Short Interest in Dropbox, Inc. (NASDAQ:DBX) Drops By 9.6%

Dropbox, Inc. (NASDAQ:DBXGet Free Report) was the target of a large drop in short interest in May. As of May 31st, there was short interest totalling 18,650,000 shares, a drop of 9.6% from the May 15th total of 20,640,000 shares. Currently, 7.8% of the shares of the stock are short sold. Based on an average daily volume of 4,240,000 shares, the days-to-cover ratio is presently 4.4 days.

Insider Activity

In related news, CFO Timothy Regan sold 3,000 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $24.36, for a total value of $73,080.00. Following the sale, the chief financial officer now directly owns 400,720 shares of the company’s stock, valued at approximately $9,761,539.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Dropbox news, Director Karen Peacock sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $23.02, for a total transaction of $230,200.00. Following the sale, the director now directly owns 23,852 shares of the company’s stock, valued at approximately $549,073.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $24.36, for a total transaction of $73,080.00. Following the sale, the chief financial officer now directly owns 400,720 shares in the company, valued at $9,761,539.20. The disclosure for this sale can be found here. Insiders sold 201,218 shares of company stock worth $4,607,699 in the last 90 days. 26.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Dropbox

A number of institutional investors have recently added to or reduced their stakes in DBX. Stratos Wealth Partners LTD. boosted its stake in shares of Dropbox by 1.8% during the 4th quarter. Stratos Wealth Partners LTD. now owns 23,086 shares of the company’s stock valued at $681,000 after buying an additional 415 shares during the last quarter. iA Global Asset Management Inc. boosted its stake in shares of Dropbox by 6.1% during the 3rd quarter. iA Global Asset Management Inc. now owns 7,207 shares of the company’s stock valued at $196,000 after buying an additional 417 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Dropbox by 7.4% during the 4th quarter. Parallel Advisors LLC now owns 6,642 shares of the company’s stock valued at $196,000 after buying an additional 459 shares during the last quarter. Cooper Financial Group boosted its stake in shares of Dropbox by 3.1% during the 1st quarter. Cooper Financial Group now owns 15,581 shares of the company’s stock valued at $379,000 after buying an additional 462 shares during the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Dropbox by 0.7% during the 4th quarter. Arizona State Retirement System now owns 71,322 shares of the company’s stock valued at $2,103,000 after buying an additional 524 shares during the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Price Performance

NASDAQ DBX traded down $0.17 during mid-day trading on Tuesday, hitting $20.76. The company’s stock had a trading volume of 3,715,531 shares, compared to its average volume of 4,193,585. Dropbox has a 52-week low of $20.70 and a 52-week high of $33.43. The stock’s fifty day simple moving average is $22.94 and its two-hundred day simple moving average is $26.20. The firm has a market capitalization of $6.85 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 1.47 and a beta of 0.68.

Dropbox (NASDAQ:DBXGet Free Report) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.13. The company had revenue of $631.30 million for the quarter, compared to analyst estimates of $628.81 million. Dropbox had a net margin of 20.50% and a negative return on equity of 148.13%. On average, equities analysts forecast that Dropbox will post 1.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Citigroup decreased their target price on shares of Dropbox from $31.00 to $27.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $29.78.

Get Our Latest Stock Analysis on Dropbox

About Dropbox

(Get Free Report)

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.

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