Carbonite Inc. (CARB) Lowered to Hold at Zacks Investment Research
Carbonite Inc. (NASDAQ:CARB) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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. “
Separately, B. Riley restated a “buy” rating and issued a $17.00 price target on shares of Carbonite in a research report on Wednesday, September 28th.
Shares of Carbonite (NASDAQ:CARB) traded up 1.65% during trading on Tuesday, hitting $15.40. The company’s stock had a trading volume of 427,436 shares. The stock’s market cap is $416.42 million. The company has a 50-day moving average price of $14.10 and a 200-day moving average price of $10.57. Carbonite has a one year low of $6.50 and a one year high of $15.77.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.16. The firm had revenue of $53.40 million for the quarter, compared to analysts’ expectations of $44.19 million. Carbonite had a negative return on equity of 453.55% and a negative net margin of 7.36%. The firm’s revenue for the quarter was up 57.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) EPS. Equities analysts predict that Carbonite will post $0.50 EPS for the current fiscal year.
In other Carbonite news, insider Cassandra Hudson sold 13,158 shares of Carbonite stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $12.62, for a total value of $166,053.96. Following the sale, the insider now owns 42,378 shares of the company’s stock, valued at approximately $534,810.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anthony Folger sold 6,000 shares of Carbonite stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $13.23, for a total value of $79,380.00. The disclosure for this sale can be found here. 15.80% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in CARB. Rhumbline Advisers raised its stake in shares of Carbonite by 1.6% in the second quarter. Rhumbline Advisers now owns 17,926 shares of the company’s stock worth $174,000 after buying an additional 290 shares in the last quarter. Blair William & Co. IL raised its stake in shares of Carbonite by 5.0% in the second quarter. Blair William & Co. IL now owns 10,500 shares of the company’s stock worth $102,000 after buying an additional 500 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Carbonite by 3.0% in the second quarter. American Century Companies Inc. now owns 28,925 shares of the company’s stock worth $281,000 after buying an additional 852 shares in the last quarter. Teton Advisors Inc. raised its stake in shares of Carbonite by 1.3% in the second quarter. Teton Advisors Inc. now owns 75,687 shares of the company’s stock worth $736,000 after buying an additional 1,000 shares in the last quarter. Finally, Teachers Advisors Inc. raised its stake in shares of Carbonite by 4.8% in the second quarter. Teachers Advisors Inc. now owns 31,520 shares of the company’s stock worth $307,000 after buying an additional 1,453 shares in the last quarter. 64.51% of the stock is currently owned by institutional investors.
Carbonite Company Profile
Carbonite, Inc (Carbonite) is a provider of cloud and business continuity solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses and individuals. It offers various solutions, such as Carbonite Personal, Carbonite Pro, Carbonite Server Backup and MailStore.
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