The hedge fund is frustrated over the company's lack of growth over the past year, according to Reuters, which cited anonymous sources.
A Box spokesperson did not immediately respond to a request for comment.
D.A. Davidson & Co. analysts speculated that a deal could fetch interest from industry giants like Salesforce, IBM, Citrix or Google. Box, for example, was featured on a leaked 2016 slide from Salesforce highlighting potential future M&A and IBM is rumored to have tried to buy Box when it was private, per the analysts.
Still, they're betting more heavily on a takeover by a private equity firm.
"Private equity appetite for buying software, specifically in the 'stalled growth' category, has returned," the analysts wrote. "We believe there is still low-hanging fruit at Box that private equity could capitalize on."