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

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

Analysts Set New Price Targets

Separately, UBS Group cut their price objective 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 equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $28.67.

Insider Buying and Selling at Dropbox

In other news, insider Eric Cox sold 2,330 shares of Dropbox stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $26.41, for a total transaction of $61,535.30. Following the completion of the sale, the insider now directly owns 321,871 shares in the company, valued at approximately $8,500,613.11. This trade represents a 0.72 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Regan sold 3,177 shares of Dropbox 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 sale, the chief financial officer now owns 481,747 shares of the company’s stock, valued at approximately $12,043,675. The trade was a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 464,782 shares of company stock worth $11,673,797 over the last ninety days. Corporate insiders own 26.40% of the company’s stock.

Hedge Funds Weigh In On Dropbox

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its holdings in Dropbox by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock worth $231,761,000 after acquiring an additional 506,200 shares during the period. Pacer Advisors Inc. boosted its position in shares of Dropbox by 4.5% during the 3rd quarter. Pacer Advisors Inc. now owns 7,788,652 shares of the company’s stock valued at $198,065,000 after acquiring an additional 333,245 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Dropbox by 6.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 6,239,493 shares of the company’s stock valued at $158,670,000 after acquiring an additional 365,893 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Dropbox by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,366,271 shares of the company’s stock valued at $111,368,000 after acquiring an additional 25,893 shares in the last quarter. Finally, LSV Asset Management boosted its position in Dropbox by 9.2% in the second quarter. LSV Asset Management now owns 3,742,292 shares of the company’s stock valued at $84,089,000 after buying an additional 314,862 shares in the last quarter. Institutional investors and hedge funds own 94.84% of the company’s stock.

Dropbox Stock Up 2.6 %

NASDAQ DBX traded up $0.71 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. The company’s 50-day moving average is $26.42 and its two-hundred day moving average is $24.18. The stock has a market cap of $8.79 billion, a price-to-earnings ratio of 15.99, a P/E/G ratio of 1.55 and a beta of 0.61. Dropbox has a one year low of $20.68 and a one year high of $33.43.

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.