Market Overview

Philippe Laffont Just Took A Near 10% Stake In Box

Share:
Philippe Laffont Just Took A Near 10% Stake In Box
Related BOX
38 Biggest Movers From Yesterday
Vetr Crowd Upgrades Box Inc To Strong Buy

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

 

Related Articles (BOX)

View Comments and Join the Discussion!