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

Dropbox, Inc. (NASDAQ:DBX) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 15,850,000 shares, a growth of 6.7% from the August 15th total of 14,850,000 shares. Currently, 6.8% of the company’s stock are sold short. Based on an average trading volume of 3,540,000 shares, the short-interest ratio is presently 4.5 days.

Insider Buying and Selling at Dropbox

In other Dropbox news, CFO Timothy Regan sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $24.35, for a total value of $60,875.00. Following the sale, the chief financial officer now owns 485,724 shares in the company, valued at approximately $11,827,379.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Andrew Houston sold 82,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $22.40, for a total transaction of $1,836,800.00. Following the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $185,173,318.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $24.35, for a total value of $60,875.00. Following the sale, the chief financial officer now owns 485,724 shares in the company, valued at approximately $11,827,379.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 107,900 shares of company stock worth $2,425,565. Corporate insiders own 26.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. 3Chopt Investment Partners LLC grew its holdings in Dropbox by 15.9% in the 2nd quarter. 3Chopt Investment Partners LLC now owns 113,771 shares of the company’s stock valued at $2,556,000 after buying an additional 15,576 shares in the last quarter. Quarry LP grew its holdings in Dropbox by 81.1% in the 2nd quarter. Quarry LP now owns 1,965 shares of the company’s stock valued at $44,000 after buying an additional 880 shares in the last quarter. Algert Global LLC acquired a new position in Dropbox in the 2nd quarter valued at $1,597,000. Susquehanna Fundamental Investments LLC grew its holdings in Dropbox by 160.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 525,262 shares of the company’s stock valued at $11,803,000 after buying an additional 323,621 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of Dropbox by 22.2% during the 2nd quarter. Mackenzie Financial Corp now owns 1,449,825 shares of the company’s stock valued at $32,578,000 after acquiring an additional 262,927 shares during the period. 94.84% of the stock is owned by institutional investors and hedge funds.

Dropbox Stock Down 0.6 %

Shares of DBX stock traded down $0.14 during trading on Wednesday, reaching $24.49. 2,224,647 shares of the company’s stock were exchanged, compared to its average volume of 3,894,649. The firm’s fifty day moving average price is $23.50 and its 200-day moving average price is $23.22. Dropbox has a twelve month low of $20.68 and a twelve month high of $33.43. The stock has a market capitalization of $8.09 billion, a PE ratio of 16.22, a PEG ratio of 1.51 and a beta of 0.61.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Dropbox had a negative return on equity of 161.78% and a net margin of 23.06%. The firm had revenue of $634.50 million for the quarter, compared to analyst estimates of $630.10 million. During the same period in the prior year, the firm posted $0.28 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, analysts anticipate that Dropbox will post 1.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Citigroup dropped their price objective on Dropbox from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. UBS Group decreased their target price on Dropbox from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Dropbox has a consensus rating of “Hold” and an average target price of $28.67.

About Dropbox

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.