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

Dropbox, Inc. (NASDAQ:DBX) was the target of a significant increase in short interest during 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. Currently, 7.6% of the company’s shares are sold short. Based on an average daily trading volume, of 2,840,000 shares, the short-interest ratio is presently 5.9 days.

Insider Buying and Selling

In other Dropbox news, CEO Andrew Houston sold 351,306 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $25.12, for a total value of $8,824,806.72. Following the completion of the sale, the chief executive officer now owns 8,266,666 shares of the company’s stock, valued at approximately $207,658,649.92. This represents a 4.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 3,177 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.00, for a total transaction of $79,425.00. Following the completion of the sale, the chief financial officer now directly owns 481,747 shares of the company’s stock, valued at $12,043,675. The trade was a 0.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 464,782 shares of company stock valued at $11,673,797 over the last ninety days. Insiders own 26.40% of the company’s stock.

Institutional Investors Weigh In On Dropbox

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in shares of Dropbox by 274.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,238 shares of the company’s stock valued at $28,000 after acquiring an additional 907 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Dropbox in the 3rd quarter worth about $28,000. Fifth Third Bancorp boosted its holdings in shares of Dropbox by 548.8% in the 2nd quarter. Fifth Third Bancorp now owns 1,382 shares of the company’s stock worth $31,000 after buying an additional 1,169 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Dropbox in the 3rd quarter worth about $31,000. Finally, Quarry LP lifted its holdings in Dropbox by 81.1% during the second quarter. Quarry LP now owns 1,965 shares of the company’s stock valued at $44,000 after purchasing an additional 880 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, UBS Group lowered their price objective on shares of 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $28.67.

Dropbox Trading Up 2.6 %

DBX stock traded up $0.71 during mid-day trading on Monday, hitting $28.37. The stock had a trading volume of 2,347,525 shares, compared to its average volume of 3,630,449. Dropbox has a 52 week low of $20.68 and a 52 week high of $33.43. The firm has a market capitalization of $8.79 billion, a P/E ratio of 15.99, a P/E/G ratio of 1.55 and a beta of 0.61. The firm has a fifty day simple moving average of $26.42 and a 200 day simple moving average of $24.18.

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.