State of Michigan Retirement System Has $1.31 Million Stock Holdings in Dropbox, Inc. (NASDAQ:DBX)

State of Michigan Retirement System decreased its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 7.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,200 shares of the company’s stock after selling 4,700 shares during the quarter. State of Michigan Retirement System’s holdings in Dropbox were worth $1,308,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC bought a new position in shares of Dropbox in the fourth quarter valued at $25,000. Sound Income Strategies LLC bought a new position in shares of Dropbox in the 1st quarter valued at about $28,000. Fifth Third Bancorp increased its stake in shares of Dropbox by 548.8% during the 2nd quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock worth $31,000 after purchasing an additional 1,169 shares during the last quarter. Principal Securities Inc. bought a new stake in shares of Dropbox in the 4th quarter valued at about $34,000. Finally, Avalon Trust Co bought a new stake in shares of Dropbox in the 4th quarter valued at about $39,000. Institutional investors and hedge funds own 94.84% of the company’s stock.

Wall Street Analysts Forecast Growth

DBX has been the subject of a number of research analyst reports. UBS Group reduced their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 9th. Citigroup reduced their target price on Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $29.14.

Insider Buying and Selling at Dropbox

In related news, insider Bart Volkmer sold 7,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $22.76, for a total transaction of $159,320.00. Following the sale, the insider now owns 333,934 shares in the company, valued at approximately $7,600,337.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Bart Volkmer sold 7,000 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $22.76, for a total transaction of $159,320.00. Following the completion of the transaction, the insider now owns 333,934 shares of the company’s stock, valued at approximately $7,600,337.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Cox sold 8,536 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $21.27, for a total value of $181,560.72. Following the completion of the sale, the insider now directly owns 350,471 shares in the company, valued at $7,454,518.17. The disclosure for this sale can be found here. Insiders have sold a total of 195,536 shares of company stock valued at $4,373,051 in the last ninety days. 26.40% of the stock is currently owned by company insiders.

Dropbox Price Performance

Shares of NASDAQ:DBX opened at $25.08 on Friday. The business’s 50 day simple moving average is $22.96 and its 200 day simple moving average is $23.45. Dropbox, Inc. has a 1 year low of $20.68 and a 1 year high of $33.43. The company has a market capitalization of $8.28 billion, a P/E ratio of 16.61, a P/E/G ratio of 1.61 and a beta of 0.65.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 8th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.08. The company had revenue of $634.50 million for the quarter, compared to analyst estimates of $630.10 million. Dropbox had a negative return on equity of 148.13% and a net margin of 20.50%. Dropbox’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.28 EPS. On average, sell-side analysts anticipate that Dropbox, Inc. will post 1.26 EPS for the current fiscal year.

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.