VIRGINIA RETIREMENT SYSTEMS ET Al Sells 642,450 Shares of Dropbox, Inc. $DBX

Key Points

• Virginia Retirement Systems cut its Dropbox stake by 32.2% in the fourth quarter, selling 642,450 shares and leaving it with 1,351,550 shares valued at about $37.6 million.
• Dropbox recently reported earnings of $0.76 per share, topping estimates of $0.71, on revenue of $629.5 million, which also beat expectations. Revenue rose 0.8% year over year.
• Analyst sentiment remains cautious: the stock has a consensus rating of "Reduce" with a $27 price target, while several firms have recently reiterated neutral or underperform views.

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 32.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,351,550 shares of the company's stock after selling 642,450 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.52% of Dropbox worth $37,573,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. LSV Asset Management grew its stake in shares of Dropbox by 38.1% during the third quarter. LSV Asset Management now owns 11,613,642 shares of the company's stock valued at $350,848,000 after buying an additional 3,205,140 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Dropbox by 2.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 6,806,508 shares of the company's stock valued at $205,625,000 after buying an additional 144,347 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Dropbox by 1.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 5,095,485 shares of the company's stock valued at $153,935,000 after buying an additional 70,867 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Dropbox by 22.5% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,518,534 shares of the company's stock valued at $70,015,000 after buying an additional 463,258 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Dropbox by 29.1% in the third quarter. Northern Trust Corp now owns 2,488,077 shares of the company's stock worth $75,165,000 after purchasing an additional 560,694 shares during the last quarter. 94.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Dropbox from $29.00 to $25.00 and set a "neutral" rating on the stock in a research note on Friday, February 20th. Weiss Ratings reissued a "hold (c)" rating on shares of Dropbox in a research note on Monday, May 4th. Citigroup raised their target price on Dropbox from $27.00 to $28.00 and gave the stock a "neutral" rating in a research note on Monday. Wall Street Zen cut Dropbox from a "buy" rating to a "hold" rating in a research note on Friday, January 23rd. Finally, William Blair reissued an "underperform" rating on shares of Dropbox in a research note on Monday, March 23rd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $27.00.

Dropbox Trading Down 2.6%

DBX stock opened at $25.81 on Wednesday. The stock has a market capitalization of $6.23 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 1.87 and a beta of 0.64. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $32.40. The stock's 50 day simple moving average is $24.48 and its 200 day simple moving average is $26.48.

Dropbox (NASDAQ:DBX - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $629.50 million for the quarter, compared to analysts' expectations of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The firm's quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.70 EPS. On average, research analysts predict that Dropbox, Inc. will post 2.03 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Andrew Houston sold 111,166 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $22.89, for a total value of $2,544,589.74. Following the transaction, the chief executive officer directly owned 8,266,666 shares of the company's stock, valued at approximately $189,223,984.74. This represents a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ashraf Alkarmi sold 12,472 shares of the business's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total transaction of $324,272.00. Following the sale, the insider owned 414,661 shares of the company's stock, valued at approximately $10,781,186. This represents a 2.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 249,288 shares of company stock valued at $5,994,652. Insiders own 35.48% of the company's stock.

About Dropbox

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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