Dropbox Inc (NASDAQ:DBX) is having a historic day as the stock was soaring on Thursday, marking its largest gains since the company went public a few months ago.
The data storage services provider was on pace for its best day since its March IPO today, reaching an increase of roughly 20% at one point, before coming back down. For a brief period, the stock hit an all-time high above $38 per share after closing Wednesday below $32 per share, with shares trading at more than 5 times their normal trading volume.
The surge marked an increase of roughly 80% over Dropbox’s IPO price of $21. The stock is now selling at around $35.81 per share, prompting Piper Jaffray analysts led by Alex Zukin to flag several major tech companies as having the potential to buy Dropbox, including Apple Inc. (NASDAQ:AAPL), Salesforce.com, Inc. (NYSE:CRM), Cisco Systems, Inc. (NASDAQ:CRM), Alphabet Inc (NASDAQ:GOOG,NASDAQ:GOOGL) and Microsoft Corporation (NASDAQ:MSFT).
Before Thursday, the company’s largest single-day gain since its IPO topped out at roughly 7%. Thursday was generally a good day for software stocks and perhaps this surge is a delayed effect of the company’s quarterly earnings results.
In its first quarter of fiscal 2018, Dropbox brought in adjusted profit of 8 cents per share, a 300% increase, while its 28% revenue growth brought sales to $316 million.
DBX stock gained about 13.1% on Thursday.