VIRGINIA RETIREMENT SYSTEMS ET Al Takes $56.91 Million Position in Dropbox, Inc. $DBX

Key Points

• The Virginia Retirement Systems acquired a position in Dropbox, Inc. worth approximately $56.91 million, holding 0.71% of the company's shares.
• Several institutional investors have recently increased their stakes in Dropbox, with Elequin Capital LP and Brooklyn Investment Group seeing notable increases of 71% and 250% respectively.
• Analysts have mixed opinions on Dropbox's stock, with UBS Group downgrading it from "neutral" to "sell," while Wall Street Zen upgraded it from "hold" to "buy."

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Dropbox, Inc. (NASDAQ:DBX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,989,900 shares of the company's stock, valued at approximately $56,911,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.71% of Dropbox as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Elequin Capital LP increased its position in shares of Dropbox by 71.0% during the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company's stock worth $30,000 after purchasing an additional 469 shares during the last quarter. Brooklyn Investment Group raised its stake in shares of Dropbox by 250.3% in the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock valued at $37,000 after acquiring an additional 991 shares during the period. SBI Securities Co. Ltd. raised its stake in shares of Dropbox by 33.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock valued at $48,000 after acquiring an additional 449 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Dropbox by 27.3% in the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock worth $61,000 after acquiring an additional 490 shares during the last quarter. Finally, UMB Bank n.a. boosted its position in shares of Dropbox by 29.7% during the 2nd quarter. UMB Bank n.a. now owns 3,243 shares of the company's stock worth $93,000 after purchasing an additional 742 shares during the period. Hedge funds and other institutional investors own 94.84% of the company's stock.

Insider Activity at Dropbox

In related news, CAO Sarah Elizabeth Schubach sold 1,066 shares of the stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $28.62, for a total value of $30,508.92. Following the transaction, the chief accounting officer directly owned 104,657 shares of the company's stock, valued at $2,995,283.34. This trade represents a 1.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Timothy Regan sold 1,500 shares of the business's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $28.62, for a total transaction of $42,930.00. Following the completion of the sale, the chief financial officer directly owned 470,121 shares of the company's stock, valued at approximately $13,454,863.02. This trade represents a 0.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 318,632 shares of company stock valued at $9,248,234 in the last quarter. Company insiders own 29.95% of the company's stock.

Analyst Upgrades and Downgrades

DBX has been the subject of several research analyst reports. UBS Group lowered Dropbox from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $29.00 to $27.00 in a research report on Thursday, September 18th. Weiss Ratings restated a "hold (c+)" rating on shares of Dropbox in a report on Wednesday, October 8th. Finally, Wall Street Zen raised Dropbox from a "hold" rating to a "buy" rating in a research report on Saturday. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $29.67.

Dropbox Trading Up 2.5%

NASDAQ:DBX opened at $29.10 on Friday. Dropbox, Inc. has a 12-month low of $24.42 and a 12-month high of $33.33. The firm has a market cap of $7.85 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 3.83 and a beta of 0.67. The stock has a fifty day moving average price of $29.49 and a 200 day moving average price of $28.49.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. During the same quarter in the previous year, the firm earned $0.60 earnings per share. The firm's quarterly revenue was down 1.4% on a year-over-year basis. Equities analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current year.

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.

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