Illinois Municipal Retirement Fund Has $6.57 Million Holdings in Dropbox, Inc. $DBX

Illinois Municipal Retirement Fund grew its stake in Dropbox, Inc. (NASDAQ:DBX) by 18.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 289,178 shares of the company’s stock after acquiring an additional 45,749 shares during the period. Illinois Municipal Retirement Fund’s holdings in Dropbox were worth $6,570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of DBX. Hillsdale Investment Management Inc. lifted its holdings in Dropbox by 18.7% during the 1st quarter. Hillsdale Investment Management Inc. now owns 45,700 shares of the company’s stock worth $1,038,000 after buying an additional 7,200 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of Dropbox by 62.0% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 28,319 shares of the company’s stock valued at $643,000 after acquiring an additional 10,835 shares during the period. State of Michigan Retirement System lifted its stake in shares of Dropbox by 1.9% during the first quarter. State of Michigan Retirement System now owns 42,000 shares of the company’s stock valued at $954,000 after acquiring an additional 800 shares during the period. Principal Financial Group Inc. boosted its holdings in Dropbox by 4.0% in the first quarter. Principal Financial Group Inc. now owns 390,386 shares of the company’s stock valued at $8,870,000 after acquiring an additional 15,027 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in Dropbox by 369.7% in the first quarter. Sequoia Financial Advisors LLC now owns 47,393 shares of the company’s stock valued at $1,077,000 after acquiring an additional 37,302 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Andrew William Moore sold 8,443 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.57, for a total value of $232,773.51. Following the sale, the director directly owned 4,737 shares in the company, valued at $130,599.09. This trade represents a 64.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ashraf Alkarmi sold 22,700 shares of Dropbox stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $27.86, for a total transaction of $632,422.00. Following the transaction, the chief executive officer directly owned 1,080,746 shares in the company, valued at $30,109,583.56. The trade was a 2.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 129,082 shares of company stock worth $3,489,910 over the last ninety days. Company insiders own 35.48% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on DBX. William Blair reissued an “underperform” rating on shares of Dropbox in a report on Monday, March 23rd. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Citigroup lifted their price target on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a report on Monday, May 4th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $27.00.

Dropbox Trading Up 0.6%

NASDAQ DBX opened at $30.62 on Friday. The stock has a 50-day simple moving average of $27.55 and a 200 day simple moving average of $25.97. The company has a market capitalization of $7.14 billion, a PE ratio of 16.73, a P/E/G ratio of 3.33 and a beta of 0.66. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $32.40.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $629.50 million for the quarter, compared to analysts’ expectations of $620.56 million. Dropbox had a negative return on equity of 30.01% and a net margin of 18.71%.The company’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business earned $0.70 earnings per share. As a group, sell-side analysts predict that Dropbox, Inc. will post 2.09 earnings per share for the current fiscal year.

Dropbox Company 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.