Zacks Investment Research cut shares of Carbonite (NASDAQ:CARB) from a buy rating to a hold rating in a research report report published on Thursday morning.

According to Zacks, “Carbonite Inc. is a computer service company which provides online backup solutions for consumers and small and medium sized businesses to retrieve files if lost on the internet. The Company’s backup solutions work automatically and continuously uploading encrypted copies of its customer’s files to the servers known as Carbonite Personal Cloud. Carbonite Inc. is headquartered in Boston, Massachusetts. “

Several other research firms have also commented on CARB. BidaskClub lowered Carbonite from a buy rating to a hold rating in a research note on Tuesday, September 18th. Oppenheimer reissued a market perform rating on shares of Carbonite in a research report on Friday, November 2nd. downgraded Carbonite from an outperform rating to a market perform rating in a research report on Friday, November 2nd. Royal Bank of Canada initiated coverage on Carbonite in a research report on Friday, October 5th. They set an outperform rating and a $42.00 price target for the company. Finally, Jefferies Financial Group initiated coverage on Carbonite in a research report on Friday, October 12th. They set a buy rating and a $45.00 price target for the company. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Carbonite has a consensus rating of Buy and an average price target of $38.08.

Carbonite stock traded down $0.06 during trading on Thursday, hitting $28.37. The company’s stock had a trading volume of 286,279 shares, compared to its average volume of 353,910. The firm has a market capitalization of $981.10 million, a P/E ratio of 56.74, a PEG ratio of 1.15 and a beta of 0.81. Carbonite has a 1-year low of $20.50 and a 1-year high of $43.63.

Carbonite (NASDAQ:CARB) last released its earnings results on Thursday, November 1st. The technology company reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.07. The firm had revenue of $79.10 million during the quarter, compared to analyst estimates of $80.15 million. Carbonite had a return on equity of 29.30% and a net margin of 1.85%. The business’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 earnings per share. As a group, equities research analysts forecast that Carbonite will post 1.13 EPS for the current fiscal year.

In other news, General Counsel Danielle Sheer sold 7,474 shares of the company’s stock in a transaction dated Wednesday, October 17th. The stock was sold at an average price of $35.59, for a total value of $265,999.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anthony Folger sold 1,611 shares of the company’s stock in a transaction dated Friday, November 30th. The stock was sold at an average price of $27.95, for a total value of $45,027.45. The disclosure for this sale can be found here. Insiders sold 81,619 shares of company stock valued at $2,445,521 in the last ninety days. Company insiders own 9.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers boosted its holdings in Carbonite by 14.7% in the second quarter. Rhumbline Advisers now owns 26,446 shares of the technology company’s stock valued at $923,000 after purchasing an additional 3,383 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Carbonite by 41.4% in the second quarter. Bank of New York Mellon Corp now owns 338,067 shares of the technology company’s stock valued at $11,798,000 after purchasing an additional 99,018 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Carbonite by 7.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 124,076 shares of the technology company’s stock valued at $4,331,000 after purchasing an additional 8,705 shares during the last quarter. Swiss National Bank boosted its holdings in Carbonite by 15.8% in the second quarter. Swiss National Bank now owns 44,800 shares of the technology company’s stock valued at $1,564,000 after purchasing an additional 6,100 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in Carbonite by 10.9% in the second quarter. BlackRock Inc. now owns 1,820,014 shares of the technology company’s stock valued at $63,521,000 after purchasing an additional 179,098 shares during the last quarter.

About Carbonite

Carbonite, Inc, together with its subsidiaries, provides backup, disaster recovery, high availability, and workload migration technology solutions in the United States. Its solutions include Carbonite Safe that offers annual and multi-year cloud backup plans for individuals or businesses; and Carbonite Endpoint Protection that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.

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