Carbonite Inc. (CARB) Lifted to “Buy” at Zacks Investment Research
Carbonite Inc. (NASDAQ:CARB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $17.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 8.21% from the stock’s previous close.
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. “
Several other brokerages also recently commented on CARB. B. Riley restated a “buy” rating and issued a $17.00 price target on shares of Carbonite in a research note on Wednesday, September 28th. Oppenheimer Holdings Inc. upgraded Carbonite from a “market perform” rating to an “outperform” rating in a research note on Tuesday.
Carbonite (NASDAQ:CARB) traded up 6.36% during trading on Tuesday, reaching $15.71. The company had a trading volume of 1,256,220 shares. The firm’s market capitalization is $424.80 million. The firm’s 50-day moving average price is $14.36 and its 200 day moving average price is $10.84. Carbonite has a one year low of $6.50 and a one year high of $16.27.
Carbonite (NASDAQ:CARB) last issued its earnings results on Tuesday, August 2nd. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.03 by $0.16. Carbonite had a negative return on equity of 453.55% and a negative net margin of 7.36%. The business had revenue of $53.40 million for the quarter, compared to the consensus estimate of $44.19 million. During the same period last year, the business posted ($0.01) EPS. The company’s revenue was up 57.2% compared to the same quarter last year. Equities analysts forecast that Carbonite will post $0.50 earnings per share for the current fiscal year.
In related news, insider Cassandra Hudson sold 19,062 shares of the firm’s stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $15.02, for a total value of $286,311.24. Following the transaction, the insider now directly owns 46,157 shares of the company’s stock, valued at approximately $693,278.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Jeffry Flowers sold 51,020 shares of the firm’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $13.03, for a total value of $664,790.60. Following the completion of the transaction, the director now directly owns 255,756 shares in the company, valued at $3,332,500.68. The disclosure for this sale can be found here. 15.80% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the company. G2 Investment Partners Management LLC bought a new position in shares of Carbonite during the second quarter worth approximately $2,467,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of Carbonite during the second quarter worth approximately $2,370,000. SG Capital Management LLC bought a new position in shares of Carbonite during the second quarter worth approximately $1,111,000. Algert Global LLC bought a new position in shares of Carbonite during the second quarter worth approximately $923,000. Finally, Emerald Acquisition Ltd. bought a new position in shares of Carbonite during the second quarter worth approximately $763,000. 64.51% of the stock is currently owned by institutional investors.
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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