It is probably not a coincidence that Starboard Value looks for undervalued stocks. Box stock has been on a price roller coaster ride, since it went public in 2015 at a price of $14.00 per share before surging to $23.23 per share. It had high share price of $28.12 in May 2018, but the price dipped into the teens in March and was at $14.85 as we went to press. It has a 52-week low price of $12.46 per share.
The company, which began life as a consumer storage company, made the transition to enterprise software several years after it launched in 2005. It raised more than $500 million along the way, and was a Silicon Valley SaaS darling until it filed its S-1 in 2014.
The S-1 revealed massive sales and marketing spending, and critics came down hard on the company. That led to one of the longest IPO delays in memory, taking 9 month from the time the company filed until it finally had its IPO in January 2015.
In its most recent earnings report last week, Box announced $172.5M in revenue for for the quarter, putting it on a run rate close to $700M.
We emailed both Starboard Value and Box for comments on this article, but neither has responded as we went to publish. If this changes, we will update the article.