The Dropbox rally shows no signs of slowing, and we're still grasping for explanations for the stock's sudden and dramatic rise

On Thursday, Dropbox's stock soared 14%, and were jumping another 9.5% to a new record high of $39.50 on Friday. Reasons for the surge are anyone's guess, but it's led to a frenzy of M&A chatter around the enterprise software company, which went public on March 23 at $21 per share.

Much of the speculation has been focused on Salesforce (CRM) , given the increasingly cozy relationship between the two companies. Salesforce currently owns about 6.45% of Dropbox according to Factset data, and it bought about 4.9 million shares of the company in the first quarter. 

Shortly before Dropbox went public, the two firms announced a "strategic partnership" that made it possible to create Dropbox folders within Salesforce's cloud ecosystem, and also integrated Dropbox with Quip, Salesforce's workflow tool. Dropbox COO Dennis Woodside described the relationship as an "opportunity to fundamentally change how people work," and officials from both companies acknowledged their many mutual customers.

Neither Dropbox nor Salesforce would comment on the acquisition rumors, but Salesforce isn't the only potential suitor. Dropbox also has product integrations with Microsoft (MSFT) , Adobe (ADBE) , Apple (AAPL) , IBM (IBM) , Atlassian, Slack, and several other enterprise software providers. Barclays analysts suggested in February that Apple could buy Dropbox to help them compete with Microsoft, Alphabet (GOOGL)  and Box (BOX) by offering iCloud as a product for businesses.

"Enterprise users normally pay a higher premium for high-value added features like content management, sharing, collaboration, security, and analytics, which we view as a natural extension from traditional cloud storage," Barclays analysts wrote.

Only time will tell what's in store for Dropbox, but some signals may be found in a spate of patent filings from the company this year.

A study from the intellectual property analytics firm Relecura notes that Dropbox holds a range of key intellectual properties, including patents to share files through a link and other ways that files interact with cloud applications. Its number of patent applications and acquisitions spiked in 2017, with the Relecura describing Dropbox's portfolio as "highly focused" on two categories: data processing and transmission. 

A handful of recent patents granted this week to Dropbox deal with syncing data with content management systems, an area that could be particular interest to a range of companies looking to build out capabilities in data management or data sharing. 

The Relecura study also notes that companies most often citing Dropbox's patents are Microsoft and IBM, followed by Samsung  (SSNLF) and Google.

Whether specifically preening for an acquisition or some other move, it's clear that Dropbox is bulking up its war chest -- and we may soon find out what's percolating behind the scenes. 

"It would not be outside the realm of possibility that there is a pending announcement or piece of news that we do not know yet," Morningstar Analyst William Fitzsimmons told TheStreet on Thursday. 

Salesforce, Microsoft, Apple and Alphabet are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells GOOGL, CRM, AAPL or MSFT? Learn more now.

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