Stifel Nicolaus Lowers Carbonite (CARB) to Hold

Stifel Nicolaus lowered shares of Carbonite (NASDAQ:CARB) from a buy rating to a hold rating in a research note issued to investors on Friday morning, Marketbeat reports. Stifel Nicolaus currently has $25.00 price objective on the technology company’s stock, down from their previous price objective of $44.00.

A number of other equities research analysts have also weighed in on CARB. Jefferies Financial Group initiated coverage on Carbonite in a research note on Friday, October 12th. They set a buy rating and a $45.00 price objective for the company. BidaskClub upgraded Carbonite from a sell rating to a hold rating in a research note on Wednesday, October 17th. lowered Carbonite from an outperform rating to a market perform rating in a research note on Friday, November 2nd. Oppenheimer restated a market perform rating on shares of Carbonite in a research note on Friday, November 2nd. Finally, CIBC restated a market perform rating on shares of Carbonite in a research note on Friday, November 2nd. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Carbonite currently has an average rating of Buy and an average target price of $37.33.

CARB stock opened at $24.44 on Friday. Carbonite has a 1 year low of $20.50 and a 1 year high of $43.63. The stock has a market capitalization of $824.21 million, a PE ratio of 19.55, a P/E/G ratio of 0.97 and a beta of 0.78.

Carbonite (NASDAQ:CARB) last posted its earnings results on Thursday, February 7th. The technology company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.16. Carbonite had a return on equity of 29.57% and a net margin of 2.54%. The business had revenue of $77.00 million during the quarter, compared to analyst estimates of $79.53 million. During the same quarter last year, the firm earned $0.30 earnings per share. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year. Analysts expect that Carbonite will post 1.23 EPS for the current year.

In other news, Director Todd Krasnow sold 6,218 shares of Carbonite stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $27.91, for a total value of $173,544.38. Following the completion of the transaction, the director now owns 220,623 shares in the company, valued at approximately $6,157,587.93. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Mohamad Ali sold 3,999 shares of Carbonite stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $25.55, for a total value of $102,174.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,255 shares of company stock valued at $1,981,736. Insiders own 9.80% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. grew its position in shares of Carbonite by 73.2% in the 4th quarter. Advisors Asset Management Inc. now owns 3,147 shares of the technology company’s stock worth $79,000 after acquiring an additional 1,330 shares in the last quarter. Advisor Group Inc. grew its position in shares of Carbonite by 21.7% in the 4th quarter. Advisor Group Inc. now owns 3,195 shares of the technology company’s stock worth $82,000 after acquiring an additional 570 shares in the last quarter. Legal & General Group Plc grew its position in shares of Carbonite by 17.8% in the 3rd quarter. Legal & General Group Plc now owns 4,998 shares of the technology company’s stock worth $178,000 after acquiring an additional 756 shares in the last quarter. Raymond James & Associates grew its position in shares of Carbonite by 13.0% in the 4th quarter. Raymond James & Associates now owns 8,712 shares of the technology company’s stock worth $220,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Jane Street Group LLC grew its position in shares of Carbonite by 222.3% in the 3rd 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.

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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Analyst Recommendations for Carbonite (NASDAQ:CARB)

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