Dropbox, Inc. (NASDAQ:DBX) Shares Acquired by Vestcor Inc

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 grew its holdings in Dropbox, Inc. (NASDAQ:DBX - Free Report) by 81.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 207,912 shares of the company's stock after purchasing an additional 93,162 shares during the quarter. Vestcor Inc owned about 0.07% of Dropbox worth $5,553,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of Dropbox in the first quarter worth $647,000. Rehmann Capital Advisory Group purchased a new position in Dropbox during the 1st quarter valued at about $675,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in 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 valued at $52,908,000 after acquiring an additional 137,916 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Dropbox by 31.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 39,526 shares of the company's stock worth $1,187,000 after purchasing an additional 9,570 shares in the last quarter. Finally, Paralel Advisors LLC boosted its position in shares of Dropbox by 10.0% in the 4th quarter. Paralel Advisors LLC now owns 103,320 shares of the company's stock worth $3,104,000 after purchasing an additional 9,384 shares in the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Dropbox news, insider Ashraf Alkarmi sold 10,098 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $28.10, for a total value of $283,753.80. Following the completion of the transaction, the insider owned 492,856 shares of the company's stock, valued at $13,849,253.60. This trade represents a 2.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider William T. Yoon sold 5,449 shares of Dropbox stock in a transaction on Friday, May 16th. The stock was sold at an average price of $28.94, for a total transaction of $157,694.06. Following the sale, the insider directly owned 245,837 shares of the company's stock, valued at approximately $7,114,522.78. This trade represents a 2.17% 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. 29.95% of the stock is owned by insiders.

Dropbox Price Performance

Dropbox stock traded down $0.71 during midday trading on Friday, reaching $26.46. The company had a trading volume of 4,328,635 shares, compared to its average volume of 2,964,519. The company has a market capitalization of $7.45 billion, a P/E ratio of 17.29, a P/E/G ratio of 10.69 and a beta of 0.64. Dropbox, Inc. has a 12-month low of $21.32 and a 12-month high of $33.33. The firm's fifty day simple moving average is $28.09 and its 200-day simple moving average is $28.41.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its 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. Dropbox had a net margin of 18.50% and a negative return on equity of 79.66%. The firm had revenue of $624.70 million during the quarter, compared to the consensus estimate of $619.56 million. During the same quarter last year, the firm earned $0.58 EPS. The firm's revenue for the quarter was down 1.0% on a year-over-year basis. On average, analysts expect that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Analysts Set New Price Targets

DBX has been the subject of a number of research reports. Citigroup boosted their target price 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. UBS Group increased their price target on shares of Dropbox from $30.00 to $31.00 and gave the company 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.