DROPBOX INC DBX
CL A · Common Stock · CUSIP 26210C104 · ISIN US26210C1045
- SectorTechnology
- IndustryServices-Prepackaged Software
- HeadquartersSan Francisco, CA
- Founded2007
- Websitedropbox.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($40.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $30.23. Options: 18 managers hold calls ($311.2m notional), 21 hold puts ($77.8m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 430 |
| Q4 2022 | 449 |
| Q1 2023 | 425 |
| Q2 2023 | 449 |
| Q3 2023 | 464 |
| Q4 2023 | 462 |
| Q1 2024 | 446 |
| Q2 2024 | 431 |
| Q3 2024 | 426 |
| Q4 2024 | 456 |
| Q1 2025 | 460 |
| Q2 2025 | 471 |
| Q3 2025 | 473 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 197 | 223 |
| Q1 2024 | 201 | 248 |
| Q2 2024 | 189 | 256 |
| Q3 2024 | 196 | 224 |
| Q4 2024 | 208 | 204 |
| Q1 2025 | 210 | 236 |
| Q2 2025 | 237 | 221 |
| Q3 2025 | 216 | 240 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $324.0m | $102.7m | 0.32 |
| Q1 2025 | $239.9m | $124.6m | 0.52 |
| Q2 2025 | $268.6m | $122.6m | 0.46 |
| Q3 2025 | $311.2m | $77.8m | 0.25 |
Biggest buyers
| LSV ASSET MANAGEMENT | Added | +3.2m |
| JPMORGAN CHASE & CO | Added | +2.7m |
| CITADEL ADVISORS LLC | New | +1.0m |
| Allianz Asset Management GmbH | Added | +686.6k |
| NORTHERN TRUST CORP | Added | +560.7k |
| Bridgewater Associates, LP | Added | +497.4k |
| Thrivent Financial for Lutherans | Added | +493.3k |
| MILLENNIUM MANAGEMENT LLC | Added | +427.8k |
| Gotham Asset Management, LLC | Added | +422.9k |
| Qube Research & Technologies Ltd | Added | +369.4k |
Biggest sellers
| AMERIPRISE FINANCIAL INC | Reduced | -3.6m |
| BlackRock, Inc. | Reduced | -1.2m |
| VANGUARD GROUP INC | Reduced | -1.1m |
| MORGAN STANLEY | Reduced | -1.1m |
| ROYAL BANK OF CANADA | Reduced | -1.1m |
| FMR LLC | Reduced | -863.4k |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -715.6k |
| Bank of New York Mellon Corp | Reduced | -652.5k |
| Caisse de depot et placement du Quebec | Sold out | -650.7k |
| KBC Group NV | Reduced | -572.0k |
Biggest calls
| UBS Group AG | Unchanged | $212.6m7.0m shares |
| ROYAL BANK OF CANADA | Added | $38.8m1.3m shares |
| BANK OF AMERICA CORP /DE/ | Added | $12.1m400.0k shares |
| CITADEL ADVISORS LLC | Added | $8.4m277.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $7.5m247.1k shares |
| BARCLAYS PLC | New | $6.0m199.6k shares |
| IMC-Chicago, LLC | Added | $5.6m185.7k shares |
| SIMPLEX TRADING, LLC | Added | $3.9m128.9k shares |
| Walleye Trading LLC | Reduced | $3.6m117.7k shares |
| WOLVERINE TRADING, LLC | Reduced | $2.6m85.7k shares |
Biggest puts
| ROYAL BANK OF CANADA | Unchanged | $15.1m500.0k shares |
| CITADEL ADVISORS LLC | Added | $14.8m491.4k shares |
| DLD Asset Management, LP | Added | $7.6m250.0k shares |
| Twin Tree Management, LP | Reduced | $6.1m200.5k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $5.4m177.8k shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $5.2m173.7k shares |
| IMC-Chicago, LLC | Reduced | $4.3m143.4k shares |
| SIMPLEX TRADING, LLC | Reduced | $3.4m113.4k shares |
| WOLVERINE TRADING, LLC | Added | $2.9m96.2k shares |
| Verition Fund Management LLC | Added | $2.6m86.1k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Houston Andrew 13G · exempt (held before listing) +7.0 pts · filed 2026-05-01 | 35.3% |
| BlackRock, Inc. 13G · institution filed 2025-04-23 | 10.1% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.5% |
| LSV ASSET MANAGEMENT 13G · institution +1.3 pts · filed 2026-08-06 | 7.3% |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 13G · institution new · filed 2026-05-15 | 5.4% |
