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Philippe Laffont Just Took A Near 10% Stake In Box

Philippe Laffont Just Took A Near 10% Stake In Box
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Coatue Management L.L.C. recently confirmed that it boosted its stake in the cloud storage company, Box Inc (NYSE: BOX), which raised $175 million in an initial public offering on January 23.

In a 13G filing Monday, Philippe Laffont's hedge fund said it now owns a 9.99 percent stake in Box.

Coatue had agreed to purchase up to 1.25 million shares, priced at $14 at the time. The Los Altos, California-based Box changed hands recently at $18.12, down more than 3 percent.

The hedge fund, which invested about $75 million last spring in Box, is barred by a lock-up agreement from selling shares acquired in the IPO for 180 days.

Box, now valued at $2.13 billion, counts U.S. Venture Partners, Draper Fisher Jurvetson and General Atlantic among its major shareholders.

The tech-heavy Coatue, with assets of about $9.7 billion, listed the following stocks as its top five holdings last 13F season: Apple Inc. (NASDAQ: AAPL), Netflix Inc. (NASDAQ: NFLX), Baidu Inc. (NASDAQ: BIDU), LinkedIn Corp. (NYSE: LNKD) and Avago Technologies Ltd. (NASDAQ: AVGO).

Laffont spoke with OneWire in 2013 about his investment strategy (screen capture above):

Posted-In: Long Ideas Hedge Funds Trading Ideas General Best of Benzinga


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