Summit Creek Advisors LLC trimmed its stake in shares of Carbonite Inc (NASDAQ:CARB) by 0.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 521,403 shares of the technology company’s stock after selling 900 shares during the period. Carbonite makes up about 2.3% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 19th biggest position. Summit Creek Advisors LLC’s holdings in Carbonite were worth $12,936,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently made changes to their positions in CARB. Bank of New York Mellon Corp lifted its position in shares of Carbonite by 64.1% during the third quarter. Bank of New York Mellon Corp now owns 554,689 shares of the technology company’s stock worth $19,775,000 after purchasing an additional 216,622 shares in the last quarter. BlackRock Inc. lifted its position in shares of Carbonite by 22.9% during the third quarter. BlackRock Inc. now owns 2,237,267 shares of the technology company’s stock worth $79,759,000 after purchasing an additional 417,253 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Carbonite by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 1,138,721 shares of the technology company’s stock worth $40,595,000 after purchasing an additional 2,980 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Carbonite during the third quarter worth approximately $380,000. Finally, Jane Street Group LLC lifted its position in shares of Carbonite by 222.3% during the third quarter. Jane Street Group LLC now owns 6,665 shares of the technology company’s stock worth $238,000 after purchasing an additional 12,116 shares in the last quarter.
NASDAQ:CARB traded down $0.02 during trading hours on Monday, hitting $25.36. The stock had a trading volume of 8,119 shares, compared to its average volume of 430,406. Carbonite Inc has a one year low of $21.83 and a one year high of $43.63. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.59 and a current ratio of 1.59. The company has a market capitalization of $880.30 million, a PE ratio of 20.53, a PEG ratio of 0.97 and a beta of 0.73.
Carbonite (NASDAQ:CARB) last issued its earnings results on Thursday, February 7th. The technology company reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.16. Carbonite had a net margin of 2.54% and a return on equity of 24.20%. The firm had revenue of $77.00 million during the quarter, compared to the consensus estimate of $79.53 million. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The business’s quarterly revenue was up 24.8% on a year-over-year basis. On average, sell-side analysts forecast that Carbonite Inc will post 1.3 earnings per share for the current year.
In other Carbonite news, SVP Norman Guadagno sold 5,128 shares of the company’s stock in a transaction that occurred on Tuesday, January 15th. The shares were sold at an average price of $27.76, for a total value of $142,353.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anthony Folger sold 1,611 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $23.08, for a total transaction of $37,181.88. The disclosure for this sale can be found here. Insiders sold 81,880 shares of company stock valued at $2,124,401 in the last ninety days. Insiders own 9.80% of the company’s stock.
A number of brokerages have recently issued reports on CARB. BidaskClub upgraded shares of Carbonite from a “hold” rating to a “buy” rating in a research report on Wednesday, March 27th. Barclays started coverage on shares of Carbonite in a research note on Thursday, March 28th. They set an “overweight” rating and a $30.00 price target for the company. Zacks Investment Research downgraded shares of Carbonite from a “buy” rating to a “hold” rating in a research note on Monday, February 11th. Lake Street Capital boosted their price target on shares of Carbonite to $39.00 and gave the stock a “buy” rating in a research note on Friday, February 8th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $33.00 price target (down from $45.00) on shares of Carbonite in a research note on Friday, February 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Carbonite presently has a consensus rating of “Hold” and an average price target of $36.33.
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, a cloud backup solution for individuals and businesses that protects customer data from accidental deletions, crashes, ransomware, viruses, and other common threats; and Carbonite Endpoint that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.
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