Illinois Municipal Retirement Fund Purchases 45,749 Shares of Dropbox, Inc. $DBX

Illinois Municipal Retirement Fund increased its position in shares of Dropbox, Inc. (NASDAQ:DBX) by 18.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 289,178 shares of the company’s stock after purchasing an additional 45,749 shares during the period. Illinois Municipal Retirement Fund owned about 0.12% of Dropbox worth $6,570,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Palisade Asset Management LLC acquired a new stake in Dropbox during the third quarter worth $30,000. Kestra Advisory Services LLC acquired a new position in shares of Dropbox in the 4th quarter valued at $31,000. Larson Financial Group LLC raised its stake in shares of Dropbox by 228.0% in the 4th quarter. Larson Financial Group LLC now owns 1,138 shares of the company’s stock valued at $32,000 after buying an additional 791 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Dropbox by 78.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,273 shares of the company’s stock worth $36,000 after acquiring an additional 558 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Dropbox during the 4th quarter worth about $38,000. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Dropbox

In other news, Director Andrew William Moore sold 8,443 shares of Dropbox stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $27.57, for a total value of $232,773.51. Following the completion of the transaction, the director owned 4,737 shares in the company, valued at approximately $130,599.09. The trade was a 64.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ashraf Alkarmi sold 22,700 shares of Dropbox stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $27.86, for a total transaction of $632,422.00. Following the completion of the transaction, the chief executive officer owned 1,080,746 shares of the company’s stock, valued at $30,109,583.56. This trade represents a 2.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 129,082 shares of company stock valued at $3,489,910. Insiders own 35.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on DBX shares. William Blair reissued an “underperform” rating on shares of Dropbox in a research note on Monday, March 23rd. Wall Street Zen upgraded shares of Dropbox from a “hold” rating to a “buy” rating in a research note on Sunday, June 28th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Dropbox in a report on Monday, June 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Dropbox in a research note on Monday, May 4th. Finally, Citigroup increased their target price on Dropbox from $27.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $27.00.

Dropbox Stock Performance

Shares of NASDAQ:DBX opened at $30.62 on Friday. The company’s fifty day moving average is $27.55 and its 200-day moving average is $25.97. Dropbox, Inc. has a 52 week low of $21.69 and a 52 week high of $32.40. The company has a market capitalization of $7.14 billion, a PE ratio of 16.73, a P/E/G ratio of 3.33 and a beta of 0.66.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. Dropbox had a net margin of 18.71% and a negative return on equity of 30.01%. The business had revenue of $629.50 million during the quarter, compared to analysts’ expectations of $620.56 million. During the same quarter last year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. On average, analysts forecast that Dropbox, Inc. will post 2.09 EPS for the current year.

Dropbox Profile

Dropbox, Inc (NASDAQ: DBX) is a leading provider of cloud-based file storage, collaboration, and productivity tools. Founded in 2007 and headquartered in San Francisco, California, the company offers a suite of services designed to help individuals and organizations securely store, share, and manage digital content. Dropbox has grown from a simple file-syncing application into an integrated collaboration platform used by millions of customers around the globe.

At its core, Dropbox provides cloud storage plans tailored for consumers and businesses.