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

Dropbox, Inc. (NASDAQ:DBX) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totaling 27,544,438 shares, a growth of 21.0% from the December 15th total of 22,765,060 shares. Based on an average trading volume of 3,770,994 shares, the short-interest ratio is currently 7.3 days. Approximately 14.9% of the company’s stock are short sold. Approximately 14.9% of the company’s stock are short sold. Based on an average trading volume of 3,770,994 shares, the short-interest ratio is currently 7.3 days.

Insider Buying and Selling at Dropbox

In other news, CTO Ali Dasdan sold 5,666 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $30.00, for a total value of $169,980.00. Following the sale, the chief technology officer directly owned 520,474 shares of the company’s stock, valued at $15,614,220. The trade was a 1.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Andrew Houston sold 23,818 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $27.51, for a total value of $655,233.18. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 406,620 shares of company stock worth $11,703,370 in the last ninety days. 28.59% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Rossby Financial LCC increased its holdings in Dropbox by 128.5% in the 3rd quarter. Rossby Financial LCC now owns 937 shares of the company’s stock worth $28,000 after acquiring an additional 527 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of Dropbox in the second quarter worth approximately $30,000. Palisade Asset Management LLC bought a new position in shares of Dropbox in the third quarter worth approximately $30,000. First Horizon Corp purchased a new stake in shares of Dropbox in the third quarter worth $31,000. Finally, LRI Investments LLC raised its position in shares of Dropbox by 666.7% during the 3rd quarter. LRI Investments LLC now owns 1,150 shares of the company’s stock valued at $35,000 after purchasing an additional 1,000 shares during the period. 94.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on DBX. Weiss Ratings reissued a “hold (c+)” rating on shares of Dropbox in a research report on Wednesday, October 8th. Royal Bank Of Canada reduced their target price on Dropbox from $38.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Finally, Wall Street Zen upgraded Dropbox from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $31.33.

Dropbox Price Performance

Shares of Dropbox stock opened at $25.49 on Wednesday. Dropbox has a 1-year low of $24.42 and a 1-year high of $33.33. The company’s fifty day simple moving average is $28.39 and its 200-day simple moving average is $28.69. The stock has a market capitalization of $6.60 billion, a PE ratio of 14.40, a P/E/G ratio of 2.13 and a beta of 0.62.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.64 by $0.10. The firm had revenue of $634.40 million during the quarter, compared to analyst estimates of $623.59 million. Dropbox had a negative return on equity of 49.51% and a net margin of 19.87%.Dropbox’s revenue was down .7% on a year-over-year basis. During the same period in the prior year, the business posted $0.60 EPS. As a group, research analysts anticipate that Dropbox will post 1.64 EPS for the current year.

About Dropbox

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.