Carbonite Upgraded to “Outperform” by Zacks (CARB)
Carbonite (NASDAQ:CARB) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report released on Friday. The firm currently has a $12.70 target price on the stock. Zacks‘s target price suggests a potential upside of 18.14% from the company’s current price.
In other Carbonite news, CEO David Friend acquired 5,000 shares of the company’s stock on the open market in a transaction that occurred on Friday, August 1st. The shares were purchased at an average cost of $9.83 per share, for a total transaction of $49,150.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Carbonite (NASDAQ:CARB) traded up 4.07% on Friday, hitting $10.75. 185,360 shares of the company’s stock traded hands. Carbonite has a 52 week low of $8.26 and a 52 week high of $16.50. The stock’s 50-day moving average is $11.08 and its 200-day moving average is $10.58. The company’s market cap is $289.0 million.
Carbonite (NASDAQ:CARB) last announced its earnings results on Tuesday, July 29th. The company reported ($0.03) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.04) by $0.01. The company had revenue of $30.30 million for the quarter, compared to the consensus estimate of $30.10 million. During the same quarter in the prior year, the company posted ($0.02) earnings per share. The company’s quarterly revenue was up 15.6% on a year-over-year basis. Analysts expect that Carbonite will post $-0.04 EPS for the current fiscal year.
Separately, analysts at Bank of America downgraded shares of Carbonite from a “neutral” rating to an “underperform” rating in a research note on Wednesday, July 30th. They now have a $9.00 price target on the stock, down previously from $12.00. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $11.30.
Carbonite, Inc (NASDAQ:CARB) focuses on the development and marketing of personal computer backup software that enables users to backup, access, and restore data files online.
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