Dropbox, Inc. $DBX Stake Lessened by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp cut its stake in Dropbox, Inc. (NASDAQ:DBX) by 14.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 229,317 shares of the company’s stock after selling 39,777 shares during the period. Texas Permanent School Fund Corp owned 0.08% of Dropbox worth $6,558,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Neo Ivy Capital Management bought a new stake in shares of Dropbox in the 2nd quarter worth about $30,000. Geneos Wealth Management Inc. grew its stake in Dropbox by 78.0% in the second quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after purchasing an additional 558 shares in the last quarter. Brooklyn Investment Group increased its holdings in Dropbox by 250.3% in the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock valued at $37,000 after buying an additional 991 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in Dropbox during the second quarter valued at approximately $41,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Dropbox by 88.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company’s stock worth $48,000 after buying an additional 787 shares during the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DBX has been the subject of a number of research analyst reports. UBS Group downgraded Dropbox from a “neutral” rating to a “sell” rating and lowered their price target for the company from $29.00 to $27.00 in a report on Thursday, September 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Royal Bank Of Canada lifted their price target on shares of Dropbox from $35.00 to $38.00 and gave the company an “outperform” rating in a report on Friday, November 7th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Dropbox currently has a consensus rating of “Hold” and a consensus target price of $31.75.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $28.59 on Wednesday. Dropbox, Inc. has a 1-year low of $24.42 and a 1-year high of $33.33. The business’s fifty day moving average price is $29.29 and its two-hundred day moving average price is $28.89. The firm has a market capitalization of $7.40 billion, a PE ratio of 16.15, a P/E/G ratio of 2.38 and a beta of 0.63.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.10. Dropbox had a net margin of 19.87% and a negative return on equity of 49.51%. The company had revenue of $634.40 million during the quarter, compared to the consensus estimate of $623.59 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was down .7% compared to the same quarter last year. Equities research analysts expect that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Ashraf Alkarmi sold 10,098 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $29.18, for a total value of $294,659.64. Following the sale, the insider directly owned 435,810 shares in the company, valued at $12,716,935.80. This trade represents a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew Houston sold 101,167 shares of Dropbox stock in a transaction on Friday, November 14th. The shares were sold at an average price of $30.23, for a total value of $3,058,278.41. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 362,915 shares of company stock worth $10,793,706 in the last quarter. Company insiders own 28.59% of the company’s stock.

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.