Carbonite, Inc. (NASDAQ:CARB) Rating Increased to C+ at TheStreet

TheStreet upgraded shares of Carbonite, Inc. (NASDAQ:CARB) from a d+ rating to a c+ rating in a research report released on Friday, August 4th.

A number of other research analysts have also recently issued reports on the stock. B. Riley reaffirmed a buy rating and issued a $26.00 target price on shares of Carbonite in a report on Wednesday, August 2nd. BidaskClub cut shares of Carbonite from a buy rating to a hold rating in a report on Thursday, July 6th. Finally, Barclays PLC reissued an equal weight rating and set a $27.00 price objective (up from $26.00) on shares of Carbonite in a research note on Friday, August 4th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $24.43.

Carbonite (NASDAQ:CARB) opened at 19.25 on Friday. The stock has a market cap of $535.13 million, a price-to-earnings ratio of 916.67 and a beta of 0.13. The firm’s 50 day moving average price is $22.00 and its 200-day moving average price is $20.66. Carbonite has a 1-year low of $12.96 and a 1-year high of $24.60.

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 consensus estimate of $0.12 by $0.03. The firm had revenue of $59 million during the quarter, compared to analysts’ expectations of $59.97 million. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 earnings per share. On average, equities analysts anticipate that Carbonite will post $0.76 earnings per share for the current year.

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In other Carbonite news, CFO Anthony Folger sold 23,355 shares of Carbonite stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $19.70, for a total value of $460,093.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Danielle Sheer sold 4,810 shares of Carbonite stock in a transaction on Monday, August 7th. The shares were 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 90 days, insiders have sold 53,111 shares of company stock worth $1,099,613. 12.20% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of the stock. TimesSquare Capital Management LLC acquired a new position in Carbonite during the first quarter valued at $20,504,000. Russell Investments Group Ltd. raised its position in Carbonite by 192.9% in the second quarter. Russell Investments Group Ltd. now owns 1,382,650 shares of the technology company’s stock valued at $30,143,000 after buying an additional 910,533 shares during the last quarter. Northpointe Capital LLC acquired a new position in Carbonite during the first quarter valued at $10,061,000. Hood River Capital Management LLC raised its position in Carbonite by 132.3% in the second quarter. Hood River Capital Management LLC now owns 783,723 shares of the technology company’s stock valued at $17,085,000 after buying an additional 446,308 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Carbonite by 41.5% in the first quarter. Vanguard Group Inc. now owns 1,468,756 shares of the technology company’s stock valued at $29,816,000 after buying an additional 430,556 shares during the period. Institutional investors and hedge funds own 93.70% of the company’s stock.

Carbonite Company Profile

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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