Louisiana State Employees Retirement System Purchases Shares of 72,000 Dropbox, Inc. (NASDAQ:DBX)

Louisiana State Employees Retirement System purchased a new stake in shares of Dropbox, Inc. (NASDAQ:DBX) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 72,000 shares of the company’s stock, valued at approximately $2,123,000.

Several other large investors have also added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in shares of Dropbox by 19.1% in the first quarter. PNC Financial Services Group Inc. now owns 5,730 shares of the company’s stock worth $133,000 after buying an additional 918 shares during the last quarter. D.A. Davidson & CO. acquired a new position in shares of Dropbox during the first quarter valued at approximately $217,000. MetLife Investment Management LLC acquired a new position in shares of Dropbox during the first quarter valued at approximately $447,000. Blair William & Co. IL raised its holdings in shares of 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 raised its holdings in shares of Dropbox by 47.6% during the first quarter. Canada Pension Plan Investment Board now owns 21,710 shares of the company’s stock valued at $505,000 after acquiring an additional 7,000 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Transactions at Dropbox

In other news, insider Bart Volkmer sold 6,682 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $23.12, for a total value of $154,487.84. Following the sale, the insider now directly owns 372,332 shares in the company, valued at $8,608,315.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Bart Volkmer sold 6,682 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $23.12, for a total value of $154,487.84. Following the sale, the insider now directly owns 372,332 shares in the company, valued at $8,608,315.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy Regan sold 3,000 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $32.50, for a total value of $97,500.00. Following the completion of the sale, the chief financial officer now owns 434,761 shares in the company, valued at $14,129,732.50. The disclosure for this sale can be found here. Insiders sold a total of 189,721 shares of company stock worth $4,548,575 over the last ninety days. Company insiders own 26.40% of the company’s stock.

Dropbox Stock Performance

Shares of Dropbox stock opened at $22.80 on Thursday. The firm has a market capitalization of $7.84 billion, a price-to-earnings ratio of 17.27, a PEG ratio of 2.58 and a beta of 0.71. Dropbox, Inc. has a fifty-two week low of $19.55 and a fifty-two week high of $33.43. The stock has a 50 day moving average of $25.13 and a 200 day moving average of $27.52.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, February 15th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). Dropbox had a negative return on equity of 120.82% and a net margin of 18.13%. The firm had revenue of $635.00 million for the quarter, compared to analysts’ expectations of $630.77 million. Analysts forecast that Dropbox, Inc. will post 1.14 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on DBX shares. Citigroup reduced their target price on Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a report on Friday, March 22nd. KeyCorp increased their target price on Dropbox from $32.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, January 19th. JPMorgan Chase & Co. cut Dropbox from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $33.00 to $30.00 in a report on Friday, February 16th. Bank of America lowered Dropbox from a “buy” rating to an “underperform” rating and dropped their price target for the company from $34.00 to $28.00 in a research report on Friday, February 16th. Finally, JMP Securities lowered Dropbox from an “outperform” rating to a “market perform” rating in a research report on Friday, February 16th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $29.78.

Dropbox Company Profile

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.