Fell to 5% or below in the last year: VANGUARD CAPITAL MANAGEMENT LLC (4.9%, 2026-07-31; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC), RENAISSANCE TECHNOLOGIES LLC (4.6%, 2026-02-12)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 2 | $1.4m | $1.4m |
| Q1 2024 | 0 | — | 4 | $5.5m | $5.5m |
| Q2 2024 | 0 | — | 6 | $7.3m | $7.3m |
| Q3 2024 | 0 | — | 4 | $15.0m | $15.0m |
| Q4 2024 | 0 | — | 4 | $42.3m | $42.3m |
| Q1 2025 | 0 | — | 4 | $19.3m | $19.3m |
| Q2 2025 | 0 | — | 7 | $10.6m | $10.6m |
| Q3 2025 | 0 | — | 9 | $12.2m | $12.2m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-09-30 | Regan Timothy Chief Financial Officer | Sold plan | $46.1k1.5k shares |
| 2025-09-30 | Schubach Sarah Elizabeth Chief Accounting Officer | Sold plan | $32.7k1.1k shares |
| 2025-09-15 | Regan Timothy Chief Financial Officer | Sold plan | $46.3k1.5k shares |
| 2025-09-15 | Schubach Sarah Elizabeth Chief Accounting Officer | Sold plan | $32.9k1.1k shares |
| 2025-09-08 | Houston Andrew Chief Executive Officer, director · See Footnote | Sold plan | $1.4m45.8k shares |
| 2025-09-08 | Dasdan Ali Chief Technology Officer | Sold plan | $384.4k12.8k shares |
| 2025-09-08 | Yoon William T Chief Legal Officer | Sold plan | $344.7k11.4k shares |
| 2025-09-08 | Alkarmi Ashraf General Manager, Core | Sold plan | $300.0k10.0k shares |
| 2025-09-08 | Peacock Karen Director | Sold plan | $60.0k2.0k shares |
| 2025-09-05 | Parasnis Abhay Director | Sold plan | $52.6k1.8k shares |
| 2025-09-02 | Houston Andrew Chief Executive Officer, director · See Footnote | Sold plan | $2.6m92.0k shares |
| 2025-09-02 | Schubach Sarah Elizabeth Chief Accounting Officer | Sold plan | $30.4k1.1k shares |
| 2025-08-29 | Regan Timothy Chief Financial Officer | Sold plan | $72.5k2.5k shares |
| 2025-08-28 | Moore Andrew William Director | Sold plan | $405.9k14.1k shares |
| 2025-08-20 | Parasnis Abhay Director | Sold plan | $100.7k3.6k shares |
| 2025-08-18 | Alkarmi Ashraf General Manager, Core | Sold plan | $275.7k10.1k shares |
| 2025-08-18 | Dasdan Ali Chief Technology Officer | Sold plan | $154.7k5.7k shares |
| 2025-08-15 | Regan Timothy Chief Financial Officer | Sold plan | $69.9k2.5k shares |
| 2025-08-14 | Houston Andrew Chief Executive Officer, director · See Footnote | Sold plan | $2.6m92.0k shares |
| 2025-08-14 | Dasdan Ali Chief Technology Officer | Sold plan | $198.8k7.1k shares |
| 2025-07-29 | Regan Timothy Chief Financial Officer | Sold plan | $70.0k2.5k shares |
| 2025-07-15 | Regan Timothy Chief Financial Officer | Sold plan | $67.1k2.5k shares |
| 2025-07-01 | Houston Andrew Chief Executive Officer, director · See Footnote | Sold plan | $2.6m92.0k shares |
| 2025-07-01 | Regan Timothy Chief Financial Officer | Sold plan | $279.4k10.0k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 24.1m $729.1m | Reduced -1.1m |
| BlackRock, Inc. 0.01% of their portfolio | 20.8m $629.2m | Reduced -1.2m |
| LSV ASSET MANAGEMENT 0.77% of their portfolio | 11.6m $350.8m | Added +3.2m |
| RENAISSANCE TECHNOLOGIES LLC 0.37% of their portfolio | 9.4m $283.5m | Reduced -715.6k |
| ACADIAN ASSET MANAGEMENT LLC 0.39% of their portfolio | 7.5m $225.4m | Reduced -373.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.13% of their portfolio | 6.8m $205.6m | Added +144.3k |
| MORGAN STANLEY 0.01% of their portfolio | 6.4m $192.2m | Reduced -1.1m |
| STATE STREET CORP 0.01% of their portfolio | 6.2m $186.6m | Reduced -408.8k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 5.3m $159.6m | Added +2.7m |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.61% of their portfolio | 5.1m $153.9m | Added +70.9k |
| FMR LLC 0.01% of their portfolio | 4.8m $146.1m | Reduced -863.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 4.1m $127.0m | Reduced -127.9k |
