Dropbox, Inc. $DBX Stock Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its holdings in Dropbox, Inc. (NASDAQ:DBX) by 8.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 194,150 shares of the company’s stock after purchasing an additional 14,400 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Dropbox were worth $6,572,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Elevation Wealth Partners LLC increased its stake in Dropbox by 63.0% in the third quarter. Elevation Wealth Partners LLC now owns 1,363 shares of the company’s stock valued at $46,000 after purchasing an additional 527 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Dropbox by 68.1% in the first quarter. EverSource Wealth Advisors LLC now owns 2,052 shares of the company’s stock valued at $47,000 after buying an additional 831 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Dropbox by 166.5% in the third quarter. Farther Finance Advisors LLC now owns 2,617 shares of the company’s stock valued at $89,000 after buying an additional 1,635 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Dropbox by 103.4% in the third quarter. Signaturefd LLC now owns 5,616 shares of the company’s stock valued at $190,000 after buying an additional 2,855 shares during the last quarter. Finally, VestGen Advisors LLC acquired a new stake in shares of Dropbox during the third quarter worth about $223,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on DBX shares. Citigroup cut Dropbox from a “neutral” rating to a “sell” rating and dropped their price target for the company from $33.00 to $29.00 in a research report on Thursday, September 24th. William Blair raised Dropbox from an “underperform” rating to a “market perform” rating in a research note on Friday, August 7th. Zacks Research raised Dropbox from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Bank of America reiterated an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. Finally, Weiss Ratings upgraded Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 13th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $29.75.

Insider Buying and Selling at Dropbox

In related news, CEO Ashraf Alkarmi sold 28,800 shares of Dropbox stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $35.54, for a total value of $1,023,552.00. Following the sale, the chief executive officer directly owned 1,004,081 shares in the company, valued at $35,685,038.74. The trade was a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric T. Webster sold 15,830 shares of the company’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $34.09, for a total value of $539,644.70. Following the transaction, the insider directly owned 416,236 shares in the company, valued at $14,189,485.24. This represents a 3.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 947,468 shares of company stock worth $32,809,905. 35.48% of the stock is currently owned by company insiders.

Dropbox Stock Down 0.1%

NASDAQ DBX opened at $36.25 on Friday. The stock has a market capitalization of $8.18 billion, a P/E ratio of 20.14, a P/E/G ratio of 3.58 and a beta of 0.63. Dropbox, Inc. has a 52-week low of $21.69 and a 52-week high of $38.22. The firm has a 50-day moving average price of $35.24 and a 200 day moving average price of $29.02.

Dropbox (NASDAQ:DBX) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. Dropbox had a net margin of 17.49% and a negative return on equity of 24.26%. The firm had revenue of $631.50 million during the quarter, compared to the consensus estimate of $626.69 million. During the same quarter last year, the firm earned $0.71 earnings per share. The firm’s revenue was up .9% compared to the same quarter last year. On average, equities research analysts expect that Dropbox, Inc. will post 1.94 earnings per share for the current fiscal year.

Dropbox Company Profile

Dropbox, Inc (NASDAQ: DBX) is a software company that provides cloud-based tools for storing, organizing, sharing and collaborating on files. Its platform enables individuals, businesses and teams to access documents, photos and other content across connected devices, synchronize files and manage shared workflows.

The company’s offerings include Dropbox for cloud storage and file collaboration, Dropbox Paper for shared documents and project work, Dropbox Sign for electronic signatures, and DocSend for securely sharing and tracking business documents.