Connors Investor Services Inc. purchased a new stake in shares of Carbonite Inc (NASDAQ:CARB) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 60,463 shares of the technology company’s stock, valued at approximately $1,741,000.
Other hedge funds have also recently made changes to their positions in the company. Cramer Rosenthal Mcglynn LLC bought a new position in Carbonite during the 4th quarter valued at about $12,272,000. Schroder Investment Management Group lifted its holdings in Carbonite by 145.6% during the 4th quarter. Schroder Investment Management Group now owns 630,811 shares of the technology company’s stock valued at $15,833,000 after purchasing an additional 373,958 shares during the last quarter. Stone Ridge Asset Management LLC bought a new position in Carbonite during the 4th quarter valued at about $336,000. Pembroke Management LTD lifted its holdings in Carbonite by 0.4% during the 4th 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 last quarter. Finally, We Are One Seven LLC bought a new position in Carbonite during the 4th quarter valued at about $148,000. 97.16% of the stock is owned by hedge funds and other institutional investors.
CARB opened at $37.05 on Friday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 3.02. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 73.25, a P/E/G ratio of 0.88 and a beta of 0.17. Carbonite Inc has a 1-year low of $18.30 and a 1-year high of $37.25.
Carbonite (NASDAQ:CARB) last posted its quarterly earnings data on Monday, May 7th. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. The firm had revenue of $64.03 million during the quarter, compared to analysts’ expectations of $63.51 million. Carbonite had a net margin of 0.14% and a return on equity of 35.49%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.09 EPS. equities research analysts forecast that Carbonite Inc will post 1.03 EPS for the current year.
Several equities analysts recently issued reports on the stock. Craig Hallum reissued a “buy” rating and set a $30.00 price target on shares of Carbonite in a report on Tuesday, May 8th. Zacks Investment Research downgraded shares of Carbonite from a “buy” rating to a “hold” rating in a report on Friday, May 11th. Lake Street Capital lifted their price target on shares of Carbonite from $27.00 to $34.00 and gave the company a “buy” rating in a report on Tuesday, May 8th. JMP Securities lifted their price target on shares of Carbonite from $30.00 to $36.00 and gave the company a “market outperform” rating in a report on Friday, April 27th. Finally, B. Riley lifted their price target on shares of Carbonite to $37.00 and gave the company a “buy” rating in a report on Tuesday, May 8th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $33.63.
In other Carbonite news, CFO Anthony Folger sold 9,119 shares of the firm’s stock in a transaction dated Monday, March 19th. The shares were sold at an average price of $30.64, for a total value of $279,406.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Norman Guadagno sold 13,834 shares of the firm’s stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $30.86, for a total transaction of $426,917.24. The disclosure for this sale can be found here. Insiders sold a total of 42,925 shares of company stock valued at $1,238,711 in the last 90 days. Corporate insiders own 9.80% 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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