New York State Common Retirement Fund Sells 136,813 Shares of Dropbox, Inc. (NASDAQ:DBX)

New York State Common Retirement Fund lessened its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 38.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 214,444 shares of the company’s stock after selling 136,813 shares during the period. New York State Common Retirement Fund’s holdings in Dropbox were worth $6,322,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in DBX. Contravisory Investment Management Inc. purchased a new stake in Dropbox during the 4th quarter valued at approximately $26,000. Fifth Third Bancorp boosted its position in shares of 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 acquiring an additional 878 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew 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 valued at $32,000 after acquiring an additional 1,167 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new stake in Dropbox in the 3rd quarter valued at $62,000. Finally, Shell Asset Management Co. lifted its stake in Dropbox by 51.4% in the 3rd quarter. Shell Asset Management Co. now owns 2,643 shares of the company’s stock worth $72,000 after purchasing an additional 897 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Buying and Selling

In other news, CEO Andrew Houston sold 82,000 shares of Dropbox stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $23.44, for a total transaction of $1,922,080.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at $193,770,651.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $23.11, for a total value of $69,330.00. Following the completion of the sale, the chief financial officer now directly owns 594,995 shares of the company’s stock, valued at $13,750,334.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Andrew Houston sold 82,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $23.44, for a total transaction of $1,922,080.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at $193,770,651.04. The disclosure for this sale can be found here. Insiders have sold 271,721 shares of company stock valued at $6,443,955 in the last 90 days. Company insiders own 26.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on DBX shares. KeyCorp raised their price objective on Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a research report on Friday, January 19th. Bank of America downgraded Dropbox from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $34.00 to $28.00 in a research note on Friday, February 16th. JMP Securities cut Dropbox from an “outperform” rating to a “market perform” rating in a report on Friday, February 16th. The Goldman Sachs Group lowered shares of Dropbox from a “neutral” rating to a “sell” rating and cut their target price for the company from $26.00 to $24.00 in a report on Friday, February 16th. Finally, Citigroup decreased their price target on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a research note on Friday, March 22nd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $29.78.

Dropbox Stock Down 0.9 %

DBX stock opened at $23.37 on Friday. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 17.70, a price-to-earnings-growth ratio of 2.64 and a beta of 0.70. Dropbox, Inc. has a twelve month low of $19.55 and a twelve month high of $33.43. The firm’s fifty day simple moving average is $23.76 and its two-hundred day simple moving average is $27.15.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). The business had revenue of $635.00 million during the quarter, compared to the consensus estimate of $630.77 million. Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. As a group, equities research analysts expect that Dropbox, Inc. will post 1.14 EPS for the current year.

Dropbox Company 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.