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

Dropbox, Inc. (NASDAQ:DBX - Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 21,150,000 shares, an increase of 7.5% from the March 15th total of 19,680,000 shares. Based on an average daily volume of 4,130,000 shares, the short-interest ratio is currently 5.1 days. Currently, 8.4% of the company's stock are short sold.

Insider Buying and Selling at Dropbox

In other Dropbox news, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $32.50, for a total transaction of $97,500.00. Following the completion of the sale, the chief financial officer now directly owns 434,761 shares of the company's stock, valued at approximately $14,129,732.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Bart Volkmer sold 7,039 shares of Dropbox stock in a transaction on Friday, March 15th. The stock was sold at an average price of $24.02, for a total value of $169,076.78. Following the transaction, the insider now directly owns 233,988 shares in the company, valued at approximately $5,620,391.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy Regan sold 3,000 shares of Dropbox stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $32.50, for a total value of $97,500.00. Following the completion of the transaction, the chief financial officer now owns 434,761 shares in the company, valued at $14,129,732.50. The disclosure for this sale can be found here. Insiders sold a total of 189,721 shares of company stock valued at $4,548,575 in the last ninety days. Corporate insiders own 26.40% of the company's stock.

Institutional Trading of Dropbox

Several large investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC lifted its holdings in shares of Dropbox by 1,287.7% in the 3rd quarter. Wedge Capital Management L L P NC now owns 2,725,139 shares of the company's stock valued at $74,206,000 after buying an additional 2,528,754 shares during the period. Baupost Group LLC MA lifted its holdings in shares of Dropbox by 30.6% in the 1st quarter. Baupost Group LLC MA now owns 10,571,046 shares of the company's stock valued at $245,777,000 after buying an additional 2,476,021 shares during the period. LSV Asset Management lifted its holdings in shares of Dropbox by 119.4% in the 4th quarter. LSV Asset Management now owns 3,305,730 shares of the company's stock valued at $97,453,000 after buying an additional 1,799,030 shares during the period. Voya Investment Management LLC lifted its holdings in shares of Dropbox by 260.7% in the 4th quarter. Voya Investment Management LLC now owns 1,834,002 shares of the company's stock valued at $54,066,000 after buying an additional 1,325,518 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Dropbox by 102.3% in the 1st quarter. AQR Capital Management LLC now owns 2,556,821 shares of the company's stock valued at $54,230,000 after buying an additional 1,292,761 shares during the period. Hedge funds and other institutional investors own 94.84% of the company's stock.

Dropbox Stock Performance

DBX stock traded down $0.14 on Wednesday, hitting $22.80. 3,164,613 shares of the company's stock were exchanged, compared to its average volume of 3,980,114. The firm has a 50 day moving average price of $25.13 and a two-hundred day moving average price of $27.52. The stock has a market cap of $7.84 billion, a P/E ratio of 17.27, a price-to-earnings-growth ratio of 2.58 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 - 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 for 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 fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on DBX. Citigroup cut their price target on Dropbox from $31.00 to $27.00 and set a "neutral" rating on the stock in a report on Friday, March 22nd. KeyCorp lifted their price target on Dropbox from $32.00 to $37.00 and gave the company an "overweight" rating in a report on Friday, January 19th. Bank of America downgraded Dropbox from a "buy" rating to an "underperform" rating and cut their price target for the company from $34.00 to $28.00 in a report on Friday, February 16th. JMP Securities downgraded Dropbox from an "outperform" rating to a "market perform" rating in a report on Friday, February 16th. Finally, The Goldman Sachs Group downgraded Dropbox from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $26.00 to $24.00 in a research note on Friday, February 16th. Three equities research 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. According to data from MarketBeat.com, Dropbox currently has a consensus rating of "Hold" and a consensus price target 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.