Retirement Systems of Alabama Lowers Stock Position in Dropbox, Inc. (NASDAQ:DBX)

Retirement Systems of Alabama cut its stake in shares of Dropbox, Inc. (NASDAQ:DBXFree Report) by 0.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 320,854 shares of the company’s stock after selling 1,132 shares during the period. Retirement Systems of Alabama owned 0.09% of Dropbox worth $9,459,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC acquired a new position in shares of Dropbox during the 4th quarter valued at $25,000. Contravisory Investment Management Inc. bought a new stake in shares of Dropbox during the 4th quarter valued at about $26,000. Fifth Third Bancorp grew its position in shares of Dropbox by 424.2% during the 3rd quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock valued at $30,000 after buying an additional 878 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its position in shares of Dropbox by 29,175.0% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock valued at $32,000 after buying an additional 1,167 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new position in Dropbox in the 3rd quarter worth about $62,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Bank of America cut shares of Dropbox from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $34.00 to $28.00 in a research report on Friday, February 16th. KeyCorp increased their target price on shares of Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a research note on Friday, January 19th. The Goldman Sachs Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and reduced their price target for the company from $26.00 to $24.00 in a research report on Friday, February 16th. Citigroup reduced their price target on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a research report on Friday, March 22nd. Finally, JMP Securities downgraded shares of Dropbox from an “outperform” rating to a “market perform” rating in a research report on Friday, February 16th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $29.78.

Get Our Latest Analysis on Dropbox

Insider Transactions at Dropbox

In other news, CEO Andrew Houston sold 164,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $197,242,650.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Andrew Houston sold 164,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $197,242,650.76. The sale 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 firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $24.02, for a total transaction of $72,060.00. Following the completion of the transaction, the chief financial officer now owns 403,720 shares in the company, valued at $9,697,354.40. The disclosure for this sale can be found here. Insiders have sold a total of 189,721 shares of company stock worth $4,521,875 in the last 90 days. 26.40% of the stock is owned by insiders.

Dropbox Stock Performance

Dropbox stock opened at $23.59 on Friday. The firm has a market cap of $8.11 billion, a PE ratio of 17.87, a P/E/G ratio of 2.60 and a beta of 0.70. The firm’s 50 day moving average price is $23.77 and its two-hundred day moving average price is $27.18. Dropbox, Inc. has a twelve month low of $19.55 and a twelve month high of $33.43.

Dropbox (NASDAQ:DBXGet Free Report) last announced its quarterly earnings results on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. The business had revenue of $635.00 million for the quarter, compared to analyst estimates of $630.77 million. Equities analysts anticipate that Dropbox, Inc. will post 1.14 EPS for the current fiscal year.

Dropbox Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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