State of New Jersey Common Pension Fund D Reduces Stock Holdings in Dropbox, Inc. (NASDAQ:DBX)

State of New Jersey Common Pension Fund D trimmed its position in Dropbox, Inc. (NASDAQ:DBX) by 42.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 83,238 shares of the company’s stock after selling 61,994 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Dropbox were worth $1,870,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of DBX. Sound Income Strategies LLC purchased a new position in Dropbox in the first quarter worth about $28,000. GAMMA Investing LLC boosted its position in Dropbox by 274.0% in the second quarter. GAMMA Investing LLC now owns 1,238 shares of the company’s stock worth $28,000 after purchasing an additional 907 shares during the last quarter. Fifth Third Bancorp boosted its position in Dropbox by 548.8% in the second quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock worth $31,000 after purchasing an additional 1,169 shares during the last quarter. Principal Securities Inc. purchased a new position in Dropbox in the fourth quarter worth about $34,000. Finally, Quarry LP purchased a new position in Dropbox in the fourth quarter worth about $64,000. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DBX has been the topic of several research reports. UBS Group dropped their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Citigroup lowered their price objective on Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $28.67.

Dropbox Trading Up 0.9 %

Shares of DBX opened at $24.70 on Monday. The business’s 50 day moving average is $23.58 and its 200 day moving average is $23.22. The company has a market capitalization of $8.16 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. The company had revenue of $634.50 million for the quarter, compared to the consensus estimate of $630.10 million. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company earned $0.28 EPS. Equities research analysts predict that Dropbox, Inc. will post 1.31 earnings per share for the current year.

Insiders Place Their Bets

In other Dropbox news, CEO Andrew Houston sold 82,000 shares of Dropbox stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $22.40, for a total value of $1,836,800.00. Following the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $185,173,318.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Dropbox news, CEO Andrew Houston sold 82,000 shares of Dropbox stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $22.40, for a total value of $1,836,800.00. Following the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $185,173,318.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $24.35, for a total value of $60,875.00. Following the transaction, the chief financial officer now directly owns 485,724 shares in the company, valued at approximately $11,827,379.40. The disclosure for this sale can be found here. Insiders have sold a total of 107,900 shares of company stock valued at $2,425,565 in the last quarter. 26.40% of the stock is currently owned by insiders.

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.