California Public Employees Retirement System increased its stake in Dropbox, Inc. (NASDAQ:DBX – Get Rating) by 21.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,210,525 shares of the company’s stock after acquiring an additional 210,227 shares during the period. California Public Employees Retirement System owned approximately 0.33% of Dropbox worth $27,092,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in Dropbox by 19.1% in the first quarter. PNC Financial Services Group Inc. now owns 5,730 shares of the company’s stock valued at $133,000 after acquiring an additional 918 shares during the last quarter. D.A. Davidson & CO. purchased a new stake in shares of Dropbox in the first quarter worth about $217,000. MetLife Investment Management LLC purchased a new stake in Dropbox in the first quarter valued at approximately $447,000. Blair William & Co. IL grew its position in Dropbox by 233.0% during the first quarter. Blair William & Co. IL now owns 102,489 shares of the company’s stock valued at $2,383,000 after acquiring an additional 71,708 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Dropbox by 47.6% in the first quarter. Canada Pension Plan Investment Board now owns 21,710 shares of the company’s stock worth $505,000 after acquiring an additional 7,000 shares during the period. 61.80% of the stock is currently owned by hedge funds and other institutional investors.
Dropbox Stock Performance
Shares of DBX stock opened at $21.76 on Thursday. The firm has a market cap of $7.79 billion, a price-to-earnings ratio of 14.22, a P/E/G ratio of 2.06 and a beta of 0.83. Dropbox, Inc. has a 52 week low of $18.71 and a 52 week high of $24.99. The firm’s 50-day simple moving average is $20.81 and its two-hundred day simple moving average is $21.93.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the stock. Credit Suisse Group reissued an “underperform” rating and issued a $20.00 target price on shares of Dropbox in a report on Friday, February 17th. Royal Bank of Canada boosted their price target on Dropbox from $27.00 to $30.00 in a research report on Friday, February 17th. The Goldman Sachs Group upgraded Dropbox from a “sell” rating to a “neutral” rating and increased their price objective for the company from $22.00 to $25.00 in a report on Monday. Citigroup raised their price target on Dropbox from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, February 17th. Finally, KeyCorp lowered their price objective on Dropbox from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Friday, February 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $26.86.
Insider Activity at Dropbox
In other news, CFO Timothy Regan sold 2,369 shares of the business’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $20.70, for a total value of $49,038.30. Following the transaction, the chief financial officer now owns 448,707 shares of the company’s stock, valued at $9,288,234.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Timothy Regan sold 2,369 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $20.70, for a total transaction of $49,038.30. Following the sale, the chief financial officer now owns 448,707 shares of the company’s stock, valued at $9,288,234.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Bart Volkmer sold 13,667 shares of the business’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $20.54, for a total transaction of $280,720.18. Following the transaction, the insider now owns 241,255 shares in the company, valued at approximately $4,955,377.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 368,573 shares of company stock worth $7,691,060. 25.05% of the stock is owned by company insiders.
Dropbox Company Profile
Dropbox, Inc is a collaboration platform that’s transforming the way people and teams work together. It offers the following products: Dropbox Basic, Dropbox Plus, Dropbox Professional, and Dropbox Business. The Dropbox Basic is the simple, powerful home for photos, videos, documents, and other files.
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