Carbonite (NASDAQ:CARB)‘s stock had its “buy” rating reissued by Lake Street Capital in a research report issued to clients and investors on Wednesday. They currently have a $27.00 target price on the technology company’s stock, up from their prior target price of $25.00. Lake Street Capital’s price objective would indicate a potential upside of 24.42% from the stock’s current price.
Several other research analysts also recently weighed in on the company. B. Riley upped their target price on Carbonite from $30.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday. BidaskClub downgraded Carbonite from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, JMP Securities assumed 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 given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $29.86.
Shares of Carbonite (NASDAQ CARB) traded up $0.55 during mid-day trading on Wednesday, hitting $21.70. The stock had a trading volume of 924,500 shares, compared to its average volume of 235,172. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 3.12. The firm has a market cap of $591.09, a P/E ratio of -197.27, a price-to-earnings-growth ratio of 1.69 and a beta of 0.33. Carbonite has a twelve month low of $18.20 and a twelve month high of $27.00.
In related news, CFO Anthony Folger sold 7,992 shares of the business’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $23.16, for a total value of $231,600.00. Following the sale, the director now owns 227,230 shares of the company’s stock, valued at $5,262,646.80. The disclosure for this sale can be found here. Insiders have sold 44,137 shares of company stock valued at $1,049,573 over the last quarter. 12.20% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Moors & Cabot Inc. purchased a new stake in shares of Carbonite during the fourth quarter worth approximately $220,000. Alliancebernstein L.P. increased its position in shares of Carbonite by 24.7% during the fourth quarter. Alliancebernstein L.P. now owns 23,750 shares of the technology company’s stock worth $596,000 after purchasing an additional 4,700 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Carbonite by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 222,311 shares of the technology company’s stock worth $5,580,000 after purchasing an additional 13,594 shares in the last quarter. King Luther Capital Management Corp increased its position in shares of Carbonite by 354.4% during the fourth quarter. King Luther Capital Management Corp now owns 86,330 shares of the technology company’s stock worth $2,167,000 after purchasing an additional 67,330 shares in the last quarter. Finally, AlphaOne Investment Services LLC increased its position in shares of Carbonite by 178.4% during the fourth quarter. AlphaOne Investment Services LLC now owns 34,720 shares of the technology company’s stock worth $871,000 after purchasing an additional 22,250 shares in the last quarter. Hedge funds and other institutional investors own 92.56% 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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