Carbonite (CARB) Rating Lowered to Hold at Zacks Investment Research

Carbonite (NASDAQ:CARB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

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 research firms have also commented on CARB. Oppenheimer reiterated a “market perform” rating on shares of Carbonite in a research report on Friday, November 2nd. BidaskClub upgraded shares of Carbonite from a “sell” rating to a “hold” rating in a report on Wednesday, October 17th. Jefferies Financial Group started coverage on shares of Carbonite in a report on Friday, October 12th. They issued a “buy” rating and a $45.00 target price on the stock. CIBC restated a “market perform” rating on shares of Carbonite in a report on Friday, November 2nd. Finally, Royal Bank of Canada started coverage on shares of Carbonite in a report on Friday, October 5th. They issued an “outperform” rating and a $42.00 target price on the stock. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Carbonite presently has a consensus rating of “Buy” and an average target price of $38.08.

Shares of Carbonite stock traded down $0.06 on Thursday, hitting $28.37. The company’s stock had a trading volume of 285,759 shares, compared to its average volume of 353,837. Carbonite has a 52-week low of $20.50 and a 52-week high of $43.63. The firm has a market capitalization of $981.10 million, a PE ratio of 56.74, a P/E/G ratio of 1.15 and a beta of 0.81.

Carbonite (NASDAQ:CARB) last released its quarterly earnings data on Thursday, November 1st. The technology company reported $0.48 EPS for the quarter, topping the 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 business had revenue of $79.10 million for the quarter, compared to analyst estimates of $80.15 million. During the same period in the previous year, the firm earned $0.25 EPS. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, research analysts forecast that Carbonite will post 1.13 earnings per share for the current fiscal year.

In other Carbonite news, General Counsel Danielle Sheer sold 7,474 shares of the company’s stock in a transaction dated Wednesday, October 17th. The shares were sold at an average price of $35.59, for a total value of $265,999.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Paul S. Mellinger sold 2,528 shares of the company’s stock in a transaction dated Monday, January 7th. The shares were sold at an average price of $26.00, for a total transaction of $65,728.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 81,619 shares of company stock worth $2,445,521. 9.80% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in CARB. PNC Financial Services Group Inc. lifted its holdings in shares of Carbonite by 51,742.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 451,551 shares of the technology company’s stock worth $16,097,000 after acquiring an additional 450,680 shares during the period. Vanguard Group Inc lifted its holdings in shares of Carbonite by 30.4% during the 3rd quarter. Vanguard Group Inc now owns 1,866,217 shares of the technology company’s stock worth $66,531,000 after acquiring an additional 435,554 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Carbonite by 30.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,866,217 shares of the technology company’s stock worth $66,531,000 after acquiring an additional 435,554 shares during the period. BlackRock Inc. lifted its holdings in shares of Carbonite by 22.9% during the 3rd quarter. BlackRock Inc. now owns 2,237,267 shares of the technology company’s stock worth $79,759,000 after acquiring an additional 417,253 shares during the period. Finally, FIL Ltd purchased a new position in shares of Carbonite during the 3rd quarter worth about $12,221,000.

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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