Carbonite, Inc. (CARB) Stake Lessened by Oppenheimer & Co. Inc.
Oppenheimer & Co. Inc. cut its holdings in Carbonite, Inc. (NASDAQ:CARB) by 49.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,423 shares of the technology company’s stock after selling 14,388 shares during the period. Oppenheimer & Co. Inc. owned about 0.05% of Carbonite worth $315,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in CARB. Russell Investments Group Ltd. grew its holdings in Carbonite by 32.4% during the first quarter. Russell Investments Group Ltd. now owns 472,117 shares of the technology company’s stock valued at $9,585,000 after purchasing an additional 115,416 shares during the period. Wells Fargo & Company MN grew its holdings in Carbonite by 50.6% during the first quarter. Wells Fargo & Company MN now owns 77,254 shares of the technology company’s stock valued at $1,568,000 after purchasing an additional 25,943 shares during the period. American Century Companies Inc. grew its holdings in Carbonite by 58.2% during the first quarter. American Century Companies Inc. now owns 326,513 shares of the technology company’s stock valued at $6,628,000 after purchasing an additional 120,168 shares during the period. Karp Capital Management Corp bought a new position in Carbonite during the first quarter valued at $305,000. Finally, Virginia Retirement Systems ET AL bought a new position in Carbonite during the first quarter valued at $489,000. 93.65% of the stock is owned by institutional investors.
Several equities analysts have weighed in on CARB shares. B. Riley reissued a “buy” rating and set a $26.00 price objective on shares of Carbonite in a report on Wednesday, August 2nd. Rosenblatt Securities started coverage on Carbonite in a report on Monday. They set a “buy” rating and a $28.00 price objective for the company. TheStreet raised Carbonite from a “d+” rating to a “c+” rating in a report on Friday, August 4th. Barclays PLC started coverage on Carbonite in a report on Monday, June 26th. They set an “equal weight” rating and a $26.00 price objective for the company. Finally, BidaskClub raised Carbonite from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $24.88.
Carbonite, Inc. (NASDAQ:CARB) opened at 21.70 on Tuesday. Carbonite, Inc. has a 12-month low of $14.10 and a 12-month high of $24.60. The company has a market capitalization of $603.24 million, a price-to-earnings ratio of 1033.33 and a beta of 0.22. The stock has a 50 day moving average price of $20.47 and a 200-day moving average price of $20.70.
Carbonite (NASDAQ:CARB) last announced its earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The business had revenue of $59.00 million during the quarter, compared to analyst estimates of $59.97 million. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 EPS. Equities analysts predict that Carbonite, Inc. will post $0.76 EPS for the current fiscal year.
In other news, VP Danielle Sheer sold 4,810 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $21.65, for a total transaction of $104,136.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 6,540 shares of the business’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $22.34, for a total transaction of $146,103.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,898 shares of company stock valued at $599,091. Company insiders own 12.20% of the company’s stock.
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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