State of Alaska Department of Revenue Lowers Position in Dropbox, Inc. (NASDAQ:DBX)

State of Alaska Department of Revenue trimmed its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 1.3% during the fourth quarter, HoldingsChannel reports. The fund owned 162,204 shares of the company’s stock after selling 2,180 shares during the quarter. State of Alaska Department of Revenue’s holdings in Dropbox were worth $4,872,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in DBX. Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Dropbox during the 3rd quarter worth $11,687,000. Jacobs Levy Equity Management Inc. boosted its holdings in Dropbox by 6.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company’s stock worth $158,670,000 after buying an additional 365,893 shares in the last quarter. Pacer Advisors Inc. grew its position in Dropbox by 4.5% during the third quarter. Pacer Advisors Inc. now owns 7,788,652 shares of the company’s stock worth $198,065,000 after buying an additional 333,245 shares during the period. Algert Global LLC increased its holdings in Dropbox by 414.9% in the third quarter. Algert Global LLC now owns 365,832 shares of the company’s stock valued at $9,303,000 after buying an additional 294,780 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Dropbox by 8.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock valued at $71,108,000 after acquiring an additional 228,685 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Price Performance

Shares of NASDAQ DBX opened at $32.04 on Friday. The firm’s 50-day moving average is $30.37 and its two-hundred day moving average is $26.91. The company has a market capitalization of $9.92 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 1.63 and a beta of 0.61. Dropbox, Inc. has a 12-month low of $20.68 and a 12-month high of $33.43.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, November 7th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.16). The company had revenue of $638.80 million for the quarter, compared to analyst estimates of $636.93 million. Dropbox had a net margin of 22.71% and a negative return on equity of 135.85%. During the same quarter last year, the company posted $0.35 EPS. On average, analysts forecast that Dropbox, Inc. will post 1.49 EPS for the current fiscal year.

Insider Activity

In other Dropbox news, CEO Andrew Houston sold 132,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $28.12, for a total value of $3,711,840.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares in the company, valued at approximately $232,458,647.92. The trade was a 1.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Eric Cox sold 2,330 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $26.41, for a total value of $61,535.30. Following the sale, the insider now owns 321,871 shares in the company, valued at $8,500,613.11. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 902,568 shares of company stock worth $26,729,180 over the last three months. 26.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Jefferies Financial Group upped their price target on Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Dropbox has a consensus rating of “Hold” and a consensus target price of $27.50.

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.