Dropbox, Inc. $DBX Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its holdings in Dropbox, Inc. (NASDAQ:DBX) by 2.6% during the second quarter, HoldingsChannel.com reports. The fund owned 879,289 shares of the company’s stock after selling 23,617 shares during the period. Retirement Systems of Alabama’s holdings in Dropbox were worth $25,148,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Elequin Capital LP grew its position in 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 holdings in shares of 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 shares of Dropbox during the second quarter worth about $41,000. SBI Securities Co. Ltd. boosted its stake in shares of Dropbox by 33.4% during the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock worth $48,000 after buying an additional 449 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of Dropbox by 29.7% during the second quarter. UMB Bank n.a. now owns 3,243 shares of the company’s stock worth $93,000 after buying an additional 742 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, October 8th. UBS Group cut Dropbox from a “neutral” rating to a “sell” rating and cut their price target for the stock from $29.00 to $27.00 in a research note on Thursday, September 18th. Finally, Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research report on Sunday, October 26th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Dropbox currently has an average rating of “Reduce” and an average price target of $29.67.

Dropbox Trading Up 1.3%

DBX stock opened at $28.76 on Friday. The firm has a 50 day moving average of $29.72 and a 200-day moving average of $28.66. The company has a market cap of $7.76 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 3.74 and a beta of 0.67. Dropbox, Inc. has a 12-month low of $24.42 and a 12-month high of $33.33.

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

Insider Buying and Selling

In other news, CTO Ali Dasdan sold 12,812 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $384,360.00. Following the sale, the chief technology officer directly owned 551,060 shares in the company, valued at $16,531,800. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy Regan sold 1,500 shares of Dropbox stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $28.62, for a total value of $42,930.00. Following the sale, the chief financial officer owned 470,121 shares of the company’s stock, valued at approximately $13,454,863.02. This represents a 0.32% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 316,132 shares of company stock valued at $9,178,284. 29.95% of the stock is owned by company insiders.

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.