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

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

Insider Activity

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $27.17, for a total transaction of $67,925.00. Following the completion of the sale, the chief financial officer now directly owns 436,264 shares in the company, valued at approximately $11,853,292.88. The trade was a 0.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Andrew Houston sold 80,499 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $30.97, for a total value of $2,493,054.03. Following the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $256,018,646.02. This represents a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 902,568 shares of company stock worth $26,729,180. Corporate insiders own 26.40% of the company’s stock.

Institutional Trading of Dropbox

Several large investors have recently bought and sold shares of DBX. QRG Capital Management Inc. increased its holdings in shares of Dropbox by 10.6% during the 3rd quarter. QRG Capital Management Inc. now owns 221,716 shares of the company’s stock valued at $5,638,000 after purchasing an additional 21,190 shares in the last quarter. Aigen Investment Management LP purchased a new position in Dropbox during the third quarter worth about $482,000. Retirement Systems of Alabama grew its position in Dropbox by 15.2% in the third quarter. Retirement Systems of Alabama now owns 944,033 shares of the company’s stock worth $24,007,000 after acquiring an additional 124,528 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Dropbox by 8.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock valued at $71,108,000 after buying an additional 228,685 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Dropbox by 6.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company’s stock worth $59,907,000 after acquiring an additional 134,503 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Dropbox Stock Performance

Dropbox stock traded up $0.35 during trading hours on Tuesday, hitting $32.30. The company had a trading volume of 593,995 shares, compared to its average volume of 2,706,372. The firm has a market cap of $10.00 billion, a P/E ratio of 18.67, a P/E/G ratio of 1.63 and a beta of 0.61. The company has a 50-day moving average price of $30.04 and a two-hundred day moving average price of $26.71. Dropbox has a 1 year low of $20.68 and a 1 year high of $33.43.

Dropbox (NASDAQ:DBX) last announced its earnings results on Thursday, November 7th. The company reported $0.36 earnings per share 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 firm had revenue of $638.80 million during the quarter, compared to analyst estimates of $636.93 million. During the same quarter last year, the business earned $0.35 earnings per share. As a group, equities research analysts anticipate that Dropbox will post 1.49 EPS for the current year.

Wall Street Analysts Forecast Growth

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

About Dropbox

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.