Zacks Investment Research Upgrades Carbonite Inc. (CARB) to “Buy”
Zacks Investment Research upgraded shares of Carbonite Inc. (NASDAQ:CARB) from a hold rating to a buy rating in a research note published on Tuesday. The brokerage currently has $17.00 price target on the stock.
According to Zacks, “Carbonite Inc. is a computer service company which provides online backup solutions for consumers and small and medium sized businesses to retrieve files if lost on the internet. The Company’s backup solutions work automatically and continuously uploading encrypted copies of its customer’s files to the servers known as Carbonite Personal Cloud. Carbonite Inc. is headquartered in Boston, Massachusetts. “
A number of other analysts have also issued reports on CARB. B. Riley reissued a buy rating and set a $17.00 target price on shares of Carbonite in a research note on Wednesday, August 3rd. Oppenheimer Holdings Inc. raised shares of Carbonite from a market perform rating to an outperform rating and set a $21.00 target price for the company in a research note on Tuesday, October 11th.
Shares of Carbonite (NASDAQ:CARB) opened at 16.10 on Tuesday. The company’s 50-day moving average is $14.66 and its 200 day moving average is $11.00. The stock’s market capitalization is $435.34 million. Carbonite has a 12 month low of $6.50 and a 12 month high of $16.27.
Carbonite (NASDAQ:CARB) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.03 by $0.16. The company earned $53.40 million during the quarter, compared to analyst estimates of $44.19 million. Carbonite had a negative net margin of 7.36% and a negative return on equity of 453.55%. Carbonite’s quarterly revenue was up 57.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.01) earnings per share. Equities research analysts predict that Carbonite will post $0.50 earnings per share for the current year.
In related news, CFO Anthony Folger sold 6,000 shares of Carbonite stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $13.23, for a total value of $79,380.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffry Flowers sold 70,000 shares of Carbonite stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $14.45, for a total value of $1,011,500.00. Following the completion of the sale, the director now owns 160,367 shares of the company’s stock, valued at $2,317,303.15. The disclosure for this sale can be found here. 15.80% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Blair William & Co. IL increased its stake in Carbonite by 5.0% in the second quarter. Blair William & Co. IL now owns 10,500 shares of the company’s stock valued at $102,000 after buying an additional 500 shares during the last quarter. Royal Bank of Canada purchased a new stake in Carbonite during the second quarter valued at $102,000. Citadel Advisors LLC purchased a new stake in Carbonite during the second quarter valued at $103,000. Glenmede Trust Co. NA purchased a new stake in Carbonite during the second quarter valued at $109,000. Finally, Aberdeen Asset Management PLC UK purchased a new stake in Carbonite during the second quarter valued at $117,000. Hedge funds and other institutional investors own 64.51% of the company’s stock.
Carbonite Company Profile
Carbonite, Inc (Carbonite) is a provider of cloud and business continuity solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses and individuals. It offers various solutions, such as Carbonite Personal, Carbonite Pro, Carbonite Server Backup and MailStore.
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