Craig Hallum Initiates Coverage on Carbonite Inc (CARB)

Equities research analysts at Craig Hallum initiated coverage on shares of Carbonite Inc (NASDAQ:CARB) in a research note issued to investors on Thursday. The brokerage set a “buy” rating and a $30.00 price target on the stock. Craig Hallum’s price objective points to a potential upside of 48.15% from the company’s previous close.

Several other research firms have also issued reports on CARB. B. Riley reaffirmed a “buy” rating and set a $22.50 price target on shares of Carbonite in a research report on Monday, February 6th. Lake Street Capital upped their price target on shares of Carbonite from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, February 28th. TheStreet lowered shares of Carbonite from a “c” rating to a “d” rating in a research report on Friday, February 10th. Zacks Investment Research raised shares of Carbonite from a “hold” rating to a “strong-buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, February 14th. Finally, Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $22.00 price target (up from $21.00) on shares of Carbonite in a research report on Monday, November 21st. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Carbonite currently has a consensus rating of “Buy” and a consensus target price of $23.90.

Carbonite (NASDAQ:CARB) opened at 20.25 on Thursday. The company’s market capitalization is $550.46 million. The stock’s 50 day moving average is $19.61 and its 200-day moving average is $17.20. Carbonite has a 12-month low of $7.30 and a 12-month high of $21.50.

Carbonite (NASDAQ:CARB) last posted its quarterly earnings results on Thursday, February 9th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. Carbonite had a negative net margin of 1.98% and a negative return on equity of 444.34%. The firm had revenue of $53.50 million for the quarter, compared to analyst estimates of $50.97 million. During the same period in the prior year, the firm posted $0.13 earnings per share. The company’s quarterly revenue was up 52.5% compared to the same quarter last year. On average, equities analysts predict that Carbonite will post $0.75 earnings per share for the current fiscal year.

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In other Carbonite news, SVP Norman Guadagno sold 1,999 shares of the company’s stock in a transaction on Thursday, January 12th. The shares were sold at an average price of $16.80, for a total transaction of $33,583.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Paul S. Mellinger sold 1,951 shares of the company’s stock in a transaction on Thursday, January 5th. The stock was sold at an average price of $15.75, for a total transaction of $30,728.25. The disclosure for this sale can be found here. Insiders have sold 182,417 shares of company stock worth $3,323,603 over the last ninety days. Insiders own 15.80% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Emerald Acquisition Ltd. raised its stake in Carbonite by 287.5% in the third quarter. Emerald Acquisition Ltd. now owns 303,547 shares of the company’s stock valued at $4,662,000 after buying an additional 225,207 shares during the period. BlackRock Advisors LLC raised its stake in Carbonite by 117.5% in the third quarter. BlackRock Advisors LLC now owns 76,440 shares of the company’s stock valued at $1,174,000 after buying an additional 41,301 shares during the period. Airain ltd purchased a new stake in Carbonite during the third quarter valued at about $391,000. ClariVest Asset Management LLC purchased a new stake in Carbonite during the third quarter valued at about $2,263,000. Finally, JPMorgan Chase & Co. raised its stake in Carbonite by 74.8% in the third quarter. JPMorgan Chase & Co. now owns 190,959 shares of the company’s stock valued at $2,933,000 after buying an additional 81,740 shares during the period. 83.76% of the stock is currently owned by hedge funds and other institutional investors.

Carbonite Company Profile

Carbonite, Inc (Carbonite) is a provider of cloud and business continuity solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses and individuals. It offers various solutions, such as Carbonite Personal, Carbonite Pro, Carbonite Server Backup and MailStore.

5 Day Chart for NASDAQ:CARB

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