Dropbox, Inc. (NASDAQ:DBX) Short Interest Up 10.8% in November

Dropbox, Inc. (NASDAQ:DBX) saw a significant 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 trading volume of 2,840,000 shares, the days-to-cover ratio is presently 5.9 days. Currently, 7.6% of the shares of the company are sold short.

Insider Activity

In other Dropbox news, CEO Andrew Houston sold 66,064 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $25.00, for a total transaction of $1,651,600.00. Following the sale, the chief executive officer now owns 8,266,666 shares in the company, valued at approximately $206,666,650. The trade was a 0.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Timothy Regan sold 2,500 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $24.35, for a total value of $60,875.00. Following the completion of the transaction, the chief financial officer now owns 485,724 shares in the company, valued at $11,827,379.40. This represents a 0.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 464,782 shares of company stock valued at $11,673,797. 26.40% of the stock is currently owned by company insiders.

Institutional Trading of Dropbox

Several large investors have recently made changes to their positions in the business. Renaissance Technologies LLC boosted its holdings in Dropbox by 5.2% in the second quarter. Renaissance Technologies LLC now owns 10,314,233 shares of the company’s stock valued at $231,761,000 after acquiring an additional 506,200 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Dropbox by 4.5% in the third 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 during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in Dropbox by 6.2% in the third 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 during the last quarter. Geode Capital Management LLC boosted its holdings in Dropbox by 0.6% in the third 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 during the last quarter. Finally, LSV Asset Management boosted its holdings 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 acquiring an additional 314,862 shares during the last quarter. Institutional investors own 94.84% of the company’s stock.

Wall Street Analyst Weigh In

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

Dropbox Trading Up 1.3 %

DBX opened at $28.73 on Wednesday. The business has a 50 day moving average of $26.57 and a 200-day moving average of $24.25. The stock has a market capitalization of $8.90 billion, a price-to-earnings ratio of 16.61, a P/E/G ratio of 1.59 and a beta of 0.63. Dropbox has a 1-year low of $20.68 and a 1-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.