Carbonite, Inc. (CARB) Research Coverage Started at Rosenblatt Securities
Research analysts at Rosenblatt Securities initiated coverage on shares of Carbonite, Inc. (NASDAQ:CARB) in a report released on Monday. The brokerage set a “buy” rating and a $28.00 price target on the technology company’s stock. Rosenblatt Securities’ price target points to a potential upside of 36.59% from the company’s previous close.
Several other research analysts also recently commented on CARB. B. Riley reissued a “buy” rating and issued a $26.00 price target on shares of Carbonite in a report on Wednesday, August 2nd. Barclays PLC reissued an “equal weight” rating and issued a $27.00 price target (up from $26.00) on shares of Carbonite in a report on Friday, August 4th. TheStreet raised shares of Carbonite from a “d+” rating to a “c+” rating in a report on Friday, August 4th. Finally, BidaskClub downgraded shares of Carbonite from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Carbonite has an average rating of “Buy” and an average price target of $24.88.
Carbonite (NASDAQ:CARB) traded up 5.61% during midday trading on Monday, reaching $21.65. The company’s stock had a trading volume of 102,437 shares. Carbonite has a 12 month low of $13.68 and a 12 month high of $24.60. The company has a market cap of $601.85 million, a PE ratio of 1030.95 and a beta of 0.22. The stock has a 50-day moving average price of $20.52 and a 200 day moving average price of $20.68.
Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. The firm had revenue of $59.00 million during the quarter, compared to the consensus estimate of $59.97 million. During the same period last year, the firm earned $0.19 EPS. The business’s quarterly revenue was up 10.5% compared to the same quarter last year. Analysts expect that Carbonite will post $0.76 earnings per share for the current fiscal year.
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In other news, CFO Anthony Folger sold 12,500 shares of Carbonite stock in a transaction on Monday, August 7th. The shares were sold at an average price of $21.19, for a total transaction of $264,875.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Norman Guadagno sold 2,489 shares of Carbonite stock in a transaction on Monday, August 7th. The stock was sold at an average price of $21.65, for a total transaction of $53,886.85. The disclosure for this sale can be found here. Insiders have sold a total of 27,898 shares of company stock valued at $599,091 over the last ninety days. 12.20% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc lifted its holdings in shares of Carbonite by 5.5% during the 1st quarter. Legal & General Group Plc now owns 5,050 shares of the technology company’s stock worth $101,000 after acquiring an additional 265 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Carbonite by 1.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 48,953 shares of the technology company’s stock worth $994,000 after acquiring an additional 581 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Carbonite by 4.9% during the 1st quarter. Alliancebernstein L.P. now owns 12,850 shares of the technology company’s stock worth $261,000 after acquiring an additional 600 shares during the last quarter. American International Group Inc. lifted its holdings in shares of Carbonite by 7.1% during the 1st quarter. American International Group Inc. now owns 10,951 shares of the technology company’s stock worth $222,000 after acquiring an additional 728 shares during the last quarter. Finally, Quantbot Technologies LP lifted its holdings in shares of Carbonite by 17.2% during the 2nd quarter. Quantbot Technologies LP now owns 5,449 shares of the technology company’s stock worth $118,000 after acquiring an additional 800 shares during the last quarter. 93.65% of the stock is 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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