Corebridge Financial Inc. Sells 28,659 Shares of Dropbox, Inc. (NASDAQ:DBX)

Corebridge Financial Inc. trimmed its holdings in shares of Dropbox, Inc. (NASDAQ:DBX - Free Report) by 10.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LPL Financial LLC grew its position in shares of Dropbox by 31.2% during the 4th quarter. LPL Financial LLC now owns 24,506 shares of the company's stock worth $736,000 after buying an additional 5,823 shares during the period. Heron Bay Capital Management increased its stake in Dropbox by 2.3% in the fourth quarter. Heron Bay Capital Management now owns 16,769 shares of the company's stock valued at $504,000 after purchasing an additional 378 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Dropbox in the fourth quarter worth $25,375,000. AXQ Capital LP bought a new position in shares of Dropbox during the fourth quarter worth $270,000. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of Dropbox by 4.3% in the 4th quarter. Hillsdale Investment Management Inc. now owns 34,200 shares of the company's stock valued at $1,027,000 after buying an additional 1,400 shares during the period. 94.84% of the stock is owned by institutional investors.

Dropbox Price Performance

DBX stock traded up $0.23 during trading hours on Wednesday, reaching $27.41. 661,636 shares of the stock were exchanged, compared to its average volume of 3,546,310. The company has a market cap of $8.27 billion, a price-to-earnings ratio of 19.44, a PEG ratio of 1.70 and a beta of 0.77. Dropbox, Inc. has a 12 month low of $20.68 and a 12 month high of $33.33. The firm's 50-day moving average is $28.87 and its 200-day moving average is $28.13.

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Dropbox (NASDAQ:DBX - Get Free Report) last issued its quarterly 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 negative return on equity of 132.63% and a net margin of 17.75%. The business had revenue of $643.60 million for the quarter, compared to the consensus estimate of $638.61 million. As a group, equities research analysts forecast that Dropbox, Inc. will post 1.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group raised their price objective on Dropbox from $27.00 to $30.00 and gave the stock a "hold" rating in a research note on Monday, January 6th.

Insiders Place Their Bets

In other Dropbox news, CEO Andrew Houston sold 500,323 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $29.65, for a total transaction of $14,834,576.95. Following the transaction, the chief executive officer now owns 8,266,666 shares of the company's stock, valued at $245,106,646.90. The trade was a 5.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Cox sold 3,765 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $26.30, for a total value of $99,019.50. Following the completion of the sale, the insider now directly owns 309,550 shares of the company's stock, valued at approximately $8,141,165. The trade was a 1.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 634,504 shares of company stock valued at $18,926,005 in the last three months. 28.59% of the stock is currently owned by corporate insiders.

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.