Carbonite Inc. (CARB) Sees Large Volume Increase
Carbonite Inc. (NASDAQ:CARB) shares saw unusually-strong trading volume on Wednesday . Approximately 194,897 shares traded hands 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 equities research analysts have commented on CARB shares. B. Riley started coverage on Carbonite in a research note on Tuesday, June 14th. They set a “buy” rating and a $15.00 price objective for the company. Zacks Investment Research upgraded Carbonite from a “hold” rating to a “buy” rating and set a $8.75 price objective for the company in a research note on Wednesday, April 6th. Finally, Oppenheimer Holdings Inc. reiterated 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 given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $12.67.
The stock’s market capitalization is $287.51 million. The company has a 50 day moving average of $9.70 and a 200-day moving average of $8.62.
Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Tuesday, May 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.20. The company had revenue of $48.70 million for the quarter, compared to analysts’ expectations of $41.51 million. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.05) EPS. Equities research analysts anticipate that Carbonite Inc. will post $0.33 earnings per share for the current year.
In related news, VP Danielle Sheer sold 6,172 shares of the firm’s stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $9.50, for a total transaction of $58,634.00. Following the transaction, the vice president now owns 100,903 shares of the company’s stock, valued at $958,578.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Mv Management X, L.L.C. sold 440,000 shares of the firm’s stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $9.85, for a total value of $4,334,000.00. 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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