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 ($39.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $27.78. Options: 16 managers hold calls ($279.8m notional), 16 hold puts ($47.2m).
Trends to Q4 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 |
| Q4 2025 | 476 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 208 | 231 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $239.9m | $124.6m | 0.52 |
| Q2 2025 | $268.6m | $122.6m | 0.46 |
| Q3 2025 | $311.2m | $77.8m | 0.25 |
| Q4 2025 | $279.8m | $47.2m | 0.17 |
Biggest buyers
| TWO SIGMA ADVISERS, LP | Added | +1.3m |
| D. E. Shaw & Co., Inc. | Added | +1.1m |
| TWO SIGMA INVESTMENTS, LP | Added | +1.0m |
| Quantinno Capital Management LP | Added | +833.4k |
| MILLENNIUM MANAGEMENT LLC | Added | +827.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +767.1k |
| Allianz Asset Management GmbH | Added | +596.4k |
| BNP PARIBAS FINANCIAL MARKETS | Added | +490.6k |
| Robeco Institutional Asset Management B.V. | Added | +463.3k |
| VICTORY CAPITAL MANAGEMENT INC | Added | +432.4k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -3.2m |
| VANGUARD GROUP INC | Reduced | -1.6m |
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -1.0m |
| ACADIAN ASSET MANAGEMENT LLC | Reduced | -847.2k |
| AMERIPRISE FINANCIAL INC | Reduced | -803.5k |
| CITADEL ADVISORS LLC | Reduced | -691.2k |
| Qube Research & Technologies Ltd | Reduced | -652.2k |
| VIRGINIA RETIREMENT SYSTEMS ET Al | Reduced | -642.5k |
| GROUPAMA ASSET MANAGMENT | Sold out | -600.0k |
| FMR LLC | Reduced | -588.2k |
Biggest calls
| UBS Group AG | Unchanged | $195.6m7.0m shares |
| ROYAL BANK OF CANADA | Added | $41.7m1.5m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $14.2m512.4k shares |
| GOLDMAN SACHS GROUP INC | New | $4.6m166.2k shares |
| BARCLAYS PLC | Reduced | $4.2m150.0k shares |
| IMC-Chicago, LLC | Reduced | $4.1m148.9k shares |
| CITADEL ADVISORS LLC | Reduced | $4.1m146.1k shares |
| JANE STREET GROUP, LLC | Reduced | $2.3m83.1k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.7m62.7k shares |
| LAZARD ASSET MANAGEMENT LLC | New | $1.4m50.0k shares |
Biggest puts
| ROYAL BANK OF CANADA | Reduced | $10.0m360.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $9.0m322.5k shares |
| DLD Asset Management, LP | Unchanged | $7.0m250.0k shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $4.8m173.7k shares |
| BARCLAYS PLC | Added | $4.1m148.7k shares |
| CITADEL ADVISORS LLC | Reduced | $3.0m106.8k shares |
| IMC-Chicago, LLC | Reduced | $2.8m101.3k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.8m63.2k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $1.4m50.8k shares |
| GROUP ONE TRADING LLC | Reduced | $1.2m41.7k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 |
| Q4 2025 | 0 | — | 6 | $10.4m | $10.4m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-12-29 | Schubach Sarah Elizabeth Chief Accounting Officer | Sold plan | $32.6k1.2k shares |
| 2025-12-15 | Regan Timothy Chief Financial Officer | Sold plan | $42.5k1.5k shares |
| 2025-12-15 | Schubach Sarah Elizabeth Chief Accounting Officer | Sold plan | $33.1k1.2k shares |
| 2025-12-03 | Houston Andrew Chief Executive Officer, director · See Footnote | Sold plan | $275.0k9.2k shares |
| 2025-12-01 | Houston Andrew Chief Executive Officer, director · See Footnote | Sold plan | $2.7m92.0k shares |
| 2025-12-01 | Schubach Sarah Elizabeth Chief Accounting Officer | Sold plan | $34.6k1.2k shares |
| 2025-11-28 | Regan Timothy Chief Financial Officer | Sold plan | $44.5k1.5k shares |
| 2025-11-24 | Dasdan Ali Chief Technology Officer | Sold plan | $170.0k5.7k shares |
| 2025-11-20 | Schubach Sarah Elizabeth Chief Accounting Officer | Sold plan | $34.4k1.2k shares |
| 2025-11-18 | Alkarmi Ashraf General Manager, Core | Sold plan | $294.7k10.1k shares |
| 2025-11-18 | Yoon William T Chief Legal Officer | Sold plan | $208.5k7.1k shares |
| 2025-11-18 | Dasdan Ali Chief Technology Officer | Sold plan | $165.4k5.7k shares |
| 2025-11-14 | Houston Andrew Chief Executive Officer, director · See Footnote | Sold plan | $3.1m101.2k shares |
| 2025-11-14 | Regan Timothy Chief Financial Officer | Sold plan | $45.4k1.5k shares |
| 2025-10-30 | Regan Timothy Chief Financial Officer | Sold plan | $42.6k1.5k shares |
| 2025-10-30 | Schubach Sarah Elizabeth Chief Accounting Officer | Sold plan | $30.3k1.1k shares |
| 2025-10-15 | Regan Timothy Chief Financial Officer | Sold plan | $42.9k1.5k shares |
