Dropbox Inc (NASDAQ:DBX) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 9,440,000 shares, a decline of 9.3% from the August 15th total of 10,410,000 shares. Based on an average daily trading volume, of 4,340,000 shares, the days-to-cover ratio is presently 2.2 days. Currently, 4.4% of the company’s shares are short sold.
A number of brokerages have recently commented on DBX. Sanford C. Bernstein began coverage on shares of Dropbox in a report on Wednesday, August 7th. They set an “underperform” rating and a $19.00 price target for the company. Jefferies Financial Group reiterated a “buy” rating and set a $32.00 price target on shares of Dropbox in a report on Tuesday. William Blair dropped coverage on shares of Dropbox in a report on Friday, August 9th. Royal Bank of Canada dropped coverage on shares of Dropbox in a report on Thursday, September 26th. Finally, DA Davidson dropped coverage on shares of Dropbox in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $28.56.
Dropbox stock traded up $0.50 during trading on Friday, reaching $19.27. The company had a trading volume of 3,549,178 shares, compared to its average volume of 3,365,867. Dropbox has a 12-month low of $17.20 and a 12-month high of $27.15. The stock’s 50 day moving average price is $19.27 and its two-hundred day moving average price is $22.02. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of -14.71 and a beta of 1.57. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.18 and a current ratio of 1.18.
Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, August 8th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.15. The firm had revenue of $401.50 million during the quarter, compared to the consensus estimate of $401.09 million. Dropbox had a negative net margin of 2.91% and a negative return on equity of 6.57%. Dropbox’s revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.11 earnings per share. As a group, research analysts expect that Dropbox will post -0.12 earnings per share for the current year.
In other news, CTO Quentin Clark sold 8,333 shares of Dropbox stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $20.03, for a total transaction of $166,909.99. Also, CFO Ajay Vashee sold 13,750 shares of Dropbox stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $21.02, for a total transaction of $289,025.00. Over the last quarter, insiders have sold 93,742 shares of company stock valued at $1,956,472. Insiders own 31.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC lifted its position in Dropbox by 4.7% during the second quarter. Private Advisor Group LLC now owns 12,644 shares of the company’s stock valued at $317,000 after buying an additional 565 shares in the last quarter. US Bancorp DE lifted its position in Dropbox by 10.4% during the second quarter. US Bancorp DE now owns 9,517 shares of the company’s stock valued at $238,000 after buying an additional 900 shares in the last quarter. Emerald Advisers LLC lifted its position in Dropbox by 2.0% during the second quarter. Emerald Advisers LLC now owns 52,765 shares of the company’s stock valued at $1,322,000 after buying an additional 1,053 shares in the last quarter. Glen Harbor Capital Management LLC lifted its position in Dropbox by 203.0% during the second quarter. Glen Harbor Capital Management LLC now owns 1,600 shares of the company’s stock valued at $40,000 after buying an additional 1,072 shares in the last quarter. Finally, Tortoise Index Solutions LLC acquired a new position in Dropbox during the first quarter valued at approximately $29,000. 40.48% of the stock is currently owned by hedge funds and other institutional investors.
Dropbox, Inc provides a collaboration platform worldwide. Its platform allows individuals, 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. The company has approximately 500 million registered users across 180 countries.
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