New York State Teachers Retirement System Decreases Stake in Dropbox, Inc. $DBX

New York State Teachers Retirement System lowered its position in Dropbox, Inc. (NASDAQ:DBX) by 7.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,129 shares of the company’s stock after selling 7,788 shares during the quarter. New York State Teachers Retirement System’s holdings in Dropbox were worth $2,692,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its stake in Dropbox by 11.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 48,224 shares of the company’s stock worth $1,350,000 after acquiring an additional 5,136 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Dropbox by 22.3% during the second quarter. Farther Finance Advisors LLC now owns 9,012 shares of the company’s stock worth $258,000 after purchasing an additional 1,641 shares in the last quarter. Rehmann Capital Advisory Group acquired a new stake in Dropbox during the first quarter worth approximately $675,000. UniSuper Management Pty Ltd acquired a new stake in Dropbox during the first quarter worth approximately $2,027,000. Finally, Acadian Asset Management LLC raised its holdings in Dropbox by 1.9% during the first quarter. Acadian Asset Management LLC now owns 8,544,978 shares of the company’s stock worth $228,202,000 after purchasing an additional 157,148 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insiders Place Their Bets

In other news, insider William T. Yoon sold 11,430 shares of the company’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $30.16, for a total transaction of $344,728.80. Following the completion of the transaction, the insider owned 223,662 shares of the company’s stock, valued at $6,745,645.92. This represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Andrew Houston sold 101,167 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $29.64, for a total transaction of $2,998,589.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 318,632 shares of company stock worth $9,248,234. Corporate insiders own 28.59% of the company’s stock.

Dropbox Price Performance

Shares of Dropbox stock opened at $29.82 on Wednesday. The firm’s fifty day simple moving average is $29.58 and its 200-day simple moving average is $28.54. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 3.86 and a beta of 0.67. Dropbox, Inc. has a 12 month low of $24.42 and a 12 month high of $33.33.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, August 7th. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. The business had revenue of $625.70 million for the quarter, compared to analysts’ expectations of $618.60 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 EPS. Analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on DBX shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, October 8th. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a report on Saturday. Finally, UBS Group cut shares of Dropbox from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $29.00 to $27.00 in a report on Thursday, September 18th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $29.67.

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.