California Public Employees Retirement System Lowers Position in Dropbox, Inc. $DBX

California Public Employees Retirement System lessened its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 16.3% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 450,951 shares of the company’s stock after selling 87,545 shares during the quarter. California Public Employees Retirement System’s holdings in Dropbox were worth $10,246,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Empowered Funds LLC grew its position in Dropbox by 7.3% in the 1st quarter. Empowered Funds LLC now owns 38,795 shares of the company’s stock valued at $1,036,000 after acquiring an additional 2,655 shares in the last quarter. Cetera Investment Advisers lifted its holdings in Dropbox by 10.8% during the 2nd quarter. Cetera Investment Advisers now owns 24,623 shares of the company’s stock worth $704,000 after buying an additional 2,405 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Dropbox by 88.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,681 shares of the company’s stock valued at $48,000 after acquiring an additional 787 shares in the last quarter. Cresset Asset Management LLC boosted its stake in shares of Dropbox by 75.8% in the 2nd quarter. Cresset Asset Management LLC now owns 15,230 shares of the company’s stock valued at $436,000 after buying an additional 6,569 shares during the period. Finally, Federated Hermes Inc. lifted its stake in Dropbox by 360.9% in the second quarter. Federated Hermes Inc. now owns 117,852 shares of the company’s stock worth $3,371,000 after acquiring an additional 92,280 shares during the last quarter. 94.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research report on Monday, June 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. Finally, Citigroup raised their target price on Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $27.00.

Insider Buying and Selling

In other Dropbox news, CTO Ali Dasdan sold 5,666 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $27.56, for a total transaction of $156,154.96. Following the transaction, the chief technology officer owned 514,611 shares of the company’s stock, valued at approximately $14,182,679.16. This trade represents a 1.09% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ashraf Alkarmi sold 22,700 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total value of $632,422.00. Following the transaction, the chief executive officer directly owned 1,080,746 shares in the company, valued at approximately $30,109,583.56. The trade was a 2.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 129,082 shares of company stock valued at $3,489,910 over the last ninety days. Company insiders own 35.48% of the company’s stock.

Dropbox Trading Up 2.7%

Shares of Dropbox stock opened at $29.19 on Friday. The company has a fifty day simple moving average of $27.85 and a 200-day simple moving average of $26.02. Dropbox, Inc. has a 12-month low of $21.69 and a 12-month high of $32.40. The stock has a market cap of $6.81 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 3.20 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, May 7th. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The firm had revenue of $629.50 million for the quarter, compared to the consensus estimate of $620.56 million. During the same period last year, the firm posted $0.70 EPS. The company’s revenue was up .8% on a year-over-year basis. On average, analysts forecast that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Dropbox 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.