Carbonite Inc. (CARB) Rating Increased 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 report issued to clients and investors on Tuesday. The brokerage presently has a $17.00 price objective on the stock. Zacks Investment Research’s price objective would indicate 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 reports. B. Riley reissued a “buy” rating and issued a $15.00 price target on shares of Carbonite in a research report on Friday, July 29th. Oppenheimer Holdings Inc. raised shares of Carbonite from a “market perform” rating to an “outperform” rating in a research report on Tuesday.
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Carbonite (NASDAQ:CARB) traded up 6.36% during midday trading on Tuesday, hitting $15.71. The stock had a trading volume of 1,256,474 shares. The stock’s market cap is $424.80 million. The stock has a 50 day moving average of $14.36 and a 200 day moving average of $10.84. Carbonite has a 12 month low of $6.50 and a 12 month high of $16.27.
Carbonite (NASDAQ:CARB) last issued its earnings results on Tuesday, August 2nd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. The firm 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%. The company’s revenue 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. Analysts expect that Carbonite will post $0.50 EPS for the current fiscal year.
In other news, insider Cassandra Hudson sold 13,158 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $12.62, for a total value of $166,053.96. Following the completion of the sale, the insider now directly owns 42,378 shares of the company’s stock, valued at $534,810.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffry Flowers sold 70,000 shares of the company’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $14.45, for a total transaction of $1,011,500.00. Following the completion of the sale, the director now directly owns 160,367 shares of the company’s stock, valued at $2,317,303.15. The disclosure for this sale can be found here. 15.80% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its position in shares of Carbonite by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 220,164 shares of the company’s stock worth $2,142,000 after buying an additional 5,694 shares during the period. Essex Investment Management Co. LLC purchased a new position in shares of Carbonite during the second quarter worth about $325,000. Menta Capital LLC raised its position in shares of Carbonite by 31.3% in the first quarter. Menta Capital LLC now owns 42,671 shares of the company’s stock worth $340,000 after buying an additional 10,176 shares during the period. Royce & Associates LP raised its position in shares of Carbonite by 8.2% in the first quarter. Royce & Associates LP now owns 198,100 shares of the company’s stock worth $1,579,000 after buying an additional 15,000 shares during the period. Finally, Teton Advisors Inc. raised 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 period. 64.51% of the stock is 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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