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Box shares drop after big holder dumps the stock

  • A top Box holder sold 5.9 million shares in a block trade that knocked the storage maker's stock on Monday.
  • An investor offered the shares at a range between $19.07 and $19.37 each, plus commission, according to a person familiar with the trade.
  • Box shares are still up more than 60 percent in the last year.
Aaron Levie, CEO, Box
Scott Mlyn | CNBC
Aaron Levie, CEO, Box

A Box Inc. investor sold 5.9 million shares of the cloud-storage company, according to a person with knowledge of the matter. Shares of the enterprise storage company declined Monday amid the big block trade.

An investor offered the shares at a range between $19.07 and $19.37 each, plus commission, the person said, who asked not to be named discussing private trade details. At the midpoint of that range, the sale equals about $113 million worth of stock, according to data compiled by CNBC.

A spokesperson for Box, whose shares closed Friday at $19.97, declined to comment. The stock is still up more than 60 percent in the last year.

Box shares fell about 4 percent to $19.21 at 12:40 p.m. on Monday.

The largest institutional holder in Box through the end of the first quarter was Austin, Texas-based Bares Capital Management, which held 5.9 million shares, according to FactSet. A message left with Bares was not immediately returned. The firm first bought a stake in Box in March 2016, according to FactSet.

The next biggest holder is Vanguard at 4.5 million shares, according to FactSet.