Carbonite, Inc. (CARB) Receives Average Rating of “Buy” from Analysts
Carbonite, Inc. (NASDAQ:CARB) has earned a consensus recommendation of “Buy” from the nine brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $27.71.
A number of equities research analysts have recently commented on the stock. B. Riley reaffirmed a “buy” rating and issued a $26.00 target price on shares of Carbonite in a report on Wednesday, August 2nd. JMP Securities began coverage on shares of Carbonite in a report on Tuesday, October 17th. They set an “outperform” rating and a $30.00 price target for the company. TheStreet raised shares of Carbonite from a “d+” rating to a “c+” rating in a report on Friday, August 4th. Barclays PLC reissued an “equal weight” rating and set a $27.00 price target (up from $26.00) on shares of Carbonite in a report on Friday, August 4th. Finally, Rosenblatt Securities began coverage on shares of Carbonite in a report on Monday, September 18th. They set a “buy” rating and a $28.00 price target for the company.
In other news, insider Cassandra Hudson sold 1,563 shares of the stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $22.05, for a total value of $34,464.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Paul S. Mellinger sold 7,500 shares of the stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $22.10, for a total transaction of $165,750.00. The disclosure for this sale can be found here. Insiders sold 28,937 shares of company stock worth $626,011 over the last quarter. Company insiders own 12.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CARB. American International Group Inc. boosted its position in Carbonite by 7.1% during the first quarter. American International Group Inc. now owns 10,951 shares of the technology company’s stock worth $222,000 after acquiring an additional 728 shares during the last quarter. Alliancebernstein L.P. boosted its position in Carbonite by 4.9% during the first quarter. Alliancebernstein L.P. now owns 12,850 shares of the technology company’s stock worth $261,000 after acquiring an additional 600 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Carbonite during the first quarter worth approximately $467,000. Legal & General Group Plc raised its stake in Carbonite by 5.5% during the first quarter. Legal & General Group Plc now owns 5,050 shares of the technology company’s stock worth $101,000 after purchasing an additional 265 shares during the period. Finally, Vanguard Group Inc. raised its stake in Carbonite by 41.5% during the first quarter. Vanguard Group Inc. now owns 1,468,756 shares of the technology company’s stock worth $29,816,000 after purchasing an additional 430,556 shares during the period. Hedge funds and other institutional investors own 93.59% of the company’s stock.
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Carbonite (NASDAQ:CARB) traded down $0.05 during midday trading on Monday, reaching $22.30. 265,000 shares of the company’s stock traded hands, compared to its average volume of 393,017. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 3.12. Carbonite has a one year low of $15.04 and a one year high of $27.00. The firm has a market capitalization of $623.22, a P/E ratio of 92.92, a PEG ratio of 2.30 and a beta of 0.33.
Carbonite (NASDAQ:CARB) last released its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.04. Carbonite had a negative net margin of 1.32% and a positive return on equity of 32.85%. The company had revenue of $61.60 million during the quarter, compared to the consensus estimate of $61.49 million. During the same quarter in the prior year, the firm posted $0.14 earnings per share. Carbonite’s revenue for the quarter was up 18.7% on a year-over-year basis. sell-side analysts anticipate that Carbonite will post 0.39 earnings per share for the current year.
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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