BidaskClub Lowers Carbonite, Inc. (CARB) to Sell
BidaskClub cut shares of Carbonite, Inc. (NASDAQ:CARB) from a hold rating to a sell rating in a research report report published on Tuesday morning.
A number of other research firms have also issued reports on CARB. Barclays PLC assumed coverage on Carbonite in a report on Monday, June 26th. They issued an equal weight rating and a $26.00 target price on the stock. B. Riley reaffirmed a buy rating and issued a $26.00 target price on shares of Carbonite in a report on Wednesday, August 2nd. Finally, TheStreet raised Carbonite from a d+ rating to a c+ rating in a report on Friday, August 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $24.43.
Carbonite (NASDAQ CARB) traded down 0.52% during trading on Tuesday, hitting $18.95. 89,981 shares of the company’s stock traded hands. The stock has a market cap of $526.79 million, a P/E ratio of 902.38 and a beta of 0.13. The company’s 50 day moving average is $21.75 and its 200-day moving average is $20.67. Carbonite has a 12 month low of $13.43 and a 12 month high of $24.60.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.03. The business had revenue of $59 million for the quarter, compared to analyst estimates of $59.97 million. Carbonite had a return on equity of 36.43% and a net margin of 0.29%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 EPS. On average, analysts predict that Carbonite will post $0.76 earnings per share for the current year.
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In other Carbonite news, CFO Anthony Folger sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $21.19, for a total value of $264,875.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Norman Guadagno sold 2,489 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $21.65, for a total value of $53,886.85. The disclosure for this sale can be found here. Insiders sold a total of 52,071 shares of company stock worth $1,079,593 in the last ninety days. Insiders own 12.20% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. State Street Corp raised its stake in shares of Carbonite by 1.8% in the fourth quarter. State Street Corp now owns 294,149 shares of the technology company’s stock valued at $4,824,000 after buying an additional 5,311 shares during the last quarter. NorthCoast Asset Management LLC purchased a new stake in shares of Carbonite during the first quarter valued at $750,000. Argent Capital Management LLC raised its stake in shares of Carbonite by 33.9% in the first quarter. Argent Capital Management LLC now owns 169,125 shares of the technology company’s stock valued at $3,433,000 after buying an additional 42,865 shares during the last quarter. Highbridge Capital Management LLC purchased a new stake in shares of Carbonite during the first quarter valued at $436,000. Finally, Redwood Investments LLC purchased a new stake in shares of Carbonite during the second quarter valued at $4,391,000. 93.70% of the stock is currently owned by institutional investors.
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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