Carbonite Inc (NASDAQ:CARB) has earned an average rating of “Buy” from the sixteen research firms that are presently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $37.63.
A number of research firms have issued reports on CARB. Zacks Investment Research upgraded shares of Carbonite from a “hold” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a research report on Monday, September 24th. BidaskClub cut shares of Carbonite from a “buy” rating to a “hold” rating in a research report on Tuesday, September 18th. Jefferies Financial Group began coverage on shares of Carbonite in a research report on Friday, October 12th. They issued a “buy” rating and a $45.00 price objective on the stock. Barclays upgraded shares of Carbonite from an “equal weight” rating to an “overweight” rating and set a $38.00 price objective on the stock in a research report on Wednesday. Finally, cut shares of Carbonite from an “outperform” rating to a “market perform” rating in a research report on Friday, November 2nd.
In related news, CFO Anthony Folger sold 10,000 shares of the business’s stock in a transaction dated Friday, October 19th. The shares were sold at an average price of $35.36, for a total transaction of $353,600.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Danielle Sheer sold 7,474 shares of the business’s stock in a transaction dated Wednesday, October 17th. The shares were sold at an average price of $35.59, for a total transaction of $265,999.66. The disclosure for this sale can be found here. Insiders have sold 81,619 shares of company stock worth $2,445,521 in the last quarter. 9.80% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc increased its position in shares of Carbonite by 17.8% during the third quarter. Legal & General Group Plc now owns 4,998 shares of the technology company’s stock valued at $178,000 after buying an additional 756 shares during the period. Jane Street Group LLC boosted its stake in Carbonite by 222.3% during the third quarter. Jane Street Group LLC now owns 6,665 shares of the technology company’s stock worth $238,000 after acquiring an additional 12,116 shares in the last quarter. Raymond James & Associates bought a new stake in Carbonite during the second quarter worth about $267,000. Xact Kapitalforvaltning AB bought a new stake in Carbonite during the third quarter worth about $267,000. Finally, NJ State Employees Deferred Compensation Plan bought a new stake in Carbonite during the third quarter worth about $285,000.
Carbonite stock opened at $28.37 on Friday. The firm has a market capitalization of $981.10 million, a price-to-earnings ratio of 56.74, a price-to-earnings-growth ratio of 1.15 and a beta of 0.81. Carbonite has a twelve month low of $20.50 and a twelve month high of $43.63.
Carbonite (NASDAQ:CARB) last posted its quarterly 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 business 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%. The firm’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 earnings per share. On average, equities analysts anticipate that Carbonite will post 1.13 EPS for the current fiscal year.
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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