Carbonite (NASDAQ:CARB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

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 recently weighed in on the company. Barclays raised Carbonite from an “equal weight” rating to an “overweight” rating and set a $38.00 price objective for the company in a research report on Wednesday, January 9th. cut Carbonite from an “outperform” rating to a “market perform” rating in a research report on Friday, November 2nd. CIBC reissued a “market perform” rating on shares of Carbonite in a research report on Friday, November 2nd. Oppenheimer reissued a “market perform” rating on shares of Carbonite in a research report on Friday, November 2nd. Finally, Stifel Nicolaus cut Carbonite from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $44.00 to $25.00 in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Carbonite presently has a consensus rating of “Buy” and an average target price of $37.33.

Shares of Carbonite stock traded up $0.59 during trading on Monday, reaching $24.44. The company’s stock had a trading volume of 1,199,566 shares, compared to its average volume of 462,436. The stock has a market capitalization of $824.21 million, a price-to-earnings ratio of 19.55, a PEG ratio of 0.97 and a beta of 0.78. Carbonite has a 1-year low of $20.50 and a 1-year high of $43.63.

Carbonite (NASDAQ:CARB) last posted its quarterly earnings data on Thursday, February 7th. The technology company reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.16. The firm had revenue of $77.00 million during the quarter, compared to analysts’ expectations of $79.53 million. Carbonite had a return on equity of 29.57% and a net margin of 2.54%. The business’s quarterly revenue was up 24.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 EPS. As a group, equities research analysts forecast that Carbonite will post 1.23 EPS for the current year.

In related news, CEO Mohamad Ali sold 3,999 shares of the firm’s stock in a transaction on Wednesday, December 19th. The stock was sold at an average price of $25.55, for a total value of $102,174.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Norman Guadagno sold 3,750 shares of the firm’s stock in a transaction on Tuesday, February 5th. The stock was sold at an average price of $28.93, for a total value of $108,487.50. The disclosure for this sale can be found here. Insiders sold a total of 72,255 shares of company stock valued at $1,981,736 in the last 90 days. 9.80% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of CARB. PNC Financial Services Group Inc. raised its stake in Carbonite by 51,742.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 451,551 shares of the technology company’s stock worth $16,097,000 after acquiring an additional 450,680 shares during the last quarter. Vanguard Group Inc raised its stake in shares of Carbonite by 30.4% during the 3rd quarter. Vanguard Group Inc now owns 1,866,217 shares of the technology company’s stock valued at $66,531,000 after buying an additional 435,554 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Carbonite by 30.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,866,217 shares of the technology company’s stock valued at $66,531,000 after buying an additional 435,554 shares during the last quarter. BlackRock Inc. raised its stake in shares of Carbonite by 22.9% during the 3rd quarter. BlackRock Inc. now owns 2,237,267 shares of the technology company’s stock valued at $79,759,000 after buying an additional 417,253 shares during the last quarter. Finally, FIL Ltd purchased a new position in shares of Carbonite during the 3rd quarter valued at about $12,221,000.

Carbonite Company Profile

Carbonite, Inc, together with its subsidiaries, provides backup, disaster recovery, high availability, and workload migration technology solutions in the United States. Its solutions include Carbonite Safe that offers annual and multi-year cloud backup plans for individuals or businesses; and Carbonite Endpoint Protection that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.

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