Engineers Gate Manager LP Decreases Holdings in Carbonite Inc (CARB)

Engineers Gate Manager LP cut its stake in shares of Carbonite Inc (NASDAQ:CARB) by 27.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 36,134 shares of the technology company’s stock after selling 13,524 shares during the period. Engineers Gate Manager LP owned about 0.11% of Carbonite worth $1,288,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. WINTON GROUP Ltd increased its stake in shares of Carbonite by 17.6% in the 2nd quarter. WINTON GROUP Ltd now owns 8,692 shares of the technology company’s stock worth $303,000 after purchasing an additional 1,298 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of Carbonite by 20.2% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 9,634 shares of the technology company’s stock worth $336,000 after purchasing an additional 1,618 shares in the last quarter. Aperio Group LLC increased its stake in shares of Carbonite by 10.3% in the 2nd quarter. Aperio Group LLC now owns 20,941 shares of the technology company’s stock worth $731,000 after purchasing an additional 1,955 shares in the last quarter. Pembroke Management LTD increased its stake in shares of Carbonite by 0.3% in the 3rd quarter. Pembroke Management LTD now owns 1,067,749 shares of the technology company’s stock worth $38,065,000 after purchasing an additional 3,125 shares in the last quarter. Finally, United Services Automobile Association increased its stake in shares of Carbonite by 8.0% in the 2nd quarter. United Services Automobile Association now owns 44,802 shares of the technology company’s stock worth $1,564,000 after purchasing an additional 3,300 shares in the last quarter. Hedge funds and other institutional investors own 84.81% of the company’s stock.

CARB has been the subject of several analyst reports. BidaskClub upgraded Carbonite from a “hold” rating to a “buy” rating in a research note on Saturday, September 8th. Stifel Nicolaus initiated coverage on Carbonite in a research note on Monday, August 20th. They issued a “buy” rating and a $44.00 price objective for the company. Jefferies Financial Group initiated coverage on Carbonite in a research note on Friday, October 12th. They issued a “buy” rating and a $45.00 price objective for the company. TheStreet upgraded Carbonite from a “d+” rating to a “c” rating in a research note on Friday, August 3rd. Finally, Barclays upped their price objective on Carbonite from $38.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 24th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $38.58.

Shares of Carbonite stock opened at $29.74 on Friday. The firm has a market capitalization of $1.02 billion, a P/E ratio of 59.48, a PEG ratio of 1.33 and a beta of 0.69. Carbonite Inc has a fifty-two week low of $20.50 and a fifty-two week high of $43.63.

Carbonite (NASDAQ:CARB) last issued its earnings results on Thursday, November 1st. The technology company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.07. The company had revenue of $79.10 million during the quarter, compared to the consensus estimate of $80.15 million. Carbonite had a net margin of 1.85% and a return on equity of 29.30%. Carbonite’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.25 EPS. On average, analysts expect that Carbonite Inc will post 1.13 earnings per share for the current fiscal year.

In related news, Director Todd Krasnow sold 6,500 shares of the company’s stock in a transaction on Tuesday, November 6th. The shares were sold at an average price of $29.39, for a total value of $191,035.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony Folger sold 1,612 shares of the company’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $41.60, for a total transaction of $67,059.20. The disclosure for this sale can be found here. Insiders sold a total of 81,404 shares of company stock valued at $2,995,995 in the last ninety days. 9.80% of the stock is currently owned by insiders.

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About Carbonite

Carbonite, Inc, together with its subsidiaries, provides backup, disaster recovery, high availability, and workload migration technology solutions in the United States. Its solutions include Carbonite Safe that offers annual and multi-year cloud backup plans for individuals or businesses; and Carbonite Endpoint Protection that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.

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Institutional Ownership by Quarter for Carbonite (NASDAQ:CARB)

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