Carbonite’s (CARB) Outperform Rating Reaffirmed at Oppenheimer Holdings Inc.
Oppenheimer Holdings Inc. reaffirmed their outperform rating on shares of Carbonite Inc. (NASDAQ:CARB) in a research report sent to investors on Monday. Oppenheimer Holdings Inc. currently has a $22.00 target price on the stock, up from their prior target price of $21.00.
Other equities analysts also recently issued research reports about the company. Zacks Investment Research downgraded Carbonite from a strong-buy rating to a hold rating in a research report on Tuesday, October 4th. TheStreet upgraded Carbonite from a sell rating to a hold rating in a research report on Friday, November 4th. Finally, B. Riley reiterated a buy rating and issued a $21.00 price objective on shares of Carbonite in a research report on Thursday, November 10th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $18.50.
Shares of Carbonite (NASDAQ:CARB) opened at 19.20 on Monday. The firm’s market capitalization is $523.35 million. Carbonite has a 12 month low of $6.50 and a 12 month high of $19.50. The firm has a 50-day moving average price of $16.71 and a 200 day moving average price of $12.79.
Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $0.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.07. The business had revenue of $51.90 million for the quarter, compared to analyst estimates of $15.93 million. Carbonite had a negative return on equity of 699.63% and a negative net margin of 4.26%. Carbonite’s quarterly revenue was up 50.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.08 EPS. On average, analysts anticipate that Carbonite will post $0.57 EPS for the current fiscal year.
In related news, Director David Friend sold 280,000 shares of the company’s stock in a transaction dated Thursday, November 17th. The stock was sold at an average price of $18.33, for a total value of $5,132,400.00. Following the completion of the sale, the director now owns 1,027,303 shares in the company, valued at $18,830,463.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cassandra Hudson sold 1,564 shares of the company’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $16.74, for a total value of $26,181.36. Following the completion of the sale, the insider now owns 36,784 shares of the company’s stock, valued at approximately $615,764.16. The disclosure for this sale can be found here. 15.80% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Skylands Capital LLC bought a new stake in Carbonite during the second quarter worth approximately $247,000. Bank of Montreal Can bought a new stake in Carbonite during the second quarter worth approximately $135,000. American Century Companies Inc. increased its stake in 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. Essex Investment Management Co. LLC bought a new stake in Carbonite during the second quarter worth approximately $325,000. Finally, Wedge Capital Management L L P NC bought a new stake in Carbonite during the second quarter worth approximately $280,000. Institutional investors and hedge funds own 77.41% of the company’s stock.
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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