Vestcor Inc Boosts Stake in Dropbox, Inc. (NASDAQ:DBX)

Vestcor Inc boosted its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 163.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 114,750 shares of the company's stock after acquiring an additional 71,178 shares during the period. Vestcor Inc's holdings in Dropbox were worth $3,447,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. lifted its position in Dropbox by 20.7% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 537,875 shares of the company's stock valued at $16,158,000 after acquiring an additional 92,139 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Dropbox by 96.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company's stock worth $26,000 after buying an additional 424 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of Dropbox by 4.3% in the fourth quarter. HighTower Advisors LLC now owns 27,707 shares of the company's stock worth $832,000 after buying an additional 1,131 shares during the last quarter. AlphaQuest LLC raised its holdings in shares of Dropbox by 114.0% in the fourth quarter. AlphaQuest LLC now owns 22,064 shares of the company's stock worth $663,000 after buying an additional 11,753 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Dropbox by 8.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,272 shares of the company's stock worth $218,000 after buying an additional 538 shares during the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

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Dropbox Stock Up 4.4 %

Shares of NASDAQ:DBX traded up $1.07 during midday trading on Friday, reaching $25.62. The company's stock had a trading volume of 3,736,357 shares, compared to its average volume of 3,416,287. The firm has a market capitalization of $7.73 billion, a PE ratio of 18.17, a P/E/G ratio of 1.70 and a beta of 0.77. Dropbox, Inc. has a twelve month low of $20.68 and a twelve month high of $33.33. The stock has a fifty day moving average of $29.68 and a 200 day moving average of $27.88.

Dropbox (NASDAQ:DBX - Get Free Report) last released 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). The business had revenue of $643.60 million during the quarter, compared to analyst estimates of $638.61 million. Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. Sell-side analysts anticipate that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group raised their price target on shares of Dropbox from $27.00 to $30.00 and gave the stock a "hold" rating in a report on Monday, January 6th.

Insider Activity at Dropbox

In other Dropbox news, insider Eric Cox sold 3,765 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $26.30, for a total transaction of $99,019.50. Following the transaction, the insider now directly owns 309,550 shares of the company's stock, valued at $8,141,165. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Timothy Regan sold 2,500 shares of the stock in a transaction on Monday, December 30th. The shares were sold at an average price of $30.38, for a total transaction of $75,950.00. Following the transaction, the chief financial officer now directly owns 413,764 shares in the company, valued at approximately $12,570,150.32. The trade was a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 634,504 shares of company stock worth $18,935,530. 28.59% of the stock is owned by company insiders.

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.