Carbonite (NASDAQ:CARB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Carbonite Inc. is a computer service company which provides online backup solutions for consumers and small and medium sized businesses to retrieve files if lost on the internet. The Company’s backup solutions work automatically and continuously uploading encrypted copies of its customer’s files to the servers known as Carbonite Personal Cloud. Carbonite Inc. is headquartered in Boston, Massachusetts. “
Several other brokerages have also recently commented on CARB. B. Riley raised their target price on shares of Carbonite from $30.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. BidaskClub cut shares of Carbonite from a “buy” rating to a “hold” rating in a report on Thursday, January 18th. TheStreet cut shares of Carbonite from a “c+” rating to a “d” rating in a report on Tuesday, February 13th. Finally, Lake Street Capital reaffirmed a “buy” rating and set a $27.00 target price (up from $25.00) on shares of Carbonite in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $30.14.
Shares of CARB opened at $31.30 on Tuesday. Carbonite has a 12 month low of $18.30 and a 12 month high of $33.55. The company has a market cap of $857.88, a PE ratio of 62.60, a price-to-earnings-growth ratio of 0.76 and a beta of 0.17. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 2.92.
Carbonite (NASDAQ:CARB) last announced its earnings results on Tuesday, February 13th. The technology company reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.01. Carbonite had a negative net margin of 1.67% and a positive return on equity of 38.08%. The company had revenue of $61.69 million for the quarter, compared to analysts’ expectations of $63.72 million. equities analysts predict that Carbonite will post 1 EPS for the current year.
In related news, SVP Paul S. Mellinger sold 1,506 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $21.15, for a total transaction of $31,851.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Anthony Folger sold 2,458 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $23.70, for a total transaction of $58,254.60. The disclosure for this sale can be found here. Insiders have sold a total of 70,623 shares of company stock worth $1,809,948 in the last quarter. 9.80% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. We Are One Seven LLC acquired a new stake in shares of Carbonite during the 4th quarter worth approximately $148,000. MetLife Investment Advisors LLC acquired a new stake in shares of Carbonite during the 4th quarter worth approximately $300,000. LPL Financial LLC acquired a new stake in shares of Carbonite during the 4th quarter worth approximately $653,000. Cramer Rosenthal Mcglynn LLC acquired a new stake in shares of Carbonite during the 4th quarter worth approximately $12,272,000. Finally, Stone Ridge Asset Management LLC acquired a new stake in shares of Carbonite during the 4th quarter worth approximately $336,000. Institutional investors and hedge funds own 93.36% of the company’s stock.
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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