State of Michigan Retirement System Has $1.35 Million Stake in Dropbox, Inc. $DBX

State of Michigan Retirement System cut its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 8.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,200 shares of the company’s stock after selling 4,600 shares during the quarter. State of Michigan Retirement System’s holdings in Dropbox were worth $1,350,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Castlekeep Investment Advisors LLC acquired a new position in Dropbox in the second quarter valued at $1,297,000. Simon Quick Advisors LLC bought a new position in shares of Dropbox in the 2nd quarter worth about $512,000. Impact Partnership Wealth LLC lifted its stake in shares of Dropbox by 7.9% in the 2nd quarter. Impact Partnership Wealth LLC now owns 9,886 shares of the company’s stock valued at $283,000 after purchasing an additional 722 shares during the period. Atria Investments Inc bought a new stake in shares of Dropbox during the 2nd quarter valued at about $292,000. Finally, Arkadios Wealth Advisors bought a new stake in shares of Dropbox during the 2nd quarter valued at about $302,000. Institutional investors own 94.84% of the company’s stock.

Dropbox Trading Down 1.6%

Dropbox stock opened at $28.67 on Friday. The firm has a market capitalization of $7.74 billion, a price-to-earnings ratio of 17.48, a price-to-earnings-growth ratio of 3.84 and a beta of 0.65. The firm’s fifty day moving average price is $29.77 and its two-hundred day moving average price is $28.73. Dropbox, Inc. has a 1-year low of $24.42 and a 1-year high of $33.33.

Dropbox (NASDAQ:DBX) last posted its earnings results on Thursday, November 6th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.10. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company had revenue of $634.40 million for the quarter, compared to analyst estimates of $623.59 million. During the same quarter in the prior year, the business posted $0.60 EPS. The firm’s revenue was down .7% compared to the same quarter last year. Dropbox has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. On average, research analysts forecast that Dropbox, Inc. will post 1.64 EPS for the current year.

Insider Buying and Selling

In related news, CEO Andrew Houston sold 101,167 shares of Dropbox stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $29.64, for a total transaction of $2,998,589.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Ali Dasdan sold 12,812 shares of the company’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $30.00, for a total value of $384,360.00. Following the sale, the chief technology officer owned 551,060 shares of the company’s stock, valued at $16,531,800. This trade represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 318,698 shares of company stock valued at $9,251,159. 29.95% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on DBX shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Dropbox from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. Finally, UBS Group downgraded shares of Dropbox from a “neutral” rating to a “sell” rating and dropped their target price for the company from $29.00 to $27.00 in a research report on Thursday, September 18th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Dropbox has an average rating of “Reduce” and a consensus price target of $29.67.

Dropbox 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.