Texas Permanent School Fund Corp Sells 20,447 Shares of Dropbox, Inc. (NASDAQ:DBX)

Texas Permanent School Fund Corp decreased its position in Dropbox, Inc. (NASDAQ:DBXFree Report) by 8.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 218,981 shares of the company’s stock after selling 20,447 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Dropbox were worth $5,963,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in DBX. Wedge Capital Management L L P NC lifted its stake in Dropbox by 1,287.7% in the third quarter. Wedge Capital Management L L P NC now owns 2,725,139 shares of the company’s stock valued at $74,206,000 after buying an additional 2,528,754 shares in the last quarter. Baupost Group LLC MA boosted its position in shares of Dropbox by 30.6% in the first quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company’s stock valued at $245,777,000 after acquiring an additional 2,476,021 shares during the period. AQR Capital Management LLC boosted its position in shares of Dropbox by 102.3% in the first quarter. AQR Capital Management LLC now owns 2,556,821 shares of the company’s stock valued at $54,230,000 after acquiring an additional 1,292,761 shares during the period. Bank of New York Mellon Corp lifted its position in Dropbox by 57.7% during the second quarter. Bank of New York Mellon Corp now owns 3,464,057 shares of the company’s stock worth $92,386,000 after purchasing an additional 1,267,930 shares during the period. Finally, Virginia Retirement Systems ET AL bought a new stake in Dropbox during the second quarter worth about $32,536,000. Institutional investors own 70.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on DBX. KeyCorp increased their target price on shares of Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, January 19th. UBS Group started coverage on shares of Dropbox in a research report on Friday, December 15th. They set a “buy” rating and a $36.00 target price for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Dropbox has an average rating of “Hold” and a consensus price target of $31.00.

Read Our Latest Stock Analysis on Dropbox

Dropbox Price Performance

NASDAQ:DBX opened at $33.16 on Monday. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 20.86, a PEG ratio of 1.90 and a beta of 0.77. The business has a 50 day moving average of $30.52 and a 200 day moving average of $28.38. Dropbox, Inc. has a 1-year low of $18.71 and a 1-year high of $33.43.

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $28.07, for a total value of $84,210.00. Following the transaction, the chief financial officer now owns 456,761 shares of the company’s stock, valued at $12,821,281.27. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Timothy Regan sold 3,000 shares of the stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $28.07, for a total transaction of $84,210.00. Following the completion of the sale, the chief financial officer now owns 456,761 shares in the company, valued at $12,821,281.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bart Volkmer sold 7,055 shares of the stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $29.37, for a total value of $207,205.35. Following the sale, the insider now owns 267,623 shares of the company’s stock, valued at approximately $7,860,087.51. The disclosure for this sale can be found here. Insiders have sold a total of 16,055 shares of company stock valued at $477,145 over the last ninety days. 25.78% of the stock is currently owned by corporate insiders.

About Dropbox

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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