Dropbox, Inc. (NASDAQ:DBX) Sees Significant Decline in Short Interest

Dropbox, Inc. (NASDAQ:DBX) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totalling 22,640,000 shares, a decrease of 16.9% from the March 15th total of 27,240,000 shares. Approximately 10.7% of the company’s shares are short sold. Based on an average trading volume of 4,160,000 shares, the short-interest ratio is presently 5.4 days.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group lifted their price target on Dropbox from $27.00 to $30.00 and gave the company a “hold” rating in a report on Monday, January 6th.

Dropbox Stock Up 1.0 %

NASDAQ:DBX opened at $27.11 on Friday. The stock has a market capitalization of $8.18 billion, a price-to-earnings ratio of 19.23, a PEG ratio of 1.70 and a beta of 0.75. Dropbox has a 52 week low of $20.68 and a 52 week high of $33.33. The firm has a 50 day moving average of $27.28 and a 200 day moving average of $28.27.

Dropbox (NASDAQ:DBX) last posted 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). Dropbox had a negative return on equity of 132.63% and a net margin of 17.75%. The business had revenue of $643.60 million during the quarter, compared to analyst estimates of $638.61 million. As a group, analysts expect that Dropbox will post 1.64 EPS for the current year.

Insiders Place Their Bets

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $32.19, for a total transaction of $80,475.00. Following the transaction, the chief financial officer now directly owns 396,264 shares in the company, valued at $12,755,738.16. This represents a 0.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric Cox sold 3,765 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $26.30, for a total transaction of $99,019.50. Following the completion of the sale, the insider now directly owns 309,550 shares of the company’s stock, valued at $8,141,165. The trade was a 1.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 94,264 shares of company stock worth $2,886,749 in the last three months. Corporate insiders own 28.59% of the company’s stock.

Hedge Funds Weigh In On Dropbox

Hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its stake in shares of Dropbox by 96.1% during 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 period. Avion Wealth grew its stake in Dropbox by 4,472.7% during the 4th quarter. Avion Wealth now owns 1,006 shares of the company’s stock valued at $30,000 after purchasing an additional 984 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of Dropbox by 191.0% in the fourth quarter. True Wealth Design LLC now owns 1,036 shares of the company’s stock valued at $31,000 after purchasing an additional 680 shares during the period. SBI Securities Co. Ltd. acquired a new position in Dropbox in the 4th quarter worth approximately $40,000. Finally, Allworth Financial LP boosted its holdings in shares of Dropbox by 33.5% in the 4th quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock valued at $45,000 after acquiring an additional 365 shares during the last quarter. 94.84% of the stock is owned by hedge funds and other institutional investors.

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.