Dropbox, Inc. (NASDAQ:DBX) Sees Large Increase in Short Interest

Dropbox, Inc. (NASDAQ:DBX) saw a significant growth in short interest in January. As of January 15th, there was short interest totalling 19,310,000 shares, a growth of 6.9% from the December 31st total of 18,070,000 shares. Approximately 8.8% of the company’s stock are short sold. Based on an average trading volume of 2,840,000 shares, the short-interest ratio is presently 6.8 days.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group increased their price target on Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Dropbox presently has a consensus rating of “Hold” and a consensus price target of $27.50.

Dropbox Stock Up 1.1 %

Shares of DBX stock traded up $0.35 during mid-day trading on Tuesday, reaching $32.30. 593,995 shares of the stock traded hands, compared to its average volume of 2,706,372. The stock’s fifty day simple moving average is $30.04 and its two-hundred day simple moving average is $26.71. Dropbox has a 1-year low of $20.68 and a 1-year high of $33.43. The company has a market cap of $10.00 billion, a price-to-earnings ratio of 18.67, a price-to-earnings-growth ratio of 1.63 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, November 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.16). Dropbox had a net margin of 22.71% and a negative return on equity of 135.85%. The company had revenue of $638.80 million during the quarter, compared to the consensus estimate of $636.93 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, equities research analysts anticipate that Dropbox will post 1.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $32.17, for a total value of $80,425.00. Following the completion of the sale, the chief financial officer now owns 398,764 shares in the company, valued at approximately $12,828,237.88. This trade represents a 0.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Cox sold 2,330 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $26.41, for a total transaction of $61,535.30. Following the completion of the sale, the insider now directly owns 321,871 shares in the company, valued at $8,500,613.11. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 902,568 shares of company stock valued at $26,729,180 over the last ninety days. Corporate insiders own 26.40% of the company’s stock.

Hedge Funds Weigh In On Dropbox

Hedge funds have recently bought and sold shares of the company. IFP Advisors Inc raised its stake in shares of Dropbox by 436.7% during the 4th quarter. IFP Advisors Inc now owns 3,322 shares of the company’s stock worth $101,000 after purchasing an additional 2,703 shares during the period. South Dakota Investment Council raised its stake in Dropbox by 132.4% in the fourth quarter. South Dakota Investment Council now owns 34,400 shares of the company’s stock valued at $1,033,000 after purchasing an additional 19,600 shares in the last quarter. Handelsbanken Fonder AB lifted its position in Dropbox by 12.6% during the fourth quarter. Handelsbanken Fonder AB now owns 61,800 shares of the company’s stock valued at $1,856,000 after purchasing an additional 6,900 shares during the last quarter. Ieq Capital LLC grew its position in Dropbox by 10.2% in the fourth quarter. Ieq Capital LLC now owns 243,821 shares of the company’s stock worth $7,324,000 after acquiring an additional 22,521 shares in the last quarter. Finally, Kestra Investment Management LLC raised its position in Dropbox by 61.8% during the fourth quarter. Kestra Investment Management LLC now owns 17,142 shares of the company’s stock valued at $515,000 after purchasing an additional 6,545 shares in the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

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.