| 2025-10-15 | Schubach Sarah Elizabeth Chief Accounting Officer | Sold plan | $30.5k1.1k shares |
| 2025-10-01 | Houston Andrew Chief Executive Officer, director · See Footnote | Sold plan | $3.0m101.2k shares |
| 2025-10-01 | Regan Timothy Chief Financial Officer | Sold plan | $148.8k5.0k 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, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 22.6m $627.2m | Reduced -1.6m |
| BlackRock, Inc. 0.01% of their portfolio | 20.3m $564.4m | Reduced -524.0k |
| LSV ASSET MANAGEMENT 0.71% of their portfolio | 11.7m $326.3m | Added +122.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.36% of their portfolio | 8.4m $232.9m | Reduced -1.0m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.12% of their portfolio | 7.6m $210.5m | Added +767.1k |
| ACADIAN ASSET MANAGEMENT LLC 0.30% of their portfolio | 6.6m $183.8m | Reduced -847.2k |
| MORGAN STANLEY 0.01% of their portfolio | 6.6m $183.8m | Added +249.3k |
| STATE STREET CORP 0.01% of their portfolio | 5.8m $160.8m | Reduced -394.1k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.55% of their portfolio | 5.1m $141.7m | Added +2.8k |
| FMR LLC 0.01% of their portfolio | 4.2m $118.1m | Reduced -588.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 4.0m $114.8m | Reduced -81.5k |
| UBS Group AG 0.02% of their portfolio | 3.1m $85.3m | Reduced -546.9k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 2.8m $77.0m | Reduced -11.8k |
| Allianz Asset Management GmbH 0.09% of their portfolio | 2.7m $75.6m | Added +596.4k |
| Robeco Institutional Asset Management B.V. 0.10% of their portfolio | 2.5m $70.0m | Added +463.3k |
| NORGES BANK 0.01% of their portfolio | 2.5m $69.9m | Not comparable |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 2.3m $65.0m | Reduced -803.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.2m $62.5m | Reduced -196.6k |
| WEDGE CAPITAL MANAGEMENT L L P/NC 1.12% of their portfolio | 2.2m $62.4m | Reduced -41.8k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.2m $61.7m | Reduced -268.6k |
| BARCLAYS PLC 0.02% of their portfolio | 2.2m $61.6m | Added +103.0k |
| Quantinno Capital Management LP 0.12% of their portfolio | 2.2m $59.8m | Added +833.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 2.1m $59.1m | Reduced -3.2m |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 2.1m $59.1m | Added +827.3k |
| Pacer Advisors, Inc. 0.14% of their portfolio | 2.0m $55.4m | Reduced -152.7k |
| SEIZERT CAPITAL PARTNERS, LLC 2.15% of their portfolio | 1.8m $50.8m | Reduced -26.5k |
| FIRST TRUST ADVISORS LP 0.04% of their portfolio | 1.8m $50.7m | Reduced -10.3k |
| AQR CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 1.8m $50.1m | Reduced -156.8k |
| DekaBank Deutsche Girozentrale 0.08% of their portfolio | 1.8m $47.2m | Unchanged |
| Russell Investments Group, Ltd. 0.05% of their portfolio | 1.7m $47.5m | Reduced -440.3k |
| TWO SIGMA ADVISERS, LP 0.09% of their portfolio | 1.7m $46.4m | Added +1.3m |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.6m $43.2m | Reduced -97.0k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.5m $41.1m | Added +275.2k |
| VIRGINIA RETIREMENT SYSTEMS ET Al 0.22% of their portfolio | 1.4m $37.6m | Reduced -642.5k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 1.3m $37.0m | Added +16.6k |
| TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio | 1.3m $36.9m | Added +1.0m |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 1.3m $35.6m | Added +101.3k |
| Gotham Asset Management, LLC 0.13% of their portfolio | 1.3m $35.3m | Added +187.5k |
| Man Group plc 0.07% of their portfolio | 1.3m $35.0m | Reduced -6.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio | 1.2m $34.2m | Added +432.4k |
| D. E. Shaw & Co., Inc. 0.02% of their portfolio | 1.2m $32.3m | Added +1.1m |
| Mitsubishi UFJ Trust & Banking Corp 0.08% of their portfolio | 1.1m $31.7m | Reduced -107.7k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 1.1m $30.4m | Added +28.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 968.4k $26.9m | Added +490.6k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 942.4k $26.2m | Added +312.8k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 907.0k $25.2m | Reduced -292.4k |
| Retirement Systems of Alabama 0.08% of their portfolio | 848.8k $23.6m | Reduced -14.4k |
| KBC Group NV 0.05% of their portfolio | 839.0k $23.3m | Reduced -237.0k |
