Public Employees Retirement System of Ohio Cuts Position in Dropbox, Inc. $DBX

Public Employees Retirement System of Ohio trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 48.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,605 shares of the company’s stock after selling 50,388 shares during the period. Public Employees Retirement System of Ohio’s holdings in Dropbox were worth $1,218,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of DBX. Arrowstreet Capital Limited Partnership grew its stake in shares of Dropbox by 12.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 8,533,736 shares of the company’s stock valued at $193,886,000 after buying an additional 960,109 shares in the last quarter. Inceptionr LLC lifted its stake in Dropbox by 155.3% during the 1st quarter. Inceptionr LLC now owns 53,245 shares of the company’s stock worth $1,210,000 after acquiring an additional 32,388 shares in the last quarter. State of Wyoming lifted its stake in Dropbox by 21.6% during the 1st quarter. State of Wyoming now owns 16,792 shares of the company’s stock worth $382,000 after acquiring an additional 2,984 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Dropbox by 17.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,278 shares of the company’s stock valued at $211,000 after acquiring an additional 1,357 shares during the period. Finally, Convergence Investment Partners LLC boosted its holdings in Dropbox by 73.2% during the 1st quarter. Convergence Investment Partners LLC now owns 92,775 shares of the company’s stock valued at $2,108,000 after acquiring an additional 39,209 shares during the period. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Dropbox Price Performance

DBX opened at $33.05 on Tuesday. Dropbox, Inc. has a 12 month low of $21.69 and a 12 month high of $33.67. The stock has a market capitalization of $7.71 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 3.57 and a beta of 0.64. The business has a fifty day moving average price of $28.42 and a 200 day moving average price of $26.23.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on DBX. Royal Bank Of Canada reiterated an “outperform” rating on shares of Dropbox in a research note on Monday, June 1st. Wall Street Zen raised shares of Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Weiss Ratings restated a “hold (c)” rating on shares of Dropbox in a report on Friday. Finally, Citigroup upped their target price on shares of Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note 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 an average rating of “Reduce” and an average price target of $27.00.

Insider Activity

In related news, Director Andrew William Moore sold 8,443 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.57, for a total transaction of $232,773.51. Following the sale, the director directly owned 4,737 shares in the company, valued at approximately $130,599.09. This represents a 64.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the transaction, the chief executive officer owned 1,080,746 shares of the company’s stock, valued at $30,109,583.56. This represents a 2.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 129,313 shares of company stock valued at $3,513,542. 35.48% of the stock is owned by corporate insiders.

About Dropbox

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.