Dropbox, Inc. (NASDAQ:DBX) Sees Large Increase in Short Interest

Dropbox, Inc. (NASDAQ:DBX) was the recipient of a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 19,310,000 shares, an increase of 6.9% from the December 15th total of 18,070,000 shares. Currently, 8.8% of the company’s stock are short sold. Based on an average daily trading volume, of 2,840,000 shares, the short-interest ratio is currently 6.8 days.

Insider Activity

In related news, CFO Timothy Regan sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $25.71, for a total transaction of $64,275.00. Following the sale, the chief financial officer now owns 464,247 shares of the company’s stock, valued at $11,935,790.37. This trade represents a 0.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Cox sold 2,330 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $26.41, for a total value of $61,535.30. Following the sale, the insider now directly owns 321,871 shares in the company, valued at approximately $8,500,613.11. The trade was a 0.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 822,069 shares of company stock worth $24,219,976. Company insiders own 26.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new position in Dropbox during the third quarter valued at approximately $28,000. V Square Quantitative Management LLC purchased a new position in Dropbox during the third quarter valued at approximately $31,000. UMB Bank n.a. raised its position in Dropbox by 2,479.4% during the third quarter. UMB Bank n.a. now owns 1,754 shares of the company’s stock valued at $45,000 after acquiring an additional 1,686 shares in the last quarter. Quarry LP increased its position in shares of Dropbox by 81.1% in the second quarter. Quarry LP now owns 1,965 shares of the company’s stock valued at $44,000 after buying an additional 880 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Dropbox by 133.3% in the third quarter. GAMMA Investing LLC now owns 2,888 shares of the company’s stock valued at $73,000 after buying an additional 1,650 shares in the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group raised their price target on Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Dropbox currently has a consensus rating of “Hold” and a consensus target price of $27.50.

Dropbox Stock Up 0.6 %

Shares of Dropbox stock traded up $0.17 on Monday, reaching $30.59. 1,431,958 shares of the stock were exchanged, compared to its average volume of 2,810,731. Dropbox has a twelve month low of $20.68 and a twelve month high of $33.43. The firm has a market capitalization of $9.47 billion, a price-to-earnings ratio of 17.68, a PEG ratio of 1.49 and a beta of 0.61. The business has a 50 day moving average price of $29.19 and a two-hundred day moving average price of $26.06.

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.