California Public Employees Retirement System Reduces Stock Position in Dropbox, Inc. (NASDAQ:DBX)

California Public Employees Retirement System decreased its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 3.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,144,754 shares of the company’s stock after selling 37,122 shares during the quarter. California Public Employees Retirement System owned 0.37% of Dropbox worth $34,388,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company’s stock valued at $26,000 after acquiring an additional 424 shares in the last quarter. Avion Wealth grew its position in shares of Dropbox by 4,472.7% in the fourth quarter. Avion Wealth now owns 1,006 shares of the company’s stock valued at $30,000 after purchasing an additional 984 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Dropbox during the 4th quarter worth approximately $40,000. Allworth Financial LP raised its position in shares of Dropbox by 33.5% during the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock worth $45,000 after purchasing an additional 365 shares during the last quarter. Finally, V Square Quantitative Management LLC lifted its stake in Dropbox by 39.0% in the 4th quarter. V Square Quantitative Management LLC now owns 1,717 shares of the company’s stock valued at $52,000 after buying an additional 482 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Price Performance

Dropbox stock opened at $27.47 on Thursday. The stock has a market capitalization of $8.29 billion, a P/E ratio of 19.48, a P/E/G ratio of 1.70 and a beta of 0.75. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.33. The firm’s 50-day moving average is $28.80 and its two-hundred day moving average is $28.12.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.11). The firm had revenue of $643.60 million for the quarter, compared to analysts’ expectations of $638.61 million. Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. As a group, analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current year.

Analysts Set New Price Targets

Separately, Jefferies Financial Group raised their price target on Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, January 6th.

Insider Transactions at Dropbox

In related news, CEO Andrew Houston sold 80,499 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $30.97, for a total value of $2,493,054.03. Following the sale, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $256,018,646.02. This trade represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric Cox sold 3,765 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $26.30, for a total transaction of $99,019.50. Following the completion of the sale, the insider now owns 309,550 shares of the company’s stock, valued at approximately $8,141,165. The trade was a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 124,181 shares of company stock worth $3,794,928 over the last quarter. 28.59% of the stock is currently owned by insiders.

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.