Maryland State Retirement & Pension System trimmed its holdings in Dropbox, Inc. (NASDAQ:DBX – Free Report) by 5.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,982 shares of the company’s stock after selling 1,246 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Dropbox were worth $533,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the company. Sanders Morris Harris LLC acquired a new position in shares of Dropbox in the second quarter worth about $345,000. Level Four Advisory Services LLC raised its position in shares of Dropbox by 1.5% in the second quarter. Level Four Advisory Services LLC now owns 151,630 shares of the company’s stock worth $4,044,000 after acquiring an additional 2,237 shares during the period. SG Americas Securities LLC acquired a new position in shares of Dropbox in the second quarter worth about $417,000. DNB Asset Management AS raised its position in shares of Dropbox by 1.1% in the second quarter. DNB Asset Management AS now owns 66,860 shares of the company’s stock worth $1,783,000 after acquiring an additional 728 shares during the period. Finally, Cooper Financial Group raised its position in shares of Dropbox by 38.1% in the second quarter. Cooper Financial Group now owns 19,785 shares of the company’s stock worth $528,000 after acquiring an additional 5,459 shares during the period. Institutional investors and hedge funds own 70.28% of the company’s stock.
Dropbox Trading Up 0.8 %
DBX stock opened at $27.12 on Thursday. The company has a market cap of $9.43 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 1.77 and a beta of 0.89. Dropbox, Inc. has a 12 month low of $18.71 and a 12 month high of $28.68. The firm has a 50-day moving average of $27.24 and a two-hundred day moving average of $24.54.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on DBX. KeyCorp upped their price objective on shares of Dropbox from $32.00 to $35.00 and gave the stock an “overweight” rating in a research report on Friday, August 4th. The Goldman Sachs Group upped their price target on shares of Dropbox from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, August 4th. William Blair downgraded shares of Dropbox from an “outperform” rating to a “market perform” rating in a research report on Monday, September 18th. Credit Suisse Group upped their price target on shares of Dropbox from $18.00 to $22.00 and gave the stock an “underperform” rating in a research report on Friday, August 4th. Finally, Citigroup restated a “neutral” rating and set a $30.00 price target on shares of Dropbox in a research report on Monday, September 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $29.14.
Read Our Latest Stock Analysis on Dropbox
Insider Buying and Selling at Dropbox
In other news, CEO Andrew Houston sold 162,500 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $26.51, for a total value of $4,307,875.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $219,149,315.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Andrew Houston sold 162,500 shares of the stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $26.51, for a total value of $4,307,875.00. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $219,149,315.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Timothy Regan sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $28.17, for a total transaction of $84,510.00. Following the completion of the sale, the chief financial officer now directly owns 514,252 shares of the company’s stock, valued at approximately $14,486,478.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 436,178 shares of company stock worth $11,878,345. Insiders own 25.78% of the company’s stock.
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.
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