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

Dropbox, Inc. (NASDAQ:DBX) saw a large drop in short interest in July. As of July 31st, there was short interest totalling 13,950,000 shares, a drop of 8.5% from the July 15th total of 15,240,000 shares. Currently, 5.8% of the company’s stock are sold short. Based on an average trading volume of 4,270,000 shares, the short-interest ratio is presently 3.3 days.

Dropbox Trading Up 0.3 %

NASDAQ:DBX traded up $0.08 during mid-day trading on Tuesday, hitting $23.69. The stock had a trading volume of 802,885 shares, compared to its average volume of 3,994,472. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 15.64, a P/E/G ratio of 1.61 and a beta of 0.65. The company has a 50 day simple moving average of $22.45 and a 200-day simple moving average of $23.79. Dropbox has a 52 week low of $20.68 and a 52 week high of $33.43.

Dropbox (NASDAQ:DBX) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.08. Dropbox had a net margin of 20.50% and a negative return on equity of 148.13%. The firm had revenue of $634.50 million for the quarter, compared to the consensus estimate of $630.10 million. During the same period last year, the firm posted $0.28 EPS. Dropbox’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Dropbox will post 1.26 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on DBX. UBS Group decreased their price target on shares of Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, August 9th. Citigroup decreased their price target on shares of Dropbox from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $29.14.

Insiders Place Their Bets

In other Dropbox news, CEO Andrew Houston sold 82,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $22.40, for a total transaction of $1,836,800.00. Following the completion of the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at approximately $185,173,318.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Dropbox news, CFO Timothy Regan sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $23.12, for a total transaction of $69,360.00. Following the completion of the transaction, the chief financial officer now directly owns 554,122 shares of the company’s stock, valued at approximately $12,811,300.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Andrew Houston sold 82,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $22.40, for a total transaction of $1,836,800.00. Following the transaction, the chief executive officer now directly owns 8,266,666 shares of the company’s stock, valued at $185,173,318.40. The disclosure for this sale can be found here. Insiders sold a total of 208,536 shares of company stock valued at $4,672,611 in the last ninety days. Corporate insiders own 26.40% of the company’s stock.

Institutional Trading of Dropbox

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. raised its holdings in shares of Dropbox by 17.6% in the 4th quarter. Federated Hermes Inc. now owns 141,664 shares of the company’s stock worth $4,176,000 after purchasing an additional 21,193 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Dropbox in the 4th quarter worth approximately $275,000. Handelsbanken Fonder AB raised its holdings in shares of Dropbox by 11.7% in the 4th quarter. Handelsbanken Fonder AB now owns 43,900 shares of the company’s stock worth $1,294,000 after purchasing an additional 4,600 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of Dropbox by 2.1% in the 4th quarter. California Public Employees Retirement System now owns 1,727,055 shares of the company’s stock worth $50,914,000 after purchasing an additional 35,137 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in shares of Dropbox in the 4th quarter worth approximately $25,000. 94.84% of the stock is currently owned by institutional investors.

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.