�Lizette Chapman and Drew Singer

How Much for Dropbox?

Vericimetry U.S. Small Cap Value Fund who teaches at the University of Florida. But money managers have limited information about their competitors’ methodologies.

Valuation discrepancies also exist for Wework, Snapchat, and others. In December, valuations of database software company Mongodb ranged from $8.06 a share to $18.55 a share.

Josh James, founder and chief executive officer of business analytics startup Domo, says announcements of fluctuating valuations can be distracting for employees. Domo’s backers include Blackrock, T. Rowe Price, and Fidelity. In January, Fidelity marked down its valuation by 9 percent following a series of markups. Fidelity declined to comment on its process. “People that aren’t experts at valuing private companies are trying to act like experts,” James says. “Even when they have less information than the VCS.”

Per-share value estimates by mutual fund company

Morgan Stanley Investment Management ▶ The bottom line Depending on which mutual fund you invested in, a share in Dropbox was worth about $10, or maybe $15.