Dropbox Inc (NASDAQ:DBX) was the recipient of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 15,960,000 shares, an increase of 7.6% from the January 15th total of 14,830,000 shares. Based on an average trading volume of 3,740,000 shares, the days-to-cover ratio is currently 4.3 days. Approximately 7.3% of the company’s stock are sold short.
A number of equities analysts have weighed in on the company. Nomura upped their price target on Dropbox from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Jefferies Financial Group downgraded Dropbox from a “buy” rating to a “hold” rating and reduced their price target for the stock from $28.00 to $19.00 in a research report on Thursday, January 9th. Zacks Investment Research downgraded Dropbox from a “buy” rating to a “hold” rating in a research report on Thursday, November 14th. BidaskClub raised Dropbox from a “strong sell” rating to a “sell” rating in a report on Tuesday. Finally, Instinet raised Dropbox from a “neutral” rating to a “buy” rating and increased their price objective for the company from $18.92 to $25.00 in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Dropbox currently has an average rating of “Buy” and a consensus price target of $27.20.
In other Dropbox news, CTO Quentin Clark sold 8,333 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $19.01, for a total transaction of $158,410.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Timothy Regan sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $17.97, for a total value of $35,940.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,333 shares of company stock valued at $250,960. Insiders own 31.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nomura Holdings Inc. acquired a new stake in Dropbox during the 3rd quarter valued at $449,000. Exane Derivatives lifted its holdings in Dropbox by 104.5% during the 4th quarter. Exane Derivatives now owns 11,250 shares of the company’s stock valued at $206,000 after purchasing an additional 5,750 shares during the last quarter. Prentiss Smith & Co. Inc. lifted its holdings in Dropbox by 18.1% during the 3rd quarter. Prentiss Smith & Co. Inc. now owns 24,918 shares of the company’s stock valued at $503,000 after purchasing an additional 3,811 shares during the last quarter. Cullinan Associates Inc. acquired a new stake in Dropbox during the 4th quarter valued at $379,000. Finally, SG Americas Securities LLC lifted its holdings in Dropbox by 411.4% during the 4th quarter. SG Americas Securities LLC now owns 89,348 shares of the company’s stock valued at $1,600,000 after purchasing an additional 71,878 shares during the last quarter. 42.56% of the stock is owned by institutional investors.
Shares of NASDAQ DBX traded down $0.08 during trading hours on Friday, hitting $18.53. The company had a trading volume of 4,036,000 shares, compared to its average volume of 4,132,571. The stock has a market capitalization of $7.70 billion, a P/E ratio of -142.54 and a beta of 1.48. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.99. Dropbox has a 1-year low of $16.08 and a 1-year high of $26.49. The firm’s 50 day moving average is $17.83 and its 200-day moving average is $18.87.
Dropbox Company Profile
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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