| Arbejdsmarkedets Tillaegspension 0.56% of their portfolio | 793.2k $22.1m | First filing |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 727.7k $20.2m | Added +266.6k |
| KLP KAPITALFORVALTNING AS 0.07% of their portfolio | 695.2k $19.3m | Reduced -68.9k |
| CITIGROUP INC 0.01% of their portfolio | 687.2k $19.1m | Added +81.5k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 660.9k $18.4m | Added +88.5k |
| MACKENZIE FINANCIAL CORP 0.02% of their portfolio | 652.4k $18.0m | Reduced -412.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 652.3k $18.1m | Added +90.7k |
| Invesco Ltd. 0.00% of their portfolio | 650.4k $18.1m | Added +80.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 645.3k $17.9m | Reduced -134.5k |
| GLENMEDE TRUST CO NA 0.08% of their portfolio | 618.7k $17.2m | First filing |
| Bridgewater Associates, LP 0.06% of their portfolio | 600.3k $16.7m | Reduced -185.2k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.54% of their portfolio | 570.9k $15.9m | Added +394.6k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 547.6k $15.2m | Reduced -189.7k |
| California Public Employees Retirement System 0.01% of their portfolio | 538.5k $15.0m | Reduced -97.7k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 490.0k $13.6m | Reduced -47.8k |
| Nuveen, LLC 0.00% of their portfolio | 477.9k $13.3m | Added +201.3k |
| Distillate Capital Partners LLC 0.62% of their portfolio | 435.1k $12.1m | Reduced -6.3k |
| Treasurer of the State of North Carolina 0.04% of their portfolio | 413.6k $11.5m | Added +52.9k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.02% of their portfolio | 401.7k $11.2m | Reduced -2.9k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 389.9k $10.8m | Reduced -97.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 375.4k $10.4m | Reduced -35.8k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.02% of their portfolio | 371.5k $10.3m | Added +9.9k |
| Swiss National Bank 0.01% of their portfolio | 365.5k $10.2m | Reduced -15.7k |
| XTX Topco Ltd 0.27% of their portfolio | 363.8k $10.1m | Added +262.5k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 329.6k $9.2m | Reduced -691.2k |
| Legal & General Group Plc 0.00% of their portfolio | 297.5k $8.3m | Reduced -91.2k |
| COMERICA BANK 0.03% of their portfolio | 291.6k $8.1m | Added +20.4k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 286.1k $8.0m | Added +3.1k |
| UniSuper Management Pty Ltd 0.05% of their portfolio | 275.8k $7.7m | Unchanged |
| Crossmark Global Holdings, Inc. 0.11% of their portfolio | 266.2k $7.4m | Added +18.8k |
| CAPITAL FUND MANAGEMENT S.A. 0.07% of their portfolio | 263.0k $7.3m | Added +180.0k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.01% of their portfolio | 248.5k $6.9m | Added +246.5k |
| Illinois Municipal Retirement Fund 0.08% of their portfolio | 243.4k $6.8m | Reduced -30.4k |
| CWM, LLC 0.02% of their portfolio | 227.5k $6.3m | Added +10.1k |
| NISA INVESTMENT ADVISORS, LLC 0.02% of their portfolio | 223.7k $6.2m | Added +82.1k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.02% of their portfolio | 221.7k $6.2m | New |
| MERITAGE PORTFOLIO MANAGEMENT 0.40% of their portfolio | 217.3k $6.0m | Reduced -2.8k |
| COMMERCE BANK 0.03% of their portfolio | 214.8k $6.0m | Reduced -26.4k |
| Vestcor Inc 0.17% of their portfolio | 211.9k $5.9m | Added +6.5k |
| Livforsakringsbolaget Skandia, Omsesidigt 0.22% of their portfolio | 202.8k $5.6m | Unchanged |
| Corient Private Wealth LP 0.00% of their portfolio | 200.4k $3.3m | Added +177.3k |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 197.4k $5.5m | Reduced -41.3k |
| Amundi 0.00% of their portfolio | 195.8k $5.4m | Reduced -146.3k |
| Edgestream Partners, L.P. 0.15% of their portfolio | 194.4k $5.4m | New |
| TUDOR INVESTMENT CORP ET AL 0.03% of their portfolio | 192.9k $5.4m | Reduced -120.0k |
| IEQ CAPITAL, LLC 0.02% of their portfolio | 191.2k $5.3m | Reduced -86.7k |
| Skandinaviska Enskilda Banken AB (publ) 0.02% of their portfolio | 185.5k $5.2m | Reduced -10.3k |
| SG Americas Securities, LLC 0.01% of their portfolio | 179.9k $5.0m | Added +148.5k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 174.5k $4.8m | Reduced -10.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 167.4k $4.7m | Reduced -36.5k |
| ZACKS INVESTMENT MANAGEMENT 0.04% of their portfolio | 166.7k $4.6m | Reduced -8.2k |
| GREAT LAKES ADVISORS, LLC 0.04% of their portfolio | 162.4k $4.5m | Reduced -72.0k |