Short Interest in Dropbox, Inc. (NASDAQ:DBX) Expands By 6.9%

Dropbox, Inc. (NASDAQ:DBX) was the recipient of a large 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. Approximately 8.8% of the company’s stock are sold short. Based on an average trading volume of 2,840,000 shares, the days-to-cover ratio is presently 6.8 days.

Dropbox Price Performance

DBX traded up $0.17 during trading hours on Friday, hitting $30.59. 1,431,958 shares of the stock were exchanged, compared to its average volume of 2,810,731. The stock has a market cap of $9.47 billion, a price-to-earnings ratio of 17.68, a price-to-earnings-growth ratio of 1.49 and a beta of 0.61. The stock has a 50-day simple moving average of $29.19 and a 200-day simple moving average of $26.06. Dropbox has a 12 month low of $20.68 and a 12 month high of $33.43.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group lifted their price target on shares of Dropbox from $27.00 to $30.00 and gave the stock a “hold” rating in a research note on Monday, January 6th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $28.86.

Insiders Place Their Bets

In related news, insider Eric Cox sold 2,330 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $26.41, for a total value of $61,535.30. Following the completion of the transaction, the insider now owns 321,871 shares of the company’s stock, valued at approximately $8,500,613.11. This represents a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $30.37, for a total value of $75,925.00. Following the sale, the chief financial officer now owns 401,264 shares in the company, valued at $12,186,387.68. This represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 822,069 shares of company stock worth $24,219,976 in the last 90 days. 26.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. QRG Capital Management Inc. lifted its holdings in shares of Dropbox by 10.6% in 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 last quarter. Aigen Investment Management LP bought a new stake in Dropbox in the third quarter valued at $482,000. Retirement Systems of Alabama lifted its stake in Dropbox by 15.2% in the third quarter. Retirement Systems of Alabama now owns 944,033 shares of the company’s stock valued at $24,007,000 after buying an additional 124,528 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Dropbox by 8.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,796,238 shares of the company’s stock valued at $71,108,000 after acquiring an additional 228,685 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Dropbox by 6.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,355,762 shares of the company’s stock worth $59,907,000 after acquiring an additional 134,503 shares during the last quarter. 94.84% of the stock is currently owned by institutional investors.

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.