Carbonite Inc (CARB) Holdings Cut by King Luther Capital Management Corp

King Luther Capital Management Corp decreased its stake in shares of Carbonite Inc (NASDAQ:CARB) by 5.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,580 shares of the technology company’s stock after selling 6,520 shares during the quarter. King Luther Capital Management Corp owned about 0.30% of Carbonite worth $3,728,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Schwab Charles Investment Management Inc. boosted its holdings in shares of Carbonite by 7.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 124,076 shares of the technology company’s stock valued at $4,331,000 after acquiring an additional 8,705 shares during the last quarter. Intrinsic Edge Capital Management LLC purchased a new stake in shares of Carbonite in the 2nd quarter valued at $6,746,000. Engineers Gate Manager LP purchased a new stake in shares of Carbonite in the 2nd quarter valued at $1,733,000. CIBC Private Wealth Group LLC boosted its holdings in shares of Carbonite by 11.9% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 60,420 shares of the technology company’s stock valued at $2,109,000 after acquiring an additional 6,405 shares during the last quarter. Finally, Summit Creek Advisors LLC boosted its holdings in shares of Carbonite by 17.4% in the 3rd quarter. Summit Creek Advisors LLC now owns 540,933 shares of the technology company’s stock valued at $19,284,000 after acquiring an additional 80,020 shares during the last quarter.

Shares of NASDAQ CARB opened at $26.25 on Friday. Carbonite Inc has a 1 year low of $20.50 and a 1 year high of $43.63. The firm has a market cap of $985.25 million, a P/E ratio of 27.95, a PEG ratio of 1.26 and a beta of 0.69.

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

Several analysts have recently commented on the stock. BidaskClub raised shares of Carbonite from a “hold” rating to a “buy” rating in a report on Saturday, September 8th. Oppenheimer upped their price objective on shares of Carbonite from $40.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, September 5th. Stifel Nicolaus assumed coverage on shares of Carbonite in a report on Monday, August 20th. They issued a “buy” rating and a $44.00 price objective on the stock. Zacks Investment Research raised shares of Carbonite from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a report on Monday, September 24th. Finally, MED downgraded shares of Carbonite from an “outperform” rating to a “market perform” rating in a report on Friday, November 2nd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $38.58.

In related news, CFO Anthony Folger sold 1,703 shares of the stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $39.00, for a total transaction of $66,417.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mohamad Ali sold 4,000 shares of the stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $28.25, for a total transaction of $113,000.00. The disclosure for this sale can be found here. Insiders have sold 65,696 shares of company stock worth $2,119,440 over the last three months. 9.80% of the stock is currently owned by insiders.

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Carbonite Company Profile

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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