Carbonite (CARB) Upgraded by BidaskClub to “Buy”

BidaskClub upgraded shares of Carbonite (NASDAQ:CARB) from a hold rating to a buy rating in a research note released on Friday.

Other equities analysts have also recently issued research reports about the company. JMP Securities began coverage on Carbonite in a report on Tuesday, October 17th. They issued an outperform rating and a $30.00 price target on the stock. Oppenheimer reissued a buy rating and issued a $30.00 target price on shares of Carbonite in a research note on Thursday, September 21st. Finally, Rosenblatt Securities started coverage on Carbonite in a research note on Monday, September 18th. They issued a buy rating and a $28.00 target price on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $27.71.

Carbonite (CARB) traded down $1.05 during trading on Friday, reaching $24.75. The company had a trading volume of 187,458 shares, compared to its average volume of 266,274. The company has a market capitalization of $721.04, a PE ratio of -225.00, a price-to-earnings-growth ratio of 2.62 and a beta of 0.38. Carbonite has a fifty-two week low of $15.30 and a fifty-two week high of $27.00. The company has a debt-to-equity ratio of 3.12, a quick ratio of 1.12 and a current ratio of 1.12.

Carbonite (NASDAQ:CARB) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.04. The business had revenue of $61.60 million for the quarter, compared to analysts’ expectations of $61.49 million. Carbonite had a positive return on equity of 32.85% and a negative net margin of 1.32%. The firm’s quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.14 earnings per share. research analysts predict that Carbonite will post 0.39 earnings per share for the current fiscal year.

In other news, CFO Anthony Folger sold 7,992 shares of the firm’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $23.45, for a total transaction of $187,412.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Todd Krasnow sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $23.16, for a total value of $231,600.00. Following the sale, the director now directly owns 227,230 shares in the company, valued at approximately $5,262,646.80. The disclosure for this sale can be found here. Insiders sold 46,927 shares of company stock worth $1,051,368 in the last three months. Insiders own 12.20% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CARB. Quantbot Technologies LP raised its position in shares of Carbonite by 17.2% during the second quarter. Quantbot Technologies LP now owns 5,449 shares of the technology company’s stock worth $118,000 after purchasing an additional 800 shares during the period. Legal & General Group Plc raised its position in shares of Carbonite by 19.5% during the second quarter. Legal & General Group Plc now owns 6,035 shares of the technology company’s stock worth $132,000 after purchasing an additional 985 shares during the period. Oppenheimer Asset Management Inc. raised its position in shares of Carbonite by 167.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 7,370 shares of the technology company’s stock worth $162,000 after purchasing an additional 4,612 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Carbonite during the second quarter worth about $231,000. Finally, Voya Investment Management LLC acquired a new stake in shares of Carbonite during the second quarter worth about $236,000. 94.21% of the stock is currently owned by institutional investors.

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About Carbonite

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.

Analyst Recommendations for Carbonite (NASDAQ:CARB)

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