Carbonite, Inc. (NASDAQ:CARB) Upgraded to C+ at TheStreet
Carbonite, Inc. (NASDAQ:CARB) was upgraded by stock analysts at TheStreet from a “d+” rating to a “c+” rating in a report issued on Friday.
CARB has been the topic of several other reports. Barclays PLC started coverage on Carbonite in a research report on Monday, June 26th. They issued an “equal weight” rating and a $26.00 price target on the stock. BidaskClub upgraded Carbonite from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, B. Riley restated a “buy” rating and issued a $26.00 price target on shares of Carbonite in a research report on Monday. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $24.43.
Shares of Carbonite (NASDAQ:CARB) opened at 22.10 on Friday. The firm has a market capitalization of $607.57 million, a price-to-earnings ratio of 73.42 and a beta of 0.13. Carbonite has a 12 month low of $12.56 and a 12 month high of $24.60. The stock’s 50 day moving average price is $22.63 and its 200-day moving average price is $20.34.
Carbonite (NASDAQ:CARB) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. Carbonite had a return on equity of 88.98% and a net margin of 0.29%. The business had revenue of $59 million for the quarter, compared to analyst estimates of $59.97 million. During the same period last year, the company earned $0.19 EPS. The firm’s revenue was up 10.5% on a year-over-year basis. On average, equities research analysts predict that Carbonite will post $0.76 EPS for the current fiscal year.
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In related news, insider Cassandra Hudson sold 2,018 shares of the firm’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $21.27, for a total transaction of $42,922.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Anthony Folger sold 6,876 shares of the firm’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $18.84, for a total value of $129,543.84. The disclosure for this sale can be found here. Insiders have sold a total of 40,188 shares of company stock worth $806,259 in the last ninety days. 12.20% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. Legal & General Group Plc increased its stake in shares of Carbonite by 5.5% in the first quarter. Legal & General Group Plc now owns 5,050 shares of the technology company’s stock valued at $101,000 after buying an additional 265 shares during the last quarter. American International Group Inc. increased its stake in shares of Carbonite by 7.1% in the first quarter. American International Group Inc. now owns 10,951 shares of the technology company’s stock valued at $222,000 after buying an additional 728 shares during the last quarter. Stifel Financial Corp acquired a new stake in shares of Carbonite during the first quarter valued at approximately $251,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Carbonite during the first quarter valued at approximately $261,000. Finally, Alliancebernstein L.P. increased its stake in shares of Carbonite by 4.9% in the first quarter. Alliancebernstein L.P. now owns 12,850 shares of the technology company’s stock valued at $261,000 after buying an additional 600 shares during the last quarter. 94.24% of the stock is currently owned by institutional investors and hedge funds.
Carbonite, Inc provides data protection solutions, including cloud, hybrid and on-premise backup and restore, disaster recovery as a service (DRaaS) and e-mail archiving. The Company’s solutions provide enterprise-grade data protection and recovery capabilities to its customers. The Company’s small and medium-sized businesses (SMBs) plans include Carbonite Computer Backup; Carbonite Server Backup, such as Carbonite Office Power and Carbonite Office Ultimate; EVault Cloud Backup; DRaaS, and e-mail archiving.
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