Dropbox, Inc. $DBX Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Dropbox, Inc. by 5.1%, owning 239,857 shares worth approximately $6.4 million after selling 12,936 shares in Q1.
• Several institutional investors increased their holdings significantly, with Wedge Capital Management lifting its position by 1,640.3%, acquiring over 2 million shares valued at around $57.2 million.
• Dropbox reported Q2 earnings with an EPS of $0.71, surpassing estimates, but its revenue fell 1.4% year-over-year to $625.7 million.

Corebridge Financial Inc. lessened its position in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 5.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,857 shares of the company's stock after selling 12,936 shares during the quarter. Corebridge Financial Inc. owned about 0.08% of Dropbox worth $6,407,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in DBX. Elequin Capital LP grew its holdings in Dropbox by 71.0% during the 1st quarter. Elequin Capital LP now owns 1,130 shares of the company's stock valued at $30,000 after buying an additional 469 shares in the last quarter. Brooklyn Investment Group grew its holdings in Dropbox by 250.3% during the 1st quarter. Brooklyn Investment Group now owns 1,387 shares of the company's stock valued at $37,000 after buying an additional 991 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in Dropbox by 33.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,794 shares of the company's stock valued at $48,000 after buying an additional 449 shares in the last quarter. Fifth Third Bancorp grew its holdings in Dropbox by 27.3% during the 1st quarter. Fifth Third Bancorp now owns 2,288 shares of the company's stock valued at $61,000 after buying an additional 490 shares in the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of Dropbox by 115.0% in the 1st quarter. UMB Bank n.a. now owns 2,501 shares of the company's stock worth $67,000 after purchasing an additional 1,338 shares during the period. Hedge funds and other institutional investors own 94.84% of the company's stock.

Insiders Place Their Bets

In other Dropbox news, Director Abhay Parasnis sold 3,564 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $28.26, for a total value of $100,718.64. Following the completion of the sale, the director directly owned 40,522 shares in the company, valued at approximately $1,145,151.72. This represents a 8.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andrew Houston sold 92,000 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $27.83, for a total value of $2,560,360.00. Following the completion of the transaction, the chief executive officer directly owned 8,266,666 shares of the company's stock, valued at approximately $230,061,314.78. The trade was a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 562,072 shares of company stock worth $15,858,981. 28.59% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on DBX. Citigroup lifted their target price on Dropbox from $30.00 to $32.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. UBS Group dropped their target price on Dropbox from $31.00 to $29.00 and set a "neutral" rating for the company in a report on Friday, August 8th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $30.33.

Dropbox Trading Down 2.0%

Shares of DBX stock traded down $0.58 on Tuesday, reaching $28.48. 2,964,231 shares of the company's stock were exchanged, compared to its average volume of 3,745,129. Dropbox, Inc. has a 52 week low of $22.72 and a 52 week high of $33.33. The stock has a market capitalization of $7.69 billion, a PE ratio of 17.37, a P/E/G ratio of 3.84 and a beta of 0.69. The company's fifty day simple moving average is $27.70 and its 200 day simple moving average is $27.79.

Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.08. Dropbox had a negative return on equity of 61.31% and a net margin of 19.17%.The firm had revenue of $625.70 million during the quarter, compared to analyst estimates of $618.60 million. During the same period last year, the company earned $0.60 EPS. Dropbox's quarterly revenue was down 1.4% compared to the same quarter last year. As a group, sell-side analysts predict that Dropbox, Inc. will post 1.64 earnings per share for the current fiscal year.

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.