Short Interest in Dropbox, Inc. (NASDAQ:DBX) Increases By 10.8%

Dropbox, Inc. (NASDAQ:DBX) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 16,650,000 shares, an increase of 10.8% from the October 31st total of 15,030,000 shares. Based on an average daily volume of 2,840,000 shares, the days-to-cover ratio is currently 5.9 days. Currently, 7.6% of the company’s stock are short sold.

Analyst Ratings Changes

Separately, UBS Group reduced their price target on Dropbox from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $28.67.

Insider Buying and Selling at Dropbox

In related news, CEO Andrew Houston sold 3,493 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $25.00, for a total value of $87,325.00. Following the transaction, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $206,666,650. This represents a 0.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction on Friday, September 13th. The shares were sold at an average price of $24.35, for a total transaction of $60,875.00. Following the completion of the sale, the chief financial officer now directly owns 485,724 shares of the company’s stock, valued at approximately $11,827,379.40. The trade was a 0.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 464,782 shares of company stock valued at $11,673,797 in the last three months. 26.40% of the stock is currently owned by company insiders.

Institutional Trading of Dropbox

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DBX. QRG Capital Management Inc. increased its holdings in shares of Dropbox by 10.6% during the 3rd quarter. QRG Capital Management Inc. now owns 221,716 shares of the company’s stock worth $5,638,000 after purchasing an additional 21,190 shares during the period. Lakewood Asset Management LLC bought a new position in Dropbox during the second quarter valued at about $797,000. Aigen Investment Management LP acquired a new position in Dropbox in the 3rd quarter valued at approximately $482,000. Robeco Institutional Asset Management B.V. raised its holdings in Dropbox by 6.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company’s stock valued at $59,907,000 after acquiring an additional 134,503 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Dropbox by 8.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock worth $71,108,000 after acquiring an additional 228,685 shares during the period. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Stock Up 1.3 %

DBX stock traded up $0.36 during mid-day trading on Tuesday, reaching $28.73. 3,293,131 shares of the stock traded hands, compared to its average volume of 3,632,855. Dropbox has a 52 week low of $20.68 and a 52 week high of $33.43. The firm has a market capitalization of $8.90 billion, a PE ratio of 16.61, a P/E/G ratio of 1.59 and a beta of 0.63. The business has a 50-day moving average of $26.49 and a two-hundred day moving average of $24.21.

About Dropbox

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.