Carbonite Inc (NASDAQ:CARB) has been assigned a consensus recommendation of “Buy” from the six ratings firms that are presently covering the stock. Four equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $24.60.
A number of research analysts recently weighed in on CARB shares. TheStreet cut Carbonite from a “c” rating to a “d” rating in a report on Friday, February 10th. Craig Hallum started coverage on Carbonite in a report on Thursday, March 16th. They issued a “buy” rating and a $30.00 target price on the stock. Zacks Investment Research upgraded Carbonite from a “hold” rating to a “strong-buy” rating and set a $22.00 target price on the stock in a report on Tuesday, February 14th. Lake Street Capital lifted their target price on Carbonite from $21.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, February 28th. Finally, B. Riley reiterated a “buy” rating and issued a $22.50 target price on shares of Carbonite in a report on Saturday, February 11th.
Carbonite (NASDAQ:CARB) traded down 0.52% during midday trading on Monday, hitting $19.15. The company had a trading volume of 212,104 shares. The stock has a 50 day moving average of $19.97 and a 200 day moving average of $18.82. Carbonite has a 52-week low of $8.81 and a 52-week high of $22.00. The firm has a market cap of $526.47 million, a price-to-earnings ratio of 63.62 and a beta of 0.35.
Carbonite (NASDAQ:CARB) last issued its earnings results on Thursday, May 4th. The technology company reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.02. Carbonite had a negative return on equity of 444.34% and a negative net margin of 1.98%. The firm had revenue of $57.10 million for the quarter, compared to analysts’ expectations of $55.49 million. During the same quarter last year, the firm earned $0.15 earnings per share. The firm’s revenue for the quarter was up 18.7% compared to the same quarter last year. On average, analysts anticipate that Carbonite will post $0.77 EPS for the current year.
In other Carbonite news, VP Danielle Sheer sold 3,111 shares of the firm’s stock in a transaction dated Tuesday, February 28th. The stock was sold at an average price of $19.59, for a total value of $60,944.49. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 6,876 shares of the firm’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $18.84, for a total value of $129,543.84. The disclosure for this sale can be found here. Insiders sold 45,353 shares of company stock worth $929,492 over the last three months. 15.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CARB. TimesSquare Capital Management LLC bought a new position in Carbonite during the first quarter valued at approximately $20,504,000. G2 Investment Partners Management LLC raised its stake in shares of Carbonite by 208.8% in the third quarter. G2 Investment Partners Management LLC now owns 782,946 shares of the technology company’s stock worth $12,026,000 after buying an additional 529,361 shares during the last quarter. Northpointe Capital LLC acquired a new stake in shares of Carbonite during the first quarter worth about $10,061,000. Divisar Capital Management LLC acquired a new stake in shares of Carbonite during the fourth quarter worth about $7,866,000. Finally, Vanguard Group Inc. raised its stake in shares of Carbonite by 41.5% in the first quarter. Vanguard Group Inc. now owns 1,468,756 shares of the technology company’s stock worth $29,816,000 after buying an additional 430,556 shares during the last quarter. 83.76% of the stock is currently owned by institutional investors.
Carbonite Company Profile
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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