Vestcor Inc Boosts Holdings in Dropbox, Inc. (NASDAQ:DBX)

Key Points

• Vestcor Inc increased its stake in Dropbox, Inc. by 81.2% during the first quarter, owning 207,912 shares worth approximately $5.55 million.
• Insider sales were reported, including Karen Peacock selling 7,000 shares and Ashraf Alkarmi selling 10,098 shares, indicating a decrease in their ownership positions.
• Research analysts raised Dropbox's price target, with UBS Group increasing it from $30.00 to $31.00, while Citigroup boosted their target from $30.00 to $32.00, both maintaining positive ratings.

Vestcor Inc raised its position in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 81.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 207,912 shares of the company's stock after purchasing an additional 93,162 shares during the period. Vestcor Inc owned 0.07% of Dropbox worth $5,553,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in Dropbox during the first quarter worth $647,000. Rehmann Capital Advisory Group acquired a new stake in shares of Dropbox in the 1st quarter worth $675,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Dropbox by 8.5% during the 4th 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 acquiring an additional 137,916 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Dropbox by 31.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 39,526 shares of the company's stock valued at $1,187,000 after acquiring an additional 9,570 shares during the last quarter. Finally, Paralel Advisors LLC boosted its position in shares of Dropbox by 10.0% during the 4th quarter. Paralel Advisors LLC now owns 103,320 shares of the company's stock valued at $3,104,000 after acquiring an additional 9,384 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company's stock.

Dropbox Price Performance

Shares of Dropbox stock traded up $0.25 during trading hours on Monday, hitting $26.71. The company had a trading volume of 866,165 shares, compared to its average volume of 3,755,468. The company's 50-day moving average is $28.09 and its two-hundred day moving average is $28.39. Dropbox, Inc. has a twelve month low of $21.32 and a twelve month high of $33.33. The company has a market cap of $7.52 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 10.41 and a beta of 0.64.

Dropbox (NASDAQ:DBX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.08. The firm 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%. The business's revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.58 EPS. Sell-side analysts expect that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Buying and Selling at Dropbox

In other news, CFO Timothy Regan sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $27.98, for a total value of $69,950.00. Following the transaction, the chief financial officer owned 511,094 shares of the company's stock, valued at approximately $14,300,410.12. The trade was a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ashraf Alkarmi sold 10,098 shares of the stock in a transaction on Friday, June 13th. The stock was sold at an average price of $28.10, for a total value of $283,753.80. Following the sale, the insider directly owned 492,856 shares of the company's stock, valued at approximately $13,849,253.60. This represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 466,125 shares of company stock worth $13,221,355 over the last three months. 28.59% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on DBX. Citigroup increased their target price on shares of Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. UBS Group upped their price objective on shares of Dropbox from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday, May 9th.

About Dropbox

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.