New York State Teachers Retirement System Trims Holdings in Dropbox, Inc. (NASDAQ:DBX)

New York State Teachers Retirement System reduced its position in Dropbox, Inc. (NASDAQ:DBX) by 0.7% in the 4th quarter, Holdings Channel reports. The fund owned 91,544 shares of the company’s stock after selling 657 shares during the period. New York State Teachers Retirement System’s holdings in Dropbox were worth $2,699,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DBX. Contravisory Investment Management Inc. purchased a new position in shares of Dropbox during the 4th quarter worth about $26,000. Fifth Third Bancorp raised its stake in Dropbox by 424.2% during the third quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock worth $30,000 after purchasing an additional 878 shares during the period. Cary Street Partners Investment Advisory LLC raised its stake in Dropbox by 29,175.0% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock worth $32,000 after purchasing an additional 1,167 shares during the period. Covestor Ltd boosted its holdings in shares of Dropbox by 446.6% in the 1st quarter. Covestor Ltd now owns 1,372 shares of the company’s stock valued at $32,000 after purchasing an additional 1,121 shares during the last quarter. Finally, Clear Street Markets LLC purchased a new stake in shares of Dropbox during the 4th quarter valued at $33,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Dropbox

In other news, CFO Timothy Regan sold 3,000 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $24.36, for a total value of $73,080.00. Following the completion of the transaction, the chief financial officer now owns 400,720 shares of the company’s stock, valued at $9,761,539.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $24.36, for a total value of $73,080.00. Following the transaction, the chief financial officer now owns 400,720 shares of the company’s stock, valued at approximately $9,761,539.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Andrew Houston sold 164,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total value of $3,913,040.00. Following the sale, the chief executive officer now directly owns 8,266,666 shares in the company, valued at $197,242,650.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 180,039 shares of company stock worth $4,324,757. Insiders own 25.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on DBX shares. JMP Securities lowered Dropbox from an “outperform” rating to a “market perform” rating in a research report on Friday, February 16th. JPMorgan Chase & Co. downgraded Dropbox from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $33.00 to $30.00 in a report on Friday, February 16th. Bank of America cut 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 report on Friday, February 16th. Citigroup cut their price target on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a report on Friday, March 22nd. Finally, The Goldman Sachs Group cut 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. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $29.78.

Dropbox Stock Down 0.3 %

NASDAQ DBX opened at $22.92 on Tuesday. Dropbox, Inc. has a fifty-two week low of $19.55 and a fifty-two week high of $33.43. The business has a 50 day moving average price of $25.33 and a two-hundred day moving average price of $27.55. The stock has a market cap of $7.88 billion, a PE ratio of 17.36, a P/E/G ratio of 2.59 and a beta of 0.71.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, February 15th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $630.77 million. Sell-side analysts anticipate that Dropbox, Inc. will post 1.14 EPS for the current fiscal year.

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.