California Public Employees Retirement System Decreases Stake in Dropbox, Inc. (NASDAQ:DBX)

California Public Employees Retirement System decreased its holdings in Dropbox, Inc. (NASDAQ:DBX) by 3.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,144,754 shares of the company’s stock after selling 37,122 shares during the period. California Public Employees Retirement System’s holdings in Dropbox were worth $34,388,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its position in shares of Dropbox by 96.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company’s stock worth $26,000 after acquiring an additional 424 shares in the last quarter. Avion Wealth boosted its position in Dropbox by 4,472.7% during the 4th quarter. Avion Wealth now owns 1,006 shares of the company’s stock worth $30,000 after purchasing an additional 984 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Dropbox in the 4th quarter valued at $40,000. Allworth Financial LP raised its position in Dropbox by 33.5% in the fourth quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock valued at $45,000 after purchasing an additional 365 shares during the period. Finally, V Square Quantitative Management LLC lifted its stake in shares of Dropbox by 39.0% during the fourth quarter. V Square Quantitative Management LLC now owns 1,717 shares of the company’s stock worth $52,000 after purchasing an additional 482 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group raised their target price on Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 6th.

Dropbox Price Performance

Dropbox stock opened at $27.47 on Thursday. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.33. The company has a market capitalization of $8.29 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75. The firm’s fifty day moving average price is $28.80 and its 200 day moving average price is $28.12.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings results on Thursday, February 20th. The company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.11). Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The business had revenue of $643.60 million during the quarter, compared to analysts’ expectations of $638.61 million. Analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Andrew Houston sold 29,917 shares of Dropbox stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $30.07, for a total value of $899,604.19. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $248,578,646.62. This trade represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $32.17, for a total value of $80,425.00. Following the sale, the chief financial officer now owns 398,764 shares in the company, valued at $12,828,237.88. The trade was a 0.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 124,181 shares of company stock worth $3,794,928. 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.