Smith Asset Management Group LP Lowers Stake in Carbonite, Inc. (CARB)
Smith Asset Management Group LP reduced its stake in Carbonite, Inc. (NASDAQ:CARB) by 1.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 186,080 shares of the technology company’s stock after selling 2,210 shares during the period. Smith Asset Management Group LP’s holdings in Carbonite were worth $4,057,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Legal & General Group Plc boosted 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 period. American International Group Inc. boosted 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 period. Stifel Financial Corp purchased a new stake in shares of Carbonite during the first quarter valued at about $251,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Carbonite during the first quarter valued at about $261,000. Finally, Alliancebernstein L.P. boosted 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 period. 94.24% of the stock is currently owned by hedge funds and other institutional investors.
Carbonite, Inc. (CARB) opened at 20.30 on Friday. The company has a 50-day moving average price of $22.39 and a 200 day moving average price of $20.54. The stock has a market cap of $564.32 million, a price-to-earnings ratio of 966.67 and a beta of 0.13. Carbonite, Inc. has a 52-week low of $12.81 and a 52-week high of $24.60.
Carbonite (NASDAQ:CARB) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.03. The company had revenue of $59 million during the quarter, compared to the consensus estimate of $59.97 million. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. Carbonite’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 EPS. On average, analysts expect that Carbonite, Inc. will post $0.76 earnings per share for the current year.
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Several brokerages have recently issued reports on CARB. B. Riley reaffirmed a “buy” rating and issued a $26.00 target price on shares of Carbonite in a report on Monday. Barclays PLC reiterated an “equal weight” rating and issued a $27.00 price target (up previously from $26.00) on shares of Carbonite in a research report on Friday, August 4th. BidaskClub upgraded Carbonite from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, TheStreet upgraded Carbonite from a “d+” rating to a “c+” rating in a research report on Friday, August 4th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $24.43.
In other news, CFO Anthony Folger sold 23,355 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $19.70, for a total transaction of $460,093.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Danielle Sheer sold 4,810 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $21.65, for a total transaction of $104,136.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 53,111 shares of company stock valued at $1,099,613. 12.20% of the stock is owned by insiders.
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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