Intrinsic Edge Capital Management LLC Reduces Position in Carbonite, Inc. (CARB)
Intrinsic Edge Capital Management LLC lowered its holdings in shares of Carbonite, Inc. (NASDAQ:CARB) by 77.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,250 shares of the technology company’s stock after selling 169,599 shares during the period. Intrinsic Edge Capital Management LLC owned approximately 0.18% of Carbonite worth $1,074,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of CARB. Wells Fargo & Company MN lifted its stake in shares of Carbonite by 50.6% in the first quarter. Wells Fargo & Company MN now owns 77,254 shares of the technology company’s stock worth $1,568,000 after buying an additional 25,943 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of Carbonite in the first quarter worth approximately $305,000. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Carbonite by 16.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 17,973 shares of the technology company’s stock worth $365,000 after buying an additional 2,585 shares in the last quarter. Stifel Financial Corp bought a new position in shares of Carbonite in the first quarter worth approximately $251,000. Finally, American International Group Inc. lifted 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 worth $222,000 after buying an additional 728 shares in the last quarter. 94.19% of the stock is currently owned by institutional investors and hedge funds.
Carbonite, Inc. (CARB) traded up 0.91% on Friday, hitting $22.15. 197,604 shares of the stock traded hands. The firm has a 50-day moving average price of $20.41 and a 200-day moving average price of $20.82. Carbonite, Inc. has a 12 month low of $14.10 and a 12 month high of $24.60. The company has a market capitalization of $615.75 million, a PE ratio of 1054.76 and a beta of 0.27.
Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. The business had revenue of $59.00 million for the quarter, compared to analysts’ expectations of $59.97 million. During the same period last year, the business earned $0.19 EPS. The company’s revenue was up 10.5% compared to the same quarter last year. Analysts forecast that Carbonite, Inc. will post $0.76 earnings per share for the current year.
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In related news, VP Danielle Sheer sold 4,810 shares of Carbonite stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $21.65, for a total value of $104,136.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cassandra Hudson sold 1,563 shares of Carbonite stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $22.05, for a total transaction of $34,464.15. The disclosure for this sale can be found here. Insiders sold a total of 30,421 shares of company stock valued at $641,877 over the last quarter. 12.20% of the stock is owned by company insiders.
CARB has been the topic of several analyst reports. BidaskClub upgraded shares of Carbonite from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Barclays PLC initiated coverage on shares of Carbonite in a research note on Monday, June 26th. They issued an “equal weight” rating and a $26.00 target price on the stock. Rosenblatt Securities initiated coverage on shares of Carbonite in a research note on Monday, September 18th. They issued a “buy” rating and a $28.00 target price on the stock. TheStreet upgraded shares of Carbonite from a “d+” rating to a “c+” rating in a research note on Friday, August 4th. Finally, Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $30.00 target price on shares of Carbonite in a research note on Thursday, September 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. Carbonite presently has an average rating of “Buy” and a consensus price target of $26.43.
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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