Carbonite Inc (CARB) Receives Average Rating of “Buy” from Analysts
Shares of Carbonite Inc (NASDAQ:CARB) have received an average recommendation of “Buy” from the six ratings firms that are presently covering the firm. Four research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $24.60.
A number of equities analysts have weighed in on the company. B. Riley reiterated a “buy” rating and set a $26.00 price objective on shares of Carbonite in a research note on Monday, May 8th. Craig Hallum assumed coverage on Carbonite in a research note on Thursday, March 16th. They set a “buy” rating and a $30.00 price objective for the company. Lake Street Capital lifted their price objective on Carbonite from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, February 28th. TheStreet lowered Carbonite from a “c” rating to a “d” rating in a research note on Friday, February 10th. Finally, Zacks Investment Research upgraded Carbonite from a “hold” rating to a “strong-buy” rating and set a $22.00 price objective for the company in a research note on Tuesday, February 14th.
In related news, insider Cassandra Hudson sold 2,187 shares of Carbonite stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $21.76, for a total value of $47,589.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Danielle Sheer sold 3,111 shares of Carbonite stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $19.59, for a total value of $60,944.49. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,353 shares of company stock valued at $929,492. 15.80% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC raised its position in shares of Carbonite by 73.3% in the first quarter. AQR Capital Management LLC now owns 67,851 shares of the technology company’s stock valued at $1,377,000 after buying an additional 28,705 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Carbonite during the first quarter valued at $436,000. Oppenheimer & Co. Inc. raised its position in shares of Carbonite by 117.5% in the first quarter. Oppenheimer & Co. Inc. now owns 28,811 shares of the technology company’s stock valued at $584,000 after buying an additional 15,564 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Carbonite by 9.5% in the first quarter. Renaissance Technologies LLC now owns 2,186,400 shares of the technology company’s stock valued at $44,384,000 after buying an additional 190,000 shares in the last quarter. Finally, Balter Liquid Alternatives LLC acquired a new position in shares of Carbonite during the first quarter valued at $548,000. Hedge funds and other institutional investors own 83.76% of the company’s stock.
Shares of Carbonite (NASDAQ:CARB) opened at 19.30 on Monday. The firm has a 50-day moving average price of $20.06 and a 200-day moving average price of $18.72. The stock has a market cap of $530.60 million, a PE ratio of 64.12 and a beta of 0.35. Carbonite has a 12 month low of $8.80 and a 12 month high of $22.00.
Carbonite (NASDAQ:CARB) last released its quarterly earnings data on Thursday, May 4th. The technology company reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.02. The business had revenue of $57.10 million during the quarter, compared to analyst estimates of $55.49 million. Carbonite had a negative return on equity of 444.34% and a negative net margin of 1.98%. The company’s revenue was up 18.7% on a year-over-year basis. During the same quarter last year, the business posted $0.15 EPS. Equities analysts forecast that Carbonite will post $0.77 EPS for the current year.
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Carbonite Company Profile
Carbonite, Inc provides data protection solutions, including cloud, hybrid and on-premise backup and restore, disaster recovery as a service (DRaaS) and e-mail archiving. The Company’s solutions provide enterprise-grade data protection and recovery capabilities to its customers. The Company’s small and medium-sized businesses (SMBs) plans include Carbonite Computer Backup; Carbonite Server Backup, such as Carbonite Office Power and Carbonite Office Ultimate; EVault Cloud Backup; DRaaS, and e-mail archiving.
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