State of New Jersey Common Pension Fund D lowered its position in Dropbox Inc (NASDAQ:DBX) by 15.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 110,000 shares of the company’s stock after selling 20,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Dropbox were worth $3,567,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Trustcore Financial Services LLC grew its holdings in shares of Dropbox by 702.0% during the second quarter. Trustcore Financial Services LLC now owns 4,010 shares of the company’s stock worth $130,000 after buying an additional 3,510 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of Dropbox during the first quarter worth $158,000. Thompson Davis & CO. Inc. purchased a new stake in shares of Dropbox during the first quarter worth $199,000. Galileo PTC Ltd purchased a new stake in shares of Dropbox during the first quarter worth $207,000. Finally, Alkeon Capital Management LLC purchased a new stake in shares of Dropbox during the first quarter worth $232,000. Institutional investors and hedge funds own 13.78% of the company’s stock.
Shares of DBX opened at $29.16 on Tuesday. Dropbox Inc has a 1 year low of $26.61 and a 1 year high of $43.50. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of -0.14.
A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group upped their price objective on shares of Dropbox to $37.00 and gave the company a “buy” rating in a report on Friday. Zacks Investment Research raised shares of Dropbox from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Monday. JMP Securities upped their price objective on shares of Dropbox from $35.00 to $37.00 and gave the company an “outperform” rating in a report on Friday. Canaccord Genuity upped their price objective on shares of Dropbox from $36.00 to $38.00 and gave the company a “buy” rating in a report on Friday. Finally, Deutsche Bank started coverage on shares of Dropbox in a report on Tuesday, April 17th. They issued a “buy” rating and a $36.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $34.29.
Dropbox Inc provides a collaboration platform worldwide. Its platform allows individuals, teams, and organizations to create, access, and share content online. The company was formerly known as Evenflow, Inc and changed its name to Dropbox, Inc in October 2009. Dropbox Inc was founded in 2007 and is headquartered in San Francisco, California.
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