VIRGINIA RETIREMENT SYSTEMS ET Al Acquires 14,400 Shares of Dropbox, Inc. $DBX

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in Dropbox, Inc. (NASDAQ:DBX) by 8.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 194,150 shares of the company’s stock after acquiring an additional 14,400 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.09% of Dropbox worth $6,572,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. VestGen Advisors LLC purchased a new stake in Dropbox in the third quarter valued at $223,000. Lakewood Asset Management LLC raised its stake in shares of Dropbox by 7.5% during the 3rd quarter. Lakewood Asset Management LLC now owns 36,933 shares of the company’s stock valued at $1,250,000 after buying an additional 2,580 shares during the last quarter. Signaturefd LLC raised its stake in shares of Dropbox by 103.4% during the 3rd 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. Sowell Financial Services LLC lifted its holdings in shares of Dropbox by 24.2% in the 3rd quarter. Sowell Financial Services LLC now owns 9,719 shares of the company’s stock valued at $329,000 after buying an additional 1,891 shares during the period. Finally, Evergreen Capital Management LLC lifted its holdings in shares of Dropbox by 3.2% in the 3rd quarter. Evergreen Capital Management LLC now owns 26,941 shares of the company’s stock valued at $912,000 after buying an additional 841 shares during the period. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on DBX shares. Weiss Ratings raised Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 13th. William Blair raised Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Royal Bank Of Canada restated an “outperform” rating and issued a $42.00 price objective on shares of Dropbox in a research report on Thursday, September 3rd. Zacks Research raised shares of Dropbox from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 6th. Finally, Citigroup cut shares of Dropbox from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $33.00 to $29.00 in a research note on Thursday, September 24th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $29.75.

Insider Buying and Selling

In other Dropbox news, insider William Yoon sold 12,382 shares of the firm’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $34.78, for a total transaction of $430,645.96. Following the transaction, the insider owned 366,693 shares of the company’s stock, valued at approximately $12,753,582.54. This trade represents a 3.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ross Tennenbaum sold 97,558 shares of Dropbox stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $35.02, for a total value of $3,416,481.16. Following the sale, the chief financial officer owned 690,666 shares in the company, valued at $24,187,123.32. This trade represents a 12.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 947,468 shares of company stock valued at $32,809,905 over the last ninety days. Company insiders own 35.48% of the company’s stock.

Dropbox Trading Down 0.1%

Shares of NASDAQ:DBX opened at $36.25 on Friday. The company has a market capitalization of $8.18 billion, a PE ratio of 20.14, a P/E/G ratio of 3.58 and a beta of 0.63. Dropbox, Inc. has a twelve month low of $21.69 and a twelve month high of $38.22. The firm has a 50 day simple moving average of $35.24 and a 200-day simple moving average of $29.02.

Dropbox (NASDAQ:DBX) last posted its earnings results 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 for the quarter, compared to the consensus estimate of $626.69 million. During the same period last year, the firm posted $0.71 EPS. The company’s revenue was up .9% on a year-over-year basis. As a group, equities research analysts predict that Dropbox, Inc. will post 1.94 EPS for the current fiscal year.

About Dropbox

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.