Carbonite Inc (NASDAQ:CARB) Position Cut by Bank of New York Mellon Corp
Bank of New York Mellon Corp decreased its position in Carbonite Inc (NASDAQ:CARB) by 22.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 180,573 shares of the technology company’s stock after selling 51,723 shares during the period. Bank of New York Mellon Corp owned approximately 0.64% of Carbonite worth $3,666,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Wells Fargo & Company MN raised its position in shares of Carbonite by 50.6% in the first quarter. Wells Fargo & Company MN now owns 77,254 shares of the technology company’s stock worth $1,568,000 after buying an additional 25,943 shares in the last quarter. Old Mutual Global Investors UK Ltd. bought a new position in shares of Carbonite during the first quarter worth $581,000. Punch & Associates Investment Management Inc. raised its position in shares of Carbonite by 1.8% in the first quarter. Punch & Associates Investment Management Inc. now owns 332,205 shares of the technology company’s stock worth $6,744,000 after buying an additional 6,025 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Carbonite by 32.4% in the first quarter. Russell Investments Group Ltd. now owns 472,117 shares of the technology company’s stock worth $9,585,000 after buying an additional 115,416 shares in the last quarter. Finally, Northpointe Capital LLC bought a new position in shares of Carbonite during the first quarter worth $10,061,000. Hedge funds and other institutional investors own 94.24% of the company’s stock.
Carbonite Inc (NASDAQ CARB) traded up 4.49% during trading on Monday, reaching $22.10. 575,396 shares of the company’s stock traded hands. The firm has a market capitalization of $607.57 million, a PE ratio of 73.42 and a beta of 0.13. The company has a 50-day moving average price of $22.63 and a 200 day moving average price of $20.34. Carbonite Inc has a one year low of $12.56 and a one year high of $24.60.
Carbonite (NASDAQ:CARB) last released its earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.03. The business had revenue of $59 million during the quarter, compared to analyst estimates of $59.97 million. Carbonite had a negative net margin of 10.81% and a negative return on equity of 114.49%. The company’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.19 earnings per share. On average, analysts anticipate that Carbonite Inc will post $0.76 earnings per share for the current fiscal year.
A number of brokerages recently weighed in on CARB. Barclays PLC started coverage on shares of Carbonite in a research report on Monday, June 26th. They set an “equal weight” rating and a $26.00 target price for the company. B. Riley reiterated a “buy” rating and set a $26.00 price objective on shares of Carbonite in a research report on Wednesday, August 2nd. Finally, BidaskClub upgraded shares of Carbonite from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $24.43.
In other news, insider Cassandra Hudson sold 2,018 shares of the business’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $21.27, for a total transaction of $42,922.86. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Paul S. Mellinger sold 7,500 shares of the business’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $21.04, for a total transaction of $157,800.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,262 shares of company stock worth $1,187,382. Corporate insiders own 12.20% of the company’s stock.
Carbonite Company Profile
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.
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