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

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 19,680,000 shares, an increase of 29.6% from the February 29th total of 15,190,000 shares. Based on an average trading volume of 3,980,000 shares, the short-interest ratio is presently 4.9 days. Currently, 7.8% of the shares of the stock are sold short.

Insiders Place Their Bets

In related news, CEO Andrew Houston sold 164,000 shares of the company's stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the completion of the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $197,242,650.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Bart Volkmer sold 7,039 shares of the company's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $24.02, for a total transaction of $169,076.78. Following the completion of the transaction, the insider now owns 233,988 shares in the company, valued at approximately $5,620,391.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Andrew Houston sold 164,000 shares of the company's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $23.86, for a total transaction of $3,913,040.00. Following the transaction, the chief executive officer now owns 8,266,666 shares of the company's stock, valued at approximately $197,242,650.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 180,039 shares of company stock worth $4,324,757. Company insiders own 25.78% of the company's stock.

Hedge Funds Weigh In On Dropbox

Hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its position in shares of Dropbox by 6.5% during the 2nd quarter. Geode Capital Management LLC now owns 4,245,279 shares of the company's stock worth $113,050,000 after purchasing an additional 257,648 shares during the period. Nordea Investment Management AB lifted its holdings in Dropbox by 5.6% during the 3rd quarter. Nordea Investment Management AB now owns 2,146,895 shares of the company's stock worth $59,050,000 after buying an additional 113,947 shares in the last quarter. Wedge Capital Management L L P NC lifted its holdings in Dropbox by 1,287.7% during the 3rd quarter. Wedge Capital Management L L P NC now owns 2,725,139 shares of the company's stock worth $74,206,000 after buying an additional 2,528,754 shares in the last quarter. Activest Wealth Management acquired a new stake in Dropbox during the 3rd quarter worth approximately $98,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Dropbox by 5.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 4,418,927 shares of the company's stock worth $120,327,000 after buying an additional 227,633 shares in the last quarter. Hedge funds and other institutional investors own 94.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. JMP Securities downgraded shares of Dropbox from an "outperform" rating to a "market perform" rating in a report on Friday, February 16th. Citigroup cut their price objective on shares of Dropbox from $31.00 to $27.00 and set a "neutral" rating for the company in a report on Friday, March 22nd. UBS Group assumed coverage on shares of Dropbox in a report on Friday, December 15th. They issued a "buy" rating and a $36.00 price objective for the company. The Goldman Sachs Group downgraded shares of Dropbox from a "neutral" rating to a "sell" rating and cut their price objective for the company from $26.00 to $24.00 in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. downgraded shares of Dropbox from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $33.00 to $30.00 in a report on Friday, February 16th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $29.78.

Dropbox Stock Down 0.6 %

Shares of Dropbox stock traded down $0.14 during mid-day trading on Friday, hitting $24.30. The stock had a trading volume of 3,309,588 shares, compared to its average volume of 4,440,169. The firm has a 50-day moving average of $27.29 and a two-hundred day moving average of $27.82. Dropbox has a 12-month low of $19.55 and a 12-month high of $33.43. The firm has a market cap of $8.36 billion, a P/E ratio of 18.41, a price-to-earnings-growth ratio of 2.74 and a beta of 0.71.

Dropbox (NASDAQ:DBX - Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The company reported $0.25 earnings per share 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 analysts' expectations 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 year.

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.