California Public Employees Retirement System Increases Stake in Dropbox Inc (NASDAQ:DBX)

California Public Employees Retirement System boosted its stake in shares of Dropbox Inc (NASDAQ:DBX) by 135.0% in the 3rd quarter, Holdings Channel reports. The fund owned 401,800 shares of the company’s stock after buying an additional 230,800 shares during the period. California Public Employees Retirement System’s holdings in Dropbox were worth $8,104,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. DNB Asset Management AS purchased a new position in Dropbox in the 2nd quarter valued at approximately $427,000. New Jersey Better Educational Savings Trust purchased a new position in Dropbox in the 2nd quarter valued at approximately $200,000. Gulf International Bank UK Ltd purchased a new position in Dropbox in the 2nd quarter valued at approximately $1,219,000. Tributary Capital Management LLC purchased a new position in Dropbox in the 2nd quarter valued at approximately $1,095,000. Finally, Ingalls & Snyder LLC grew its position in shares of Dropbox by 38.2% during the 2nd quarter. Ingalls & Snyder LLC now owns 16,190 shares of the company’s stock valued at $406,000 after purchasing an additional 4,475 shares in the last quarter. Institutional investors own 40.18% of the company’s stock.

In related news, CEO Andrew Houston acquired 500,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was bought at an average cost of $19.14 per share, with a total value of $9,570,000.00. Following the acquisition, the chief executive officer now owns 10,333,333 shares of the company’s stock, valued at approximately $197,779,993.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction on Monday, October 21st. The stock was sold at an average price of $19.46, for a total transaction of $58,380.00. Insiders have sold a total of 87,833 shares of company stock valued at $1,805,151 over the last ninety days. 31.20% of the stock is currently owned by insiders.

DBX opened at $19.45 on Thursday. The company has a fifty day moving average price of $19.63 and a 200-day moving average price of $21.65. The firm has a market capitalization of $8.18 billion, a P/E ratio of -14.85 and a beta of 1.56. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.18 and a quick ratio of 1.18. Dropbox Inc has a one year low of $17.20 and a one year high of $26.49.

Dropbox (NASDAQ:DBX) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.17. Dropbox had a negative net margin of 3.49% and a negative return on equity of 6.96%. The firm had revenue of $428.20 million during the quarter, compared to analyst estimates of $423.48 million. During the same period in the previous year, the business earned $0.11 EPS. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, analysts expect that Dropbox Inc will post -0.12 earnings per share for the current year.

DBX has been the subject of a number of recent analyst reports. Instinet upgraded shares of Dropbox from a “neutral” rating to a “buy” rating and boosted their price target for the company from $18.92 to $25.00 in a research report on Tuesday, October 22nd. Royal Bank of Canada dropped coverage on shares of Dropbox in a research report on Thursday, September 26th. ValuEngine upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Nomura boosted their price target on shares of Dropbox from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Sanford C. Bernstein initiated coverage on shares of Dropbox in a research report on Wednesday, August 7th. They set an “underperform” rating and a $19.00 price target for the company. One investment analyst has rated the stock with a sell rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $28.10.

Dropbox Company Profile

Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.

Further Reading: 52-Week High/Low

Want to see what other hedge funds are holding DBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dropbox Inc (NASDAQ:DBX).

Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

Receive News & Ratings for Dropbox Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dropbox and related companies with MarketBeat.com's FREE daily email newsletter.