California Public Employees Retirement System Buys 35,137 Shares of Dropbox, Inc. (NASDAQ:DBX)

California Public Employees Retirement System raised its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 2.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,727,055 shares of the company’s stock after purchasing an additional 35,137 shares during the period. California Public Employees Retirement System owned 0.50% of Dropbox worth $50,914,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. DekaBank Deutsche Girozentrale raised its position in shares of Dropbox by 65.8% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 2,189,593 shares of the company’s stock worth $64,825,000 after acquiring an additional 869,043 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Dropbox by 5.6% in the 3rd quarter. Nordea Investment Management AB now owns 2,146,895 shares of the company’s stock worth $59,050,000 after acquiring an additional 113,947 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Dropbox by 5.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,418,927 shares of the company’s stock worth $120,327,000 after acquiring an additional 227,633 shares in the last quarter. Pzena Investment Management LLC bought a new position in shares of Dropbox in the 3rd quarter worth about $463,000. Finally, Trexquant Investment LP bought a new position in shares of Dropbox in the 3rd quarter worth about $6,898,000. 94.84% of the stock is owned by institutional investors.

Insider Transactions at Dropbox

In related news, insider Bart Volkmer sold 6,682 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $23.12, for a total value of $154,487.84. Following the completion of the transaction, the insider now directly owns 372,332 shares in the company, valued at $8,608,315.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Bart Volkmer sold 6,682 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $23.12, for a total transaction of $154,487.84. Following the completion of the sale, the insider now directly owns 372,332 shares in the company, valued at $8,608,315.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Timothy Regan sold 3,000 shares of the stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total transaction of $97,500.00. Following the completion of the transaction, the chief financial officer now directly owns 434,761 shares of the company’s stock, valued at $14,129,732.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 189,721 shares of company stock valued at $4,548,575. 26.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DBX. The Goldman Sachs Group lowered Dropbox from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $26.00 to $24.00 in a research report on Friday, February 16th. JPMorgan Chase & Co. downgraded Dropbox from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $33.00 to $30.00 in a research note on Friday, February 16th. Citigroup reduced their target price on Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. JMP Securities downgraded Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. Finally, KeyCorp raised their target price on Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, January 19th. Three analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, Dropbox presently has an average rating of “Hold” and a consensus target price of $29.78.

Dropbox Stock Down 0.4 %

Shares of NASDAQ DBX opened at $23.93 on Friday. Dropbox, Inc. has a twelve month low of $19.55 and a twelve month high of $33.43. The stock’s 50 day moving average price is $23.83 and its 200-day moving average price is $27.33. The company has a market capitalization of $8.23 billion, a PE ratio of 18.13, a PEG ratio of 2.70 and a beta of 0.71.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, February 15th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. The business had revenue of $635.00 million for the quarter, compared to the consensus estimate of $630.77 million. As a group, research analysts expect that Dropbox, Inc. will post 1.14 EPS for the current fiscal year.

Dropbox Profile

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.