Public Employees Retirement System of Ohio Has $3.22 Million Position in Dropbox, Inc. $DBX

Public Employees Retirement System of Ohio lowered its position in Dropbox, Inc. (NASDAQ:DBX) by 5.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 112,675 shares of the company’s stock after selling 6,591 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Dropbox were worth $3,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Elequin Capital LP increased its stake in shares of Dropbox by 71.0% in the first quarter. Elequin Capital LP now owns 1,130 shares of the company’s stock valued at $30,000 after buying an additional 469 shares during the period. Brooklyn Investment Group increased its stake in shares of Dropbox by 250.3% in the first quarter. Brooklyn Investment Group now owns 1,387 shares of the company’s stock valued at $37,000 after buying an additional 991 shares during the period. SBI Securities Co. Ltd. increased its stake in shares of Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock valued at $48,000 after buying an additional 449 shares during the period. Fifth Third Bancorp increased its stake in shares of Dropbox by 27.3% in the first quarter. Fifth Third Bancorp now owns 2,288 shares of the company’s stock valued at $61,000 after buying an additional 490 shares during the period. Finally, UMB Bank n.a. increased its position in Dropbox by 115.0% during the 1st quarter. UMB Bank n.a. now owns 2,501 shares of the company’s stock valued at $67,000 after purchasing an additional 1,338 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on DBX. UBS Group lowered shares of Dropbox from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $29.00 to $27.00 in a report on Thursday, September 18th. Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a report on Friday, September 5th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $29.67.

Insider Activity at Dropbox

In other news, insider Ashraf Alkarmi sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the sale, the insider owned 459,333 shares of the company’s stock, valued at $13,779,990. This trade represents a 2.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider William T. Yoon sold 11,430 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $30.16, for a total transaction of $344,728.80. Following the sale, the insider directly owned 223,662 shares of the company’s stock, valued at approximately $6,745,645.92. This trade represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 209,833 shares of company stock worth $6,015,679. Corporate insiders own 29.95% of the company’s stock.

Dropbox Stock Performance

Dropbox stock opened at $29.52 on Thursday. Dropbox, Inc. has a 52-week low of $24.42 and a 52-week high of $33.33. The firm has a 50 day moving average price of $29.03 and a two-hundred day moving average price of $28.30. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 4.00 and a beta of 0.67.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.63 by $0.08. The company had revenue of $625.70 million during the quarter, compared to the consensus estimate of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 EPS. As a group, equities research analysts predict that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

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.