Dropbox, Inc. (NASDAQ:DBX) Short Interest Down 7.7% in November
Dropbox, Inc. (NASDAQ:DBX – Get Free Report) was the target of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 19,430,000 shares, a decrease of 7.7% from the November 15th total of 21,060,000 shares. Based on an average trading volume of 2,760,000 shares, the days-to-cover ratio is presently 7.0 days. Approximately 7.6% of the shares of the stock are sold short.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on DBX shares. Citigroup restated a “neutral” rating and set a $30.00 price target on shares of Dropbox in a research report on Monday, September 18th. William Blair cut shares of Dropbox from an “outperform” rating to a “market perform” rating in a report on Monday, September 18th. UBS Group initiated coverage on shares of Dropbox in a report on Friday. They set a “buy” rating and a $36.00 price target for the company. Finally, JMP Securities reissued a “market outperform” rating and issued a $32.00 price target on shares of Dropbox in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $30.00.
Check Out Our Latest Report on DBX
Dropbox Stock Performance
Shares of NASDAQ DBX opened at $29.62 on Friday. The company has a 50 day simple moving average of $27.44 and a two-hundred day simple moving average of $26.97. Dropbox has a fifty-two week low of $18.71 and a fifty-two week high of $29.70. The company has a market capitalization of $10.24 billion, a price-to-earnings ratio of 18.63, a P/E/G ratio of 1.73 and a beta of 0.86.
Dropbox (NASDAQ:DBX – Get Free Report) last posted its quarterly earnings results on Thursday, November 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Dropbox had a negative return on equity of 101.75% and a net margin of 22.50%. The firm had revenue of $633.00 million during the quarter, compared to analyst estimates of $627.66 million. On average, analysts forecast that Dropbox will post 1.14 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CFO Timothy Regan sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $27.29, for a total value of $272,900.00. Following the transaction, the chief financial officer now directly owns 495,252 shares in the company, valued at $13,515,427.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Bart Volkmer sold 7,025 shares of the company’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $27.97, for a total value of $196,489.25. Following the completion of the transaction, the insider now directly owns 298,633 shares in the company, valued at approximately $8,352,765.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Timothy Regan sold 10,000 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $27.29, for a total value of $272,900.00. Following the transaction, the chief financial officer now owns 495,252 shares in the company, valued at $13,515,427.08. The disclosure for this sale can be found here. Insiders have sold 26,025 shares of company stock worth $719,529 in the last ninety days. 25.78% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Dropbox
Hedge funds have recently bought and sold shares of the business. Nemes Rush Group LLC purchased a new position in shares of Dropbox in the 2nd quarter worth $27,000. Penserra Capital Management LLC bought a new position in Dropbox in the second quarter valued at about $29,000. Raleigh Capital Management Inc. purchased a new position in Dropbox in the second quarter worth about $30,000. Huntington National Bank grew its stake in shares of Dropbox by 2,160.0% during the 2nd quarter. Huntington National Bank now owns 1,130 shares of the company’s stock valued at $30,000 after purchasing an additional 1,080 shares during the period. Finally, Fifth Third Bancorp increased its position in shares of Dropbox by 424.2% during the 3rd quarter. Fifth Third Bancorp now owns 1,085 shares of the company’s stock valued at $30,000 after purchasing an additional 878 shares during the last quarter. Hedge funds and other institutional investors own 70.28% of the company’s stock.
Dropbox Company Profile (Get Free Report)
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.
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Original: MarketBeat News Feed: Dropbox, Inc. (NASDAQ:DBX) Short Interest Down 7.7% in November