Dropbox rises more than 6% adding to last week's gains

Key Points
  • Dropbox added to last week's gains, hitting another all-time intraday high on Monday.
  • The cloud storage company gained more than 6 percent as of midday trading.
  • Shares of another newly public company, Zuora, also rose Monday.
Dropbox Inc. co-founders Drew Houston and Arash Ferdowsi celebrate while watching the initial trade of Dropbox (DBX) as it is listed for the company's initial public offering (IPO) at the Nasdaq Market Site in New York City, U.S., March 23, 2018.
Lucas Jackson | Reuters

Dropbox continued to climb on Monday, adding to last week's gains.

Shares of the cloud storage company rose more than 6 percent, hitting another all-time intraday high of $43.50.

Piper Jaffray said in a Sunday note that its best explanation for the surge in Dropbox is that "investors are looking for new growth opportunities with long term time horizons."

In the past week, shares of Dropbox have gained more than 40 percent.

Another recently-public tech company, Zuora, also jumped in Monday's session, gaining 7 percent.

Rishi Jaluria, senior research analyst at D.A. Davidson & Co, said the move in Dropbox was "likely follow through from last week." Jaluria noted that trading volume in the stock has been heavy in recent sessions.

As of early afternoon trading, more than 16.2 million shares of Dropbox changed hands. That figure exceeds the 30-day average volume of 3.7 million shares.

More than 19.6 million shares of Dropbox traded in Friday's session, following the 23.7 million that changed hands on Thursday.

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