Carbonite (NASDAQ:CARB) had its price objective upped by B. Riley from $30.00 to $37.00 in a research note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the technology company’s stock. B. Riley’s price objective would indicate a potential upside of 70.51% from the stock’s previous close.
A number of other analysts have also recently issued reports on the company. BidaskClub cut Carbonite from a “buy” rating to a “hold” rating in a research note on Thursday, January 18th. JMP Securities started coverage on Carbonite in a research note on Tuesday, October 17th. They set an “outperform” rating and a $30.00 target price for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $29.29.
Shares of Carbonite (NASDAQ CARB) opened at $21.70 on Wednesday. The firm has a market cap of $591.09, a P/E ratio of -197.27, a P/E/G ratio of 1.69 and a beta of 0.33. The company has a debt-to-equity ratio of 3.12, a current ratio of 1.12 and a quick ratio of 1.12. Carbonite has a 52-week low of $18.20 and a 52-week high of $27.00.
In other news, SVP Norman Guadagno sold 1,134 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $23.70, for a total transaction of $26,875.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anthony Folger sold 7,992 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $23.45, for a total transaction of $187,412.40. The disclosure for this sale can be found here. Insiders have sold a total of 44,137 shares of company stock valued at $1,049,573 over the last ninety days. Company insiders own 12.20% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CARB. California State Teachers Retirement System grew its stake in shares of Carbonite by 1.9% during the 4th quarter. California State Teachers Retirement System now owns 33,627 shares of the technology company’s stock worth $330,000 after acquiring an additional 619 shares in the last quarter. Prospect Capital Advisors LLC bought a new position in shares of Carbonite during the 4th quarter worth approximately $4,930,000. Cannell Capital LLC bought a new position in shares of Carbonite during the 4th quarter worth approximately $4,840,000. Millennium Management LLC grew its stake in shares of Carbonite by 23.1% during the 4th quarter. Millennium Management LLC now owns 207,662 shares of the technology company’s stock worth $2,035,000 after acquiring an additional 39,003 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its stake 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 valued at $3,062,000 after buying an additional 48,935 shares in the last quarter. 92.56% of the stock is owned by institutional investors.
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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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