June 1st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Dropbox in a report on Monday, May 4th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Dropbox presently has an average rating of "Reduce" and an average target price of $27.00.

Dropbox Price Performance

DBX opened at $28.56 on Friday. The company has a market cap of $6.66 billion, a P/E ratio of 15.61, a price-to-earnings-growth ratio of 3.13 and a beta of 0.66. The firm's 50-day moving average price is $26.61 and its 200-day moving average price is $25.88. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $32.40.

Dropbox (NASDAQ:DBX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The company had revenue of $629.50 million during the quarter, compared to analysts' expectations of $620.56 million. During the same period last year, the business earned $0.70 EPS. Dropbox's revenue for the quarter was up .8% on a year-over-year basis. On average, research analysts anticipate that Dropbox, Inc. will post 2.09 EPS for the current fiscal year.

Dropbox 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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