Dropbox, Inc. $DBX Holdings Decreased by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 21.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 622,190 shares of the company’s stock after selling 172,184 shares during the period. Retirement Systems of Alabama owned approximately 0.28% of Dropbox worth $21,061,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its stake in shares of Dropbox by 12.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after purchasing an additional 960,109 shares during the period. Wedge Capital Management L L P NC boosted its position in shares of Dropbox by 26.4% during the second quarter. Wedge Capital Management L L P NC now owns 3,005,173 shares of the company’s stock worth $82,552,000 after buying an additional 627,111 shares during the period. Pacer Advisors Inc. boosted its position in shares of Dropbox by 2.8% during the first quarter. Pacer Advisors Inc. now owns 2,047,966 shares of the company’s stock worth $46,530,000 after buying an additional 55,921 shares during the period. KBC Group NV boosted its position in shares of Dropbox by 12.6% during the first quarter. KBC Group NV now owns 944,829 shares of the company’s stock worth $21,466,000 after buying an additional 105,876 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Dropbox by 4.0% during the first quarter. Principal Financial Group Inc. now owns 390,386 shares of the company’s stock worth $8,870,000 after buying an additional 15,027 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Dropbox

In other Dropbox news, insider William T. Yoon sold 12,382 shares of the company’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $34.78, for a total value of $430,645.96. Following the transaction, the insider directly owned 366,693 shares of the company’s stock, valued at $12,753,582.54. This represents a 3.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ross Tennenbaum sold 97,558 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 value of $3,416,481.16. Following the transaction, the chief financial officer owned 690,666 shares in the company, valued at $24,187,123.32. The trade was a 12.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,331,268 shares of company stock worth $46,553,783 in the last 90 days. Company insiders own 35.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on DBX shares. Wall Street Zen raised Dropbox from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Bank of America restated an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. Stephens began coverage on shares of Dropbox in a research note on Tuesday, November 3rd. They set an “equal weight” rating and a $39.00 price target for the company. William Blair raised shares of Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. Finally, Royal Bank Of Canada lifted their price objective on shares of Dropbox from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, November 6th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $35.60.

Dropbox Stock Up 2.3%

Dropbox stock opened at $33.16 on Thursday. The company’s 50-day moving average price is $35.15 and its two-hundred day moving average price is $29.35. The stock has a market cap of $7.48 billion, a P/E ratio of 16.70, a P/E/G ratio of 2.91 and a beta of 0.62. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $38.22.

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 analysts’ expectations of $629.59 million. During the same quarter in the previous year, the company posted $0.74 earnings per share. The business’s revenue was up .5% on a year-over-year basis. Equities analysts anticipate that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.

About Dropbox

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.