California Public Employees Retirement System Sells 43,631 Shares of Dropbox, Inc. (NASDAQ:DBX)

California Public Employees Retirement System cut its holdings in Dropbox, Inc. (NASDAQ:DBXGet Rating) by 7.4% during the 2nd quarter, Holdings Channel reports. The fund owned 546,905 shares of the company’s stock after selling 43,631 shares during the period. California Public Employees Retirement System’s holdings in Dropbox were worth $11,480,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. State of Alaska Department of Revenue raised its position in Dropbox by 3.0% in the second quarter. State of Alaska Department of Revenue now owns 17,565 shares of the company’s stock worth $368,000 after acquiring an additional 507 shares during the period. Dupont Capital Management Corp raised its position in Dropbox by 2.7% in the second quarter. Dupont Capital Management Corp now owns 20,887 shares of the company’s stock worth $438,000 after acquiring an additional 553 shares during the period. Scotia Capital Inc. raised its position in Dropbox by 0.4% in the second quarter. Scotia Capital Inc. now owns 156,972 shares of the company’s stock worth $3,295,000 after acquiring an additional 585 shares during the period. Harbor Capital Advisors Inc. raised its position in Dropbox by 10.8% in the second quarter. Harbor Capital Advisors Inc. now owns 7,460 shares of the company’s stock worth $157,000 after acquiring an additional 726 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Dropbox by 19.1% in the first quarter. PNC Financial Services Group Inc. now owns 5,730 shares of the company’s stock worth $133,000 after purchasing an additional 918 shares in the last quarter. 60.57% of the stock is currently owned by institutional investors.

Insider Activity at Dropbox

In other Dropbox news, insider Bart Volkmer sold 11,000 shares of Dropbox stock in a transaction on Monday, September 12th. The shares were sold at an average price of $23.03, for a total value of $253,330.00. Following the completion of the transaction, the insider now directly owns 293,618 shares of the company’s stock, valued at approximately $6,762,022.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Dropbox news, insider Bart Volkmer sold 11,000 shares of Dropbox stock in a transaction on Monday, September 12th. The shares were sold at an average price of $23.03, for a total value of $253,330.00. Following the completion of the transaction, the insider now directly owns 293,618 shares of the company’s stock, valued at approximately $6,762,022.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andrew Houston sold 274,226 shares of Dropbox stock in a transaction on Monday, October 10th. The stock was sold at an average price of $20.43, for a total transaction of $5,602,437.18. Following the completion of the transaction, the chief executive officer now directly owns 9,022,891 shares of the company’s stock, valued at $184,337,663.13. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 525,260 shares of company stock valued at $11,135,032. Corporate insiders own 25.05% of the company’s stock.

Analyst Upgrades and Downgrades

DBX has been the subject of a number of analyst reports. The Goldman Sachs Group reduced their price objective on shares of Dropbox from $25.00 to $22.00 and set a “sell” rating for the company in a research note on Monday, November 7th. Jefferies Financial Group reduced their price objective on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 31st. Citigroup initiated coverage on shares of Dropbox in a research note on Thursday, September 1st. They issued a “neutral” rating and a $24.00 price objective for the company. KeyCorp initiated coverage on shares of Dropbox in a research note on Monday, September 12th. They issued an “overweight” rating and a $30.00 price objective for the company. Finally, Bank of America began coverage on shares of Dropbox in a research note on Tuesday, September 6th. They issued a “buy” rating and a $34.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.57.

Dropbox Stock Performance

DBX opened at $22.28 on Monday. The stock has a market capitalization of $8.08 billion, a price-to-earnings ratio of 23.96, a PEG ratio of 3.04 and a beta of 0.80. The company has a fifty day moving average of $21.38 and a 200 day moving average of $21.77. Dropbox, Inc. has a fifty-two week low of $19.07 and a fifty-two week high of $25.83.

Dropbox Profile

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Dropbox, Inc provides a content collaboration platform worldwide. Its 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. As of December 31, 2021, the company had approximately 700 million registered users.

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Institutional Ownership by Quarter for Dropbox (NASDAQ:DBX)

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