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

Dropbox, Inc. (NASDAQ:DBX) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 19,310,000 shares, a growth of 6.9% from the December 15th total of 18,070,000 shares. Based on an average trading volume of 2,840,000 shares, the days-to-cover ratio is presently 6.8 days. Currently, 8.8% of the shares of the company are short sold.

Insider Buying and Selling

In other Dropbox news, insider Eric Cox sold 2,330 shares of the company’s stock in a transaction that occurred on 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 directly owns 321,871 shares in the company, valued at $8,500,613.11. This represents a 0.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Timothy Regan sold 2,500 shares of the company’s 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 completion of the transaction, the chief financial officer now owns 401,264 shares of the company’s stock, valued at $12,186,387.68. The trade was a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 822,069 shares of company stock valued at $24,219,976. 26.40% of the stock is owned by corporate insiders.

Institutional Trading of Dropbox

A number of institutional investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC purchased a new stake in Dropbox in the fourth quarter worth $656,000. Nisa Investment Advisors LLC increased its stake in Dropbox by 10.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 5,389 shares of the company’s stock worth $162,000 after purchasing an additional 490 shares during the period. Aaron Wealth Advisors LLC increased its stake in Dropbox by 4.8% in the fourth quarter. Aaron Wealth Advisors LLC now owns 10,151 shares of the company’s stock worth $305,000 after purchasing an additional 461 shares during the period. Empirical Asset Management LLC purchased a new stake in Dropbox in the fourth quarter worth $229,000. Finally, Oak Thistle LLC increased its stake in Dropbox by 70.4% in the fourth quarter. Oak Thistle LLC now owns 32,249 shares of the company’s stock worth $969,000 after purchasing an additional 13,320 shares during the period. 94.84% of the stock is currently owned by institutional investors.

Dropbox Stock Up 0.6 %

DBX traded up $0.17 during trading on Monday, reaching $30.59. The company had a trading volume of 1,431,958 shares, compared to its average volume of 2,810,731. The stock has a market cap of $9.47 billion, a P/E ratio of 17.68, a PEG ratio of 1.49 and a beta of 0.61. The business has a 50 day simple moving average of $29.19 and a 200-day simple moving average of $26.06. Dropbox has a 52 week low of $20.68 and a 52 week high of $33.43.

Analyst Ratings Changes

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

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.