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

Dropbox, Inc. (NASDAQ:DBX) was the target of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 19,210,000 shares, a decrease of 9.2% from the March 31st total of 21,150,000 shares. Based on an average daily volume of 4,100,000 shares, the days-to-cover ratio is currently 4.7 days. Approximately 7.6% of the shares of the company are short sold.

Insider Activity at Dropbox

In related news, CFO Timothy Regan sold 3,000 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $23.11, for a total value of $69,330.00. Following the completion of the transaction, the chief financial officer now directly owns 594,995 shares in the company, valued at $13,750,334.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Dropbox news, insider Bart Volkmer sold 6,682 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $23.12, for a total transaction of $154,487.84. Following the completion of the transaction, the insider now directly owns 372,332 shares in the company, valued at $8,608,315.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Timothy Regan sold 3,000 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $23.11, for a total value of $69,330.00. Following the transaction, the chief financial officer now owns 594,995 shares of the company’s stock, valued at $13,750,334.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 189,721 shares of company stock worth $4,548,575. 26.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Dropbox

Several hedge funds have recently added to or reduced their stakes in DBX. GAMMA Investing LLC bought a new position in Dropbox during the fourth quarter worth about $25,000. Contravisory Investment Management Inc. bought a new position in Dropbox during the fourth quarter worth about $26,000. Sound Income Strategies LLC bought a new position in Dropbox during the first quarter worth about $28,000. Fifth Third Bancorp raised its position in shares of Dropbox by 424.2% during the third quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock worth $30,000 after purchasing an additional 878 shares during the period. Finally, Cary Street Partners Investment Advisory LLC raised its position in shares of Dropbox by 29,175.0% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 1,171 shares of the company’s stock worth $32,000 after purchasing an additional 1,167 shares during the period. Institutional investors own 94.84% of the company’s stock.

Dropbox Trading Up 0.2 %

Dropbox stock traded up $0.05 during mid-day trading on Monday, hitting $24.20. The stock had a trading volume of 3,345,534 shares, compared to its average volume of 3,867,601. The stock has a 50-day simple moving average of $23.81 and a two-hundred day simple moving average of $27.29. The stock has a market capitalization of $8.32 billion, a PE ratio of 18.35, a P/E/G ratio of 2.71 and a beta of 0.71. Dropbox has a 12 month low of $19.55 and a 12 month high of $33.43.

Dropbox (NASDAQ:DBX) last posted its quarterly earnings results on Thursday, February 15th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). The firm had revenue of $635.00 million during the quarter, compared to the consensus estimate of $630.77 million. Dropbox had a net margin of 18.13% and a negative return on equity of 120.82%. Sell-side analysts expect that Dropbox will post 1.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DBX. Citigroup dropped their price objective on Dropbox from $31.00 to $27.00 and set a “neutral” rating for the company in a research note on Friday, March 22nd. KeyCorp increased their price objective on Dropbox from $32.00 to $37.00 and gave the stock an “overweight” rating in a research note on Friday, January 19th. JMP Securities lowered Dropbox from an “outperform” rating to a “market perform” rating in a research note on Friday, February 16th. The Goldman Sachs Group cut Dropbox from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $26.00 to $24.00 in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. cut Dropbox from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $30.00 in a report on Friday, February 16th. Three analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $29.78.

Dropbox Company Profile

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.