| UBS Group AG 0.02% of their portfolio | 3.6m $109.3m | Reduced -54.0k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 3.1m $94.9m | Reduced -3.6m |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 2.8m $84.0m | Reduced -28.7k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.5m $75.2m | Added +560.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.4m $73.9m | Reduced -175.4k |
| WEDGE CAPITAL MANAGEMENT L L P/NC 1.17% of their portfolio | 2.3m $69.1m | Added +59.6k |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 2.1m $65.1m | Added +25.8k |
| Pacer Advisors, Inc. 0.17% of their portfolio | 2.1m $64.8m | Reduced -358.6k |
| Allianz Asset Management GmbH 0.08% of their portfolio | 2.1m $64.2m | Added +686.6k |
| BARCLAYS PLC 0.02% of their portfolio | 2.1m $63.9m | Added +208.2k |
| Robeco Institutional Asset Management B.V. 0.09% of their portfolio | 2.1m $62.1m | Added +52.2k |
| VIRGINIA RETIREMENT SYSTEMS ET Al 0.39% of their portfolio | 2.0m $60.2m | Added +4.1k |
| AQR CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 2.0m $59.5m | Reduced -297.6k |
| SEIZERT CAPITAL PARTNERS, LLC 2.43% of their portfolio | 1.9m $56.1m | Reduced -49.5k |
| FIRST TRUST ADVISORS LP 0.04% of their portfolio | 1.8m $55.4m | Reduced -281.1k |
| DekaBank Deutsche Girozentrale 0.09% of their portfolio | 1.8m $54.3m | Unchanged |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.6m $49.8m | Reduced -652.5k |
| Quantinno Capital Management LP 0.11% of their portfolio | 1.3m $39.8m | Added +138.8k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 1.3m $39.7m | Added +337.8k |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 1.3m $39.3m | Added +427.8k |
| Man Group plc 0.07% of their portfolio | 1.3m $38.2m | Added +143.2k |
| Mitsubishi UFJ Trust & Banking Corp 0.08% of their portfolio | 1.2m $37.7m | Added +133.4k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.2m $36.3m | Reduced -30.5k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 1.2m $36.2m | Reduced -1.1m |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 1.2m $35.6m | Reduced -197.8k |
| Gotham Asset Management, LLC 0.14% of their portfolio | 1.1m $32.7m | Added +422.9k |
| KBC Group NV 0.08% of their portfolio | 1.1m $32.5m | Reduced -572.0k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 1.1m $32.2m | Added +59.6k |
| MACKENZIE FINANCIAL CORP 0.04% of their portfolio | 1.1m $32.2m | Reduced -21.0k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 1.0m $30.8m | New |
| Retirement Systems of Alabama 0.09% of their portfolio | 863.2k $26.1m | Reduced -16.0k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 797.8k $24.1m | Added +34.4k |
| Bridgewater Associates, LP 0.09% of their portfolio | 785.5k $23.7m | Added +497.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 779.8k $23.6m | Reduced -344.9k |
| KLP KAPITALFORVALTNING AS 0.09% of their portfolio | 764.1k $23.1m | Added +21.8k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 737.3k $22.3m | Reduced -84.4k |
| Qube Research & Technologies Ltd 0.03% of their portfolio | 721.7k $21.8m | Added +369.4k |
| Glenmede Investment Management, LP 0.10% of their portfolio | 697.7k $21.1m | Added +9.5k |
| California Public Employees Retirement System 0.01% of their portfolio | 636.2k $19.2m | Reduced -95.5k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 629.6k $19.0m | Added +179.8k |
| Engineers Gate Manager LP 0.21% of their portfolio | 617.1k $18.6m | Added +106.2k |
| CITIGROUP INC 0.01% of their portfolio | 605.7k $18.3m | Added +224.8k |
| GROUPAMA ASSET MANAGMENT 0.01% of their portfolio | 600.0k $619.8k | Unchanged |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 572.4k $17.3m | Reduced -499.5k |
