47,158 Shares in Dropbox, Inc. $DBX Purchased by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio acquired a new position in Dropbox, Inc. (NASDAQ:DBX) in the 2nd quarter, HoldingsChannel reports. The fund acquired 47,158 shares of the company’s stock, valued at approximately $1,295,000.

Several other large investors have also modified their holdings of the business. Palisade Asset Management LLC bought a new position in shares of Dropbox during the third quarter valued at approximately $30,000. Kestra Advisory Services LLC bought a new stake in shares of Dropbox during the 4th quarter worth approximately $31,000. Larson Financial Group LLC boosted its holdings in Dropbox by 228.0% during the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after acquiring an additional 791 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Dropbox by 78.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock valued at $36,000 after acquiring an additional 558 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in Dropbox in the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Buying and Selling at Dropbox

In other news, CAO Sarah Schubach sold 1,632 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $31.61, for a total transaction of $51,587.52. Following the transaction, the chief accounting officer directly owned 124,266 shares in the company, valued at approximately $3,928,048.26. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Ali Dasdan sold 11,332 shares of Dropbox stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $34.13, for a total transaction of $386,761.16. Following the transaction, the chief technology officer directly owned 471,052 shares in the company, valued at approximately $16,077,004.76. The trade was a 2.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 38,667 shares of company stock worth $1,285,874. Company insiders own 35.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DBX. Bank of America reiterated an “underperform” rating on shares of Dropbox in a research note on Friday, August 7th. William Blair upgraded shares of Dropbox from an “underperform” rating to a “market perform” rating in a report on Friday, August 7th. Zacks Research downgraded shares of Dropbox from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 19th. Citigroup raised their price target on shares of Dropbox from $28.00 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Dropbox from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $30.75.

Dropbox Stock Down 2.9%

DBX opened at $33.81 on Wednesday. The stock’s fifty day moving average is $32.43 and its two-hundred day moving average is $27.91. The company has a market capitalization of $7.63 billion, a P/E ratio of 18.78, a PEG ratio of 5.15 and a beta of 0.65. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $36.37.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, August 6th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. The business had revenue of $631.50 million during the quarter, compared to analysts’ expectations of $626.69 million. Dropbox had a negative return on equity of 24.26% and a net margin of 17.49%.The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.71 EPS. Equities analysts anticipate that Dropbox, Inc. will post 1.93 earnings per share for the current year.

Dropbox Company Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.