Carbonite Inc. (CARB) Upgraded by Oppenheimer Holdings Inc. to “Outperform”
Carbonite Inc. (NASDAQ:CARB) was upgraded by equities researchers at Oppenheimer Holdings Inc. from a “market perform” rating to an “outperform” rating in a report issued on Tuesday.
CARB has been the subject of several other research reports. B. Riley restated a “buy” rating and set a $15.00 price objective on shares of Carbonite in a research report on Friday, July 29th. Zacks Investment Research lowered shares of Carbonite from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 5th.
Shares of Carbonite (NASDAQ:CARB) opened at 15.75 on Tuesday. Carbonite has a 12-month low of $6.50 and a 12-month high of $16.27. The stock’s market capitalization is $425.88 million. The company has a 50-day moving average of $14.36 and a 200-day moving average of $10.84.
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Carbonite (NASDAQ:CARB) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.16. Carbonite had a negative net margin of 7.36% and a negative return on equity of 453.55%. The company earned $53.40 million during the quarter, compared to analyst estimates of $44.19 million. During the same quarter last year, the firm posted ($0.01) EPS. The business’s revenue for the quarter was up 57.2% on a year-over-year basis. Equities analysts expect that Carbonite will post $0.50 earnings per share for the current fiscal year.
In other Carbonite news, insider Cassandra Hudson sold 19,062 shares of the company’s stock in a transaction dated Friday, September 23rd. The shares were sold at an average price of $15.02, for a total transaction of $286,311.24. Following the completion of the sale, the insider now directly owns 46,157 shares of the company’s stock, valued at $693,278.14. The transaction was disclosed in a legal 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 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. Company insiders own 15.80% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Blair William & Co. IL raised its stake in 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 in the last quarter. Royal Bank of Canada bought a new stake in Carbonite during the second quarter worth about $102,000. Citadel Advisors LLC bought a new stake in Carbonite during the second quarter worth about $103,000. Glenmede Trust Co. NA bought a new stake in Carbonite during the second quarter worth about $109,000. Finally, Aberdeen Asset Management PLC UK bought a new stake in Carbonite during the second quarter worth about $117,000. 64.51% of the stock is owned by institutional investors.
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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