| Invesco Ltd. 0.00% of their portfolio | 570.2k $17.2m | Reduced -246.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 561.6k $17.0m | Added +182.2k |
| Thrivent Financial for Lutherans 0.03% of their portfolio | 539.5k $16.3m | Added +493.3k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 537.8k $16.2m | Reduced -30.3k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 487.4k $14.9m | Added +366.0k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 477.8k $14.4m | Reduced -98.6k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 461.1k $13.9m | Added +239.3k |
| Distillate Capital Partners LLC 0.69% of their portfolio | 441.5k $13.3m | Reduced -6.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 411.2k $12.4m | Reduced -34.5k |
| INTECH INVESTMENT MANAGEMENT LLC 0.11% of their portfolio | 408.0k $12.3m | Added +220.2k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.02% of their portfolio | 404.6k $12.2m | Reduced -37.8k |
| TWO SIGMA ADVISERS, LP 0.02% of their portfolio | 391.7k $11.8m | Added +322.0k |
| Legal & General Group Plc 0.00% of their portfolio | 388.7k $11.7m | Reduced -53.8k |
| Swiss National Bank 0.01% of their portfolio | 381.2k $11.5m | Reduced -6.2k |
| AXA Investment Managers S.A. 0.03% of their portfolio | 373.1k $11.3m | First filing |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio | 361.6k $10.9m | Added +188.8k |
| Treasurer of the State of North Carolina 0.03% of their portfolio | 360.6k $10.9m | Reduced -11.3k |
| Amundi 0.00% of their portfolio | 342.0k $10.0m | Added +123.8k |
| TUDOR INVESTMENT CORP ET AL 0.06% of their portfolio | 312.9k $9.5m | New |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 290.0k $8.8m | Added +148.2k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 282.9k $8.5m | Reduced -36.8k |
| IEQ CAPITAL, LLC 0.03% of their portfolio | 277.9k $8.4m | Added +54.5k |
| Nuveen, LLC 0.00% of their portfolio | 276.6k $8.4m | Reduced -291.2k |
| UniSuper Management Pty Ltd 0.05% of their portfolio | 275.8k $8.3m | Reduced -44.5k |
| Illinois Municipal Retirement Fund 0.11% of their portfolio | 273.8k $8.3m | Added +19.2k |
| COMERICA BANK 0.03% of their portfolio | 271.2k $8.2m | Added +4.3k |
| Crossmark Global Holdings, Inc. 0.11% of their portfolio | 247.4k $7.5m | Reduced -4.4k |
| BANK OF NOVA SCOTIA 0.01% of their portfolio | 244.7k $7.4m | New |
| COMMERCE BANK 0.04% of their portfolio | 241.2k $7.3m | Reduced -1.2k |
| Verition Fund Management LLC 0.04% of their portfolio | 239.1k $7.2m | Reduced -20.0k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 238.7k $7.2m | Reduced -93.9k |
| GREAT LAKES ADVISORS, LLC 0.06% of their portfolio | 234.4k $7.1m | Reduced -217.3k |
| MERITAGE PORTFOLIO MANAGEMENT 0.44% of their portfolio | 220.2k $6.7m | Reduced -63.0k |
| Squarepoint Ops LLC 0.01% of their portfolio | 217.7k $6.6m | Added +163.4k |
| CWM, LLC 0.02% of their portfolio | 217.4k $6.6m | Added +31.5k |
| Vestcor Inc 0.19% of their portfolio | 205.4k $6.2m | Reduced -3.0k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 203.9k $6.2m | Reduced -19.8k |
| Livforsakringsbolaget Skandia, Omsesidigt 0.24% of their portfolio | 202.8k $6.1m | Added +5.6k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 200.0k $6.0m | New |
| Skandinaviska Enskilda Banken AB (publ) 0.02% of their portfolio | 195.8k $5.9m | Added +84.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 184.9k $5.6m | Reduced -5.6k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.21% of their portfolio | 176.3k $5.3m | Added +10.1k |
| ZACKS INVESTMENT MANAGEMENT 0.04% of their portfolio | 174.8k $5.3m | Reduced -2.4k |
| NATIXIS 0.03% of their portfolio | 168.5k $5.1m | New |