Carbonite, Inc. (NASDAQ:CARB) rose 22.2% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $26.55 and last traded at $26.52. Approximately 1,717,789 shares were traded during trading, an increase of 499% from the average daily volume of 286,803 shares. The stock had previously closed at $21.70.
The technology company reported $0.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.01. Carbonite had a negative net margin of 1.32% and a positive return on equity of 32.85%. The business had revenue of $61.69 million for the quarter, compared to analyst estimates of $63.72 million.
Several research firms have issued reports on CARB. BidaskClub lowered shares of Carbonite from a “hold” rating to a “sell” rating in a report on Tuesday. Lake Street Capital reaffirmed a “buy” rating and issued a $27.00 price target (up from $25.00) on shares of Carbonite in a report on Wednesday. JMP Securities began coverage on shares of Carbonite in a report on Tuesday, October 17th. They issued an “outperform” rating and a $30.00 price target on the stock. Finally, B. Riley lifted their price target on shares of Carbonite from $30.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $29.86.
In other news, SVP Norman Guadagno sold 1,134 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $23.70, for a total transaction of $26,875.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 10,000 shares of the business’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $23.16, for a total transaction of $231,600.00. Following the sale, the director now directly owns 227,230 shares in the company, valued at $5,262,646.80. The disclosure for this sale can be found here. Insiders have sold 44,137 shares of company stock worth $1,049,573 over the last three months. Corporate insiders own 12.20% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Carbonite by 14.8% during the second quarter. Vanguard Group Inc. now owns 1,686,093 shares of the technology company’s stock valued at $36,757,000 after buying an additional 217,337 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Carbonite by 2.2% during the fourth quarter. BlackRock Inc. now owns 1,626,512 shares of the technology company’s stock valued at $40,826,000 after buying an additional 34,905 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its holdings in shares of Carbonite by 22.0% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,467,017 shares of the technology company’s stock valued at $36,822,000 after buying an additional 264,382 shares during the last quarter. Pembroke Management LTD lifted its position in Carbonite by 0.4% during the fourth quarter. Pembroke Management LTD now owns 1,250,153 shares of the technology company’s stock valued at $31,378,000 after purchasing an additional 4,400 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Carbonite by 4.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,103,160 shares of the technology company’s stock valued at $24,270,000 after purchasing an additional 46,260 shares during the period. 92.56% of the stock is currently owned by hedge funds and other institutional investors.
The company has a market capitalization of $591.09, a PE ratio of -241.14, a PEG ratio of 1.69 and a beta of 0.33. The company has a debt-to-equity ratio of 3.12, a quick ratio of 1.12 and a current ratio of 1.12.
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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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