Carbonite, Inc. (CARB) Receives Average Recommendation of “Buy” from Analysts
Shares of Carbonite, Inc. (NASDAQ:CARB) have been assigned a consensus rating of “Buy” from the nine analysts that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $24.43.
A number of analysts have recently issued reports on CARB shares. B. Riley reaffirmed a “buy” rating and set a $26.00 price objective on shares of Carbonite in a report on Monday, May 8th. TheStreet raised shares of Carbonite from a “d+” rating to a “c+” rating in a report on Friday, August 4th. 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 price objective for the company. Finally, BidaskClub raised shares of Carbonite from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th.
Carbonite (NASDAQ CARB) remained flat at $19.45 during midday trading on Wednesday. 19,744 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $21.70 and its 200-day moving average price is $20.66. The firm has a market cap of $540.69 million, a PE ratio of 926.19 and a beta of 0.13. Carbonite has a 12-month low of $13.43 and a 12-month high of $24.60.
Carbonite (NASDAQ:CARB) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. The company had revenue of $59 million during the quarter, compared to the consensus estimate of $59.97 million. During the same period in the previous year, the firm posted $0.19 EPS. The firm’s revenue was up 10.5% compared to the same quarter last year. Equities research analysts expect that Carbonite will post $0.76 earnings per share for the current fiscal year.
In other Carbonite news, SVP Norman Guadagno sold 2,489 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $21.65, for a total value of $53,886.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Anthony Folger sold 23,355 shares of the business’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $19.70, for a total transaction of $460,093.50. The disclosure for this sale can be found here. Insiders sold 53,110 shares of company stock valued at $1,099,074 over the last three months. 12.20% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its stake in Carbonite by 32.4% in the first quarter. Russell Investments Group Ltd. now owns 472,117 shares of the technology company’s stock valued at $9,585,000 after buying an additional 115,416 shares in the last quarter. Old Mutual Global Investors UK Ltd. purchased a new position in Carbonite during the first quarter worth about $581,000. Wells Fargo & Company MN boosted its position in Carbonite by 50.6% in the first quarter. Wells Fargo & Company MN now owns 77,254 shares of the technology company’s stock worth $1,568,000 after buying an additional 25,943 shares during the last quarter. Geneva Advisors LLC boosted its position in Carbonite by 5.3% in the first quarter. Geneva Advisors LLC now owns 42,359 shares of the technology company’s stock worth $860,000 after buying an additional 2,134 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Carbonite by 58.2% in the first quarter. American Century Companies Inc. now owns 326,513 shares of the technology company’s stock worth $6,628,000 after buying an additional 120,168 shares during the last quarter. 93.39% of the stock is owned by institutional investors and hedge funds.
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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