Carbonite Inc (NASDAQ:CARB)‘s stock had its “buy” rating reaffirmed by analysts at B. Riley in a report released on Monday. They currently have a $26.00 price objective on the technology company’s stock. B. Riley’s target price indicates a potential upside of 17.65% from the company’s current price.

Several other research analysts have also recently commented on CARB. Barclays PLC started coverage on shares of Carbonite in a report on Monday, June 26th. They set an “equal weight” rating and a $26.00 target price on the stock. BidaskClub raised shares of Carbonite from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Two equities 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 company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $24.43.

Carbonite (NASDAQ CARB) traded up 4.49% during trading on Monday, hitting $22.10. The stock had a trading volume of 577,908 shares. The stock has a 50 day moving average price of $22.63 and a 200 day moving average price of $20.34. Carbonite has a 12-month low of $12.56 and a 12-month high of $24.60. The company has a market capitalization of $607.57 million, a price-to-earnings ratio of 73.42 and a beta of 0.13.

Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The firm had revenue of $59 million for the quarter, compared to analysts’ expectations of $59.97 million. Carbonite had a negative net margin of 10.81% and a negative return on equity of 114.49%. The business’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 EPS. Equities research analysts forecast that Carbonite will post $0.76 earnings per share for the current year.

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In other news, CFO Anthony Folger sold 6,876 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $18.84, for a total transaction of $129,543.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Danielle Sheer sold 10,574 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $21.12, for a total transaction of $223,322.88. The disclosure for this sale can be found here. Insiders have sold 58,262 shares of company stock worth $1,187,382 over the last ninety days. Insiders own 12.20% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System boosted its position in shares of Carbonite by 1.9% in the fourth quarter. California State Teachers Retirement System now owns 33,627 shares of the technology company’s stock worth $330,000 after buying an additional 619 shares during the period. Prospect Capital Advisors LLC purchased a new position in shares of Carbonite during the fourth quarter worth about $4,930,000. Cannell Capital LLC purchased a new position in shares of Carbonite during the fourth quarter worth about $4,840,000. Millennium Management LLC boosted its position in shares of Carbonite by 23.1% in the fourth quarter. Millennium Management LLC now owns 207,662 shares of the technology company’s stock worth $2,035,000 after buying an additional 39,003 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its position in shares of Carbonite by 18.6% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 312,415 shares of the technology company’s stock worth $3,062,000 after buying an additional 48,935 shares during the period. 94.24% of the stock is currently owned by institutional investors.

About Carbonite

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.

Analyst Recommendations for Carbonite (NASDAQ:CARB)

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