Carbonite Inc. (CARB) Lifted to “Buy” at Zacks Investment Research
Carbonite Inc. (NASDAQ:CARB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $17.00 target price on the stock. Zacks Investment Research’s target price suggests a potential upside of 8.21% from the stock’s previous close.
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. “
CARB has been the subject of a number of other research reports. B. Riley reissued a “buy” rating and issued a $15.00 price objective on shares of Carbonite in a research note on Friday, July 29th. Oppenheimer Holdings Inc. raised shares of Carbonite from a “market perform” rating to an “outperform” rating in a research note on Tuesday.
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Shares of Carbonite (NASDAQ:CARB) traded up 6.36% during trading on Tuesday, reaching $15.71. The company had a trading volume of 1,256,220 shares. The stock’s market capitalization is $424.80 million. The company’s 50 day moving average is $14.36 and its 200-day moving average is $10.84. Carbonite has a 1-year low of $6.50 and a 1-year high of $16.27.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. The company earned $53.40 million during the quarter, compared to the consensus estimate of $44.19 million. Carbonite had a negative net margin of 7.36% and a negative return on equity of 453.55%. Carbonite’s revenue for the quarter was up 57.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. On average, equities research analysts anticipate that Carbonite will post $0.50 earnings per share for the current year.
In other news, Director Jeffry Flowers sold 51,020 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $13.03, for a total transaction of $664,790.60. Following the transaction, the director now directly owns 255,756 shares of the company’s stock, valued at $3,332,500.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Cassandra Hudson sold 13,158 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $12.62, for a total value of $166,053.96. Following the transaction, the insider now directly owns 42,378 shares in the company, valued at $534,810.36. The disclosure for this sale can be found here. Insiders own 15.80% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Rhumbline Advisers increased its position in shares of Carbonite by 1.6% in the second quarter. Rhumbline Advisers now owns 17,926 shares of the company’s stock worth $174,000 after buying an additional 290 shares during the last quarter. Blair William & Co. IL increased its position in shares of Carbonite by 5.0% in the second quarter. Blair William & Co. IL now owns 10,500 shares of the company’s stock worth $102,000 after buying an additional 500 shares during the last quarter. American Century Companies Inc. increased its position in shares of Carbonite by 3.0% in the second quarter. American Century Companies Inc. now owns 28,925 shares of the company’s stock worth $281,000 after buying an additional 852 shares during the last quarter. Teton Advisors Inc. increased its position in shares of Carbonite by 1.3% in the second quarter. Teton Advisors Inc. now owns 75,687 shares of the company’s stock worth $736,000 after buying an additional 1,000 shares during the last quarter. Finally, Teachers Advisors Inc. increased its position in shares of Carbonite by 4.8% in the second quarter. Teachers Advisors Inc. now owns 31,520 shares of the company’s stock worth $307,000 after buying an additional 1,453 shares during the last quarter. 64.51% of the stock is currently owned by institutional investors and hedge funds.
Carbonite Company Profile
Carbonite, Inc (Carbonite) is a provider of cloud and business continuity solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses and individuals. It offers various solutions, such as Carbonite Personal, Carbonite Pro, Carbonite Server Backup and MailStore.
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