Carbonite Inc. (CARB) Sees Strong Trading Volume
Shares of Carbonite Inc. (NASDAQ:CARB) saw unusually-strong trading volume on Wednesday . Approximately 194,897 shares were traded during mid-day trading, an increase of 31% from the previous session’s volume of 149,289 shares.The stock last traded at $10.39 and had previously closed at $10.19.
Several analysts recently issued reports on CARB shares. Zacks Investment Research raised Carbonite from a “hold” rating to a “buy” rating and set a $8.75 price target on the stock in a report on Wednesday, April 6th. B. Riley assumed coverage on Carbonite in a research note on Tuesday, June 14th. They set a “buy” rating and a $15.00 target price on the stock. Finally, Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of Carbonite in a research note on Tuesday, May 3rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $12.67.
The firm’s 50 day moving average is $9.67 and its 200 day moving average is $8.61. The firm’s market cap is $281.05 million.
Carbonite (NASDAQ:CARB) last issued its earnings results on Tuesday, May 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.20. The firm earned $48.70 million during the quarter, compared to analyst estimates of $41.51 million. During the same quarter last year, the business posted ($0.05) earnings per share. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, analysts expect that Carbonite Inc. will post $0.33 earnings per share for the current fiscal year.
In related news, CFO Anthony Folger sold 7,582 shares of the firm’s stock in a transaction dated Monday, April 25th. The shares were sold at an average price of $7.84, for a total value of $59,442.88. Following the completion of the sale, the chief financial officer now directly owns 320,081 shares in the company, valued at approximately $2,509,435.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP David Raissipour sold 3,064 shares of the firm’s stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $8.91, for a total transaction of $27,300.24. Following the completion of the sale, the senior vice president now owns 115,361 shares of the company’s stock, valued at $1,027,866.51. The disclosure for this sale can be found here.
Carbonite, Inc (Carbonite) provides cloud and hybrid backup solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses (SMBs) and individuals. The Company’s suite of solutions includes Carbonite Personal, which include unlimited cloud backup for one computer at three different service levels for individuals; Carbonite Pro, the Company’s small business workstation solutions automatically back up files to the cloud and include an unlimited number of devices for an annual flat fee based on the amount of storage needed, and Carbonite Server Backup, the Company’s hybrid server backup solution that protects an unlimited number of servers, databases and live applications, and offers management capabilities.
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