Carbonite’s (CARB) Equal Weight Rating Reiterated at Barclays PLC
Carbonite, Inc. (NASDAQ:CARB)‘s stock had its “equal weight” rating reaffirmed by research analysts at Barclays PLC in a research note issued to investors on Friday. They currently have a $27.00 price target on the technology company’s stock, up from their previous price target of $26.00. Barclays PLC’s target price would indicate a potential upside of 26.17% from the stock’s current price.
A number of other equities analysts have also commented on the company. BidaskClub raised Carbonite from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. B. Riley reaffirmed a “buy” rating and issued a $26.00 price target on shares of Carbonite in a report on Wednesday, August 2nd. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $24.43.
Shares of Carbonite (NASDAQ CARB) traded down 2.453% during trading on Friday, reaching $20.875. The company’s stock had a trading volume of 281,098 shares. The stock has a market cap of $573.90 million, a P/E ratio of 69.352 and a beta of 0.13. The stock has a 50-day moving average of $22.71 and a 200-day moving average of $20.39. Carbonite has a 52-week low of $12.72 and a 52-week high of $24.60.
Carbonite (NASDAQ:CARB) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.15 EPS for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.03. Carbonite had a return on equity of 88.98% and a net margin of 0.29%. The firm had revenue of $59 million during the quarter, compared to analyst estimates of $59.97 million. During the same period last year, the company earned $0.19 earnings per share. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. Analysts predict that Carbonite will post $0.76 earnings per share for the current fiscal year.
In related news, CFO Anthony Folger sold 6,540 shares of the stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $22.34, for a total value of $146,103.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Cassandra Hudson sold 2,018 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $21.27, for a total value of $42,922.86. The disclosure for this sale can be found here. Insiders sold 40,188 shares of company stock valued at $806,259 over the last ninety days. Corporate insiders own 12.20% of the company’s stock.
Large investors have recently modified their holdings of the company. TimesSquare Capital Management LLC acquired a new stake in shares of Carbonite during the first quarter worth about $20,504,000. Russell Investments Group Ltd. increased its stake in shares of Carbonite by 192.9% in the second quarter. Russell Investments Group Ltd. now owns 1,382,650 shares of the technology company’s stock worth $30,143,000 after buying an additional 910,533 shares during the period. Northpointe Capital LLC acquired a new stake in shares of Carbonite during the first quarter worth about $10,061,000. Vanguard Group Inc. increased its stake in shares of Carbonite by 41.5% in the first quarter. Vanguard Group Inc. now owns 1,468,756 shares of the technology company’s stock worth $29,816,000 after buying an additional 430,556 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Carbonite by 392.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 523,424 shares of the technology company’s stock worth $8,584,000 after buying an additional 417,166 shares during the period. Institutional investors own 94.24% of the company’s stock.
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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