Carbonite Inc. (CARB) Stock Rating Upgraded by Zacks Investment Research
Carbonite Inc. (NASDAQ:CARB) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $19.00 price objective on the stock. Zacks Investment Research’s price target would indicate a potential upside of 9.51% 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. “
A number of other analysts have also weighed in on the stock. TheStreet upgraded shares of Carbonite from a “sell” rating to a “hold” rating in a research note on Friday, November 4th. B. Riley reiterated a “buy” rating and issued a $21.00 price objective on shares of Carbonite in a research note on Saturday, November 5th. Finally, Oppenheimer Holdings Inc. upgraded shares of Carbonite from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research note on Tuesday, October 11th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $18.25.
Shares of Carbonite (NASDAQ:CARB) opened at 17.35 on Wednesday. The firm has a 50-day moving average of $16.03 and a 200 day moving average of $12.20. The stock’s market cap is $467.98 million. Carbonite has a 52 week low of $6.50 and a 52 week high of $17.80.
Carbonite (NASDAQ:CARB) last released its quarterly earnings data on Thursday, November 3rd. The company reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.07. The firm had revenue of $51.90 million for the quarter, compared to analyst estimates of $15.93 million. Carbonite had a negative net margin of 4.26% and a negative return on equity of 394.68%. The business’s quarterly revenue was up 50.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 earnings per share. On average, equities analysts forecast that Carbonite will post $0.57 EPS 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 shares were sold at an average price of $15.02, for a total transaction of $286,311.24. Following the sale, the insider now owns 46,157 shares in the company, valued at $693,278.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jeffry Flowers sold 70,000 shares of the firm’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $14.45, for a total transaction of $1,011,500.00. Following the sale, the director now owns 160,367 shares in the company, valued at approximately $2,317,303.15. The disclosure for this sale can be found here. Corporate insiders own 15.80% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its position in Carbonite by 0.3% in the third quarter. California State Teachers Retirement System now owns 37,655 shares of the company’s stock valued at $578,000 after buying an additional 100 shares during the last quarter. Rhumbline Advisers increased its position in Carbonite by 0.7% in the third quarter. Rhumbline Advisers now owns 18,056 shares of the company’s stock valued at $277,000 after buying an additional 130 shares during the last quarter. Blair William & Co. IL increased its position in Carbonite by 5.0% in the second quarter. Blair William & Co. IL now owns 10,500 shares of the company’s stock valued at $102,000 after buying an additional 500 shares during the last quarter. Geneva Advisors LLC increased its position in Carbonite by 0.9% in the third quarter. Geneva Advisors LLC now owns 77,224 shares of the company’s stock valued at $1,186,000 after buying an additional 677 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Carbonite by 3.0% in the second quarter. American Century Companies Inc. now owns 28,925 shares of the company’s stock valued at $281,000 after buying an additional 852 shares during the last quarter. Institutional investors own 67.86% of the company’s stock.
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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