State of Michigan Retirement System Has $1.58 Million Holdings in Dropbox, Inc. (NASDAQ:DBX)

State of Michigan Retirement System decreased its holdings in Dropbox, Inc. (NASDAQ:DBX) by 6.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 52,700 shares of the company’s stock after selling 3,600 shares during the period. State of Michigan Retirement System’s holdings in Dropbox were worth $1,583,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Allworth Financial LP boosted its position in Dropbox by 33.5% during the fourth quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock valued at $45,000 after purchasing an additional 365 shares during the last quarter. Quarry LP raised its stake in shares of Dropbox by 23.4% during the 3rd quarter. Quarry LP now owns 2,424 shares of the company’s stock worth $62,000 after purchasing an additional 459 shares in the last quarter. Aaron Wealth Advisors LLC lifted its holdings in shares of Dropbox by 4.8% during the 4th quarter. Aaron Wealth Advisors LLC now owns 10,151 shares of the company’s stock valued at $305,000 after buying an additional 461 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Dropbox by 35.6% in the 4th quarter. Fifth Third Bancorp now owns 1,798 shares of the company’s stock valued at $54,000 after buying an additional 472 shares in the last quarter. Finally, V Square Quantitative Management LLC grew its stake in shares of Dropbox by 39.0% in the 4th quarter. V Square Quantitative Management LLC now owns 1,717 shares of the company’s stock valued at $52,000 after buying an additional 482 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $32.19, for a total value of $80,475.00. Following the transaction, the chief financial officer now directly owns 396,264 shares of the company’s stock, valued at $12,755,738.16. The trade was a 0.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Eric Cox sold 3,765 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $26.30, for a total value of $99,019.50. Following the transaction, the insider now owns 309,550 shares of the company’s stock, valued at approximately $8,141,165. This trade represents a 1.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 772,003 shares of company stock valued at $23,067,375 over the last 90 days. 28.59% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, Jefferies Financial Group raised their price objective on shares of Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a research report on Monday, January 6th.

Dropbox Price Performance

NASDAQ DBX opened at $26.42 on Friday. Dropbox, Inc. has a fifty-two week low of $20.68 and a fifty-two week high of $33.33. The stock’s 50-day moving average is $30.15 and its two-hundred day moving average is $27.85. The firm has a market cap of $7.97 billion, a P/E ratio of 18.74, a price-to-earnings-growth ratio of 1.70 and a beta of 0.77.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.11). Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The company had revenue of $643.60 million during the quarter, compared to the consensus estimate of $638.61 million. On average, equities analysts expect that Dropbox, Inc. will post 1.64 EPS for the current year.

Dropbox Company 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.