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

Dropbox, Inc. (NASDAQ:DBX) was the target of a large growth in short interest during the month of 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. Currently, 14.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,770,994 shares, the days-to-cover ratio is currently 7.3 days. Based on an average daily trading volume, of 3,770,994 shares, the days-to-cover ratio is currently 7.3 days. Currently, 14.9% of the shares of the stock are short sold.

Insider Buying and Selling at Dropbox

In related news, CAO Sarah Elizabeth Schubach sold 1,168 shares of Dropbox stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $27.88, for a total transaction of $32,563.84. Following the completion of the transaction, the chief accounting officer directly owned 93,870 shares in the company, valued at $2,617,095.60. The trade was a 1.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Andrew Houston sold 23,818 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $27.51, for a total value of $655,233.18. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 405,452 shares of company stock valued at $11,672,021 over the last 90 days. 28.59% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dropbox

Several large investors have recently made changes to their positions in DBX. SGL Investment Advisors Inc. increased its position in shares of Dropbox by 2.4% during the 2nd quarter. SGL Investment Advisors Inc. now owns 16,143 shares of the company’s stock valued at $442,000 after purchasing an additional 375 shares during the period. Kera Capital Partners Inc. raised its position in Dropbox by 3.7% in the third quarter. Kera Capital Partners Inc. now owns 12,945 shares of the company’s stock worth $391,000 after acquiring an additional 460 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Dropbox by 5.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,607 shares of the company’s stock valued at $246,000 after acquiring an additional 461 shares during the last quarter. Merit Financial Group LLC boosted its position in shares of Dropbox by 4.4% during the 3rd quarter. Merit Financial Group LLC now owns 11,385 shares of the company’s stock valued at $344,000 after purchasing an additional 480 shares in the last quarter. Finally, Rossby Financial LCC boosted its position in shares of Dropbox by 128.5% during the 3rd quarter. Rossby Financial LCC now owns 937 shares of the company’s stock valued at $28,000 after purchasing an additional 527 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Price Performance

Shares of NASDAQ DBX traded down $0.20 during mid-day trading on Tuesday, hitting $25.94. The company had a trading volume of 800,115 shares, compared to its average volume of 3,123,186. Dropbox has a 12 month low of $24.42 and a 12 month high of $33.33. The stock has a market cap of $6.71 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 2.13 and a beta of 0.62. The firm’s 50 day simple moving average is $28.50 and its two-hundred day simple moving average is $28.70.

Dropbox (NASDAQ:DBX) last issued its earnings results on Thursday, November 6th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.10. Dropbox had a negative return on equity of 49.51% and a net margin of 19.87%.The firm had revenue of $634.40 million for the quarter, compared to analyst estimates of $623.59 million. During the same period last year, the company earned $0.60 earnings per share. The firm’s revenue for the quarter was down .7% on a year-over-year basis. Equities analysts forecast that Dropbox will post 1.64 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on DBX. 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 research note on Wednesday, October 8th. One investment 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 MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $31.33.

Dropbox Company Profile

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.