Corebridge Financial Inc. Has $7.59 Million Position in Dropbox, Inc. (NASDAQ:DBX)

Corebridge Financial Inc. lessened its stake in shares of Dropbox, Inc. (NASDAQ:DBX) by 10.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 252,793 shares of the company’s stock after selling 28,659 shares during the period. Corebridge Financial Inc. owned 0.08% of Dropbox worth $7,594,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Dropbox by 96.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company’s stock worth $26,000 after buying an additional 424 shares during the period. Avion Wealth lifted its position in Dropbox by 4,472.7% during the 4th quarter. Avion Wealth now owns 1,006 shares of the company’s stock worth $30,000 after acquiring an additional 984 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Dropbox during the fourth quarter valued at about $40,000. Allworth Financial LP grew its position in shares of Dropbox by 33.5% in the fourth quarter. Allworth Financial LP now owns 1,456 shares of the company’s stock valued at $45,000 after purchasing an additional 365 shares during the last quarter. Finally, V Square Quantitative Management LLC increased its stake in shares of Dropbox by 39.0% in the fourth quarter. V Square Quantitative Management LLC now owns 1,717 shares of the company’s stock worth $52,000 after purchasing an additional 482 shares during the period. Institutional investors own 94.84% of the company’s stock.

Insider Transactions at Dropbox

In other news, CFO Timothy Regan sold 2,500 shares of Dropbox stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $30.38, for a total transaction of $75,950.00. Following the sale, the chief financial officer now directly owns 413,764 shares in the company, valued at approximately $12,570,150.32. The trade was a 0.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Cox sold 3,765 shares of the stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $26.30, for a total transaction of $99,019.50. Following the completion of the transaction, the insider now directly owns 309,550 shares of the company’s stock, valued at $8,141,165. This trade represents a 1.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 634,504 shares of company stock valued at $18,935,530. 28.59% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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 note on Monday, January 6th.

Dropbox Price Performance

NASDAQ:DBX opened at $26.56 on Friday. The stock has a market cap of $8.01 billion, a P/E ratio of 18.84, a PEG ratio of 1.70 and a beta of 0.77. The company has a fifty day moving average price of $29.03 and a 200 day moving average price of $28.03. Dropbox, Inc. has a one year low of $20.68 and a one year high of $33.33.

Dropbox (NASDAQ:DBX) last released its earnings results on Thursday, February 20th. The company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.11). Dropbox had a net margin of 17.75% and a negative return on equity of 132.63%. The company had revenue of $643.60 million during the quarter, compared to the consensus estimate of $638.61 million. As a group, equities research analysts anticipate that Dropbox, Inc. will post 1.64 EPS for the current year.

Dropbox 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.