Short Interest in Dropbox, Inc. (NASDAQ:DBX) Increases By 21.0%

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

Dropbox Trading Down 1.4%

NASDAQ DBX traded down $0.38 on Monday, hitting $26.13. 3,262,382 shares of the company’s stock traded hands, compared to its average volume of 3,168,614. The firm’s 50-day moving average price is $28.59 and its two-hundred day moving average price is $28.72. The firm has a market capitalization of $6.76 billion, a PE ratio of 14.76, a P/E/G ratio of 2.13 and a beta of 0.62. Dropbox has a 1-year low of $24.42 and a 1-year high of $33.33.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on DBX shares. Wall Street Zen raised Dropbox from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Royal Bank Of Canada decreased their price objective on shares of Dropbox from $38.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, January 5th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Dropbox in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Dropbox currently has an average rating of “Hold” and a consensus price target of $31.33.

Insider Buying and Selling at Dropbox

In other news, CFO Timothy Regan sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $29.64, for a total value of $44,460.00. Following the sale, the chief financial officer directly owned 439,147 shares of the company’s stock, valued at $13,016,317.08. The trade was a 0.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Sarah Elizabeth Schubach sold 1,168 shares of the firm’s stock in a transaction that occurred on Monday, December 29th. The shares were sold at an average price of $27.88, for a total value of $32,563.84. Following the transaction, the chief accounting officer directly owned 93,870 shares of the company’s stock, valued at approximately $2,617,095.60. This trade represents a 1.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 405,452 shares of company stock valued at $11,672,021 over the last 90 days. 29.95% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd purchased a new stake in Dropbox in the 2nd quarter valued at $1,404,000. Kestra Investment Management LLC acquired a new position in shares of Dropbox during the 2nd quarter valued at about $682,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Dropbox by 11.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 48,224 shares of the company’s stock valued at $1,350,000 after purchasing an additional 5,136 shares during the period. Wedge Capital Management L L P NC increased its position in Dropbox by 2.7% during the third quarter. Wedge Capital Management L L P NC now owns 2,287,185 shares of the company’s stock worth $69,096,000 after purchasing an additional 59,625 shares during the last quarter. Finally, CenterBook Partners LP purchased a new position in Dropbox during the second quarter worth about $2,368,000. 94.84% of the stock is owned by institutional investors and hedge funds.

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.