State of Michigan Retirement System Sells 4,600 Shares of Dropbox, Inc. $DBX

State of Michigan Retirement System trimmed its holdings in Dropbox, Inc. (NASDAQ:DBX) by 8.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,200 shares of the company’s stock after selling 4,600 shares during the period. State of Michigan Retirement System’s holdings in Dropbox were worth $1,350,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in DBX. Envestnet Asset Management Inc. increased its stake in Dropbox by 177.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 109,549 shares of the company’s stock worth $2,926,000 after acquiring an additional 70,023 shares during the period. Rehmann Capital Advisory Group bought a new stake in shares of Dropbox during the 1st quarter valued at $675,000. Banque Pictet & Cie SA acquired a new stake in shares of Dropbox during the 1st quarter worth $346,000. Nisa Investment Advisors LLC grew its holdings in shares of Dropbox by 3,492.7% during the 1st quarter. Nisa Investment Advisors LLC now owns 193,611 shares of the company’s stock worth $5,171,000 after purchasing an additional 188,222 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its stake in Dropbox by 33.4% in the first quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company’s stock valued at $48,000 after purchasing an additional 449 shares in the last quarter. 94.84% of the stock is currently owned by institutional investors.

Dropbox Price Performance

DBX stock opened at $28.67 on Friday. The company has a 50 day simple moving average of $29.77 and a 200 day simple moving average of $28.73. The stock has a market cap of $7.74 billion, a price-to-earnings ratio of 17.48, a P/E/G ratio of 3.84 and a beta of 0.65. Dropbox, Inc. has a 1 year low of $24.42 and a 1 year high of $33.33.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, November 6th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.10. The firm had revenue of $634.40 million for the quarter, compared to analyst estimates of $623.59 million. Dropbox had a net margin of 19.17% and a negative return on equity of 61.31%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the business posted $0.60 earnings per share. Dropbox has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. On average, equities research analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current fiscal year.

Insider Buying and Selling at Dropbox

In other news, insider Ashraf Alkarmi sold 10,000 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the sale, the insider directly owned 459,333 shares in the company, valued at approximately $13,779,990. The trade was a 2.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Ali Dasdan sold 12,812 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $30.00, for a total value of $384,360.00. Following the completion of the transaction, the chief technology officer directly owned 551,060 shares of the company’s stock, valued at $16,531,800. This represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 318,698 shares of company stock worth $9,251,159 over the last three months. 29.95% of the stock is owned by corporate insiders.

Analyst Ratings Changes

DBX has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research note on Wednesday, October 8th. UBS Group cut Dropbox from a “neutral” rating to a “sell” rating and cut their target price for the stock from $29.00 to $27.00 in a research note on Thursday, September 18th. Finally, Wall Street Zen lowered Dropbox from a “buy” rating to a “hold” rating in a research note on Sunday, October 26th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Dropbox currently has a consensus rating of “Reduce” and a consensus price target of $29.67.

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.