Dropbox, Inc. $DBX Position Lowered by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund decreased its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 6.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 294,336 shares of the company’s stock after selling 19,971 shares during the period. Illinois Municipal Retirement Fund’s holdings in Dropbox were worth $9,963,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of DBX. GAMMA Investing LLC increased its holdings in Dropbox by 5.2% in the 3rd quarter. GAMMA Investing LLC now owns 10,054 shares of the company’s stock worth $340,000 after purchasing an additional 500 shares in the last quarter. Elevation Wealth Partners LLC raised its position in Dropbox by 63.0% in the third quarter. Elevation Wealth Partners LLC now owns 1,363 shares of the company’s stock valued at $46,000 after purchasing an additional 527 shares during the last quarter. State of Michigan Retirement System boosted its stake in shares of Dropbox by 1.9% during the first quarter. State of Michigan Retirement System now owns 42,000 shares of the company’s stock valued at $954,000 after purchasing an additional 800 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Dropbox by 68.1% during the first quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company’s stock valued at $47,000 after purchasing an additional 831 shares in the last quarter. Finally, Evergreen Capital Management LLC boosted its stake in shares of Dropbox by 3.2% during the third quarter. Evergreen Capital Management LLC now owns 26,941 shares of the company’s stock valued at $912,000 after purchasing an additional 841 shares in the last quarter. Institutional investors own 94.84% of the company’s stock.

Dropbox Trading Up 1.1%

NASDAQ DBX opened at $33.51 on Friday. The business’s 50-day moving average price is $35.13 and its two-hundred day moving average price is $29.38. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $38.22. The firm has a market capitalization of $7.56 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 2.98 and a beta of 0.62.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, November 5th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.15. Dropbox had a negative return on equity of 22.35% and a net margin of 17.17%. The company had revenue of $637.30 million during the quarter, compared to the consensus estimate of $629.59 million. During the same period last year, the company earned $0.74 earnings per share. The firm’s revenue was up .5% compared to the same quarter last year. As a group, analysts forecast that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DBX has been the topic of several research reports. Weiss Ratings upgraded Dropbox from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, November 3rd. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Zacks Research upgraded shares of Dropbox from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. JPMorgan Chase & Co. boosted their target price on shares of Dropbox from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Friday, November 6th. Finally, Citigroup lowered shares of Dropbox from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $33.00 to $29.00 in a report on Thursday, September 24th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Dropbox has a consensus rating of “Reduce” and a consensus price target of $35.60.

Insider Transactions at Dropbox

In other news, insider Eric Webster sold 15,830 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $34.09, for a total value of $539,644.70. Following the sale, the insider directly owned 416,236 shares of the company’s stock, valued at approximately $14,189,485.24. This represents a 3.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Andrew Houston sold 383,800 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $35.02, for a total transaction of $13,440,676.00. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,331,268 shares of company stock worth $46,553,783. Company insiders own 35.48% of the company’s stock.

Dropbox Company Profile

Dropbox, Inc. is a cloud software company that helps individuals and organizations store, access, sync and share files across devices. Its core Dropbox service also supports collaboration through shared folders, comments and tools for managing digital content. The company offers products for a range of work and collaboration needs, including Dropbox Sign for electronic signatures and DocSend for sharing and tracking documents. Dropbox has also developed tools for reviewing creative content and organizing work, alongside integrations with other business applications.