Avalon Advisors LLC Has $2.17 Million Holdings in Carbonite Inc (CARB)

Avalon Advisors LLC raised its stake in shares of Carbonite Inc (NASDAQ:CARB) by 10.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 75,221 shares of the technology company’s stock after buying an additional 7,239 shares during the quarter. Avalon Advisors LLC owned about 0.26% of Carbonite worth $2,166,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CARB. ETF Managers Group LLC acquired a new stake in Carbonite during the 1st quarter valued at $52,523,000. Cramer Rosenthal Mcglynn LLC acquired a new stake in Carbonite during the 4th quarter valued at $12,272,000. ArrowMark Colorado Holdings LLC grew its holdings in Carbonite by 22.0% during the 4th 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. Millennium Management LLC acquired a new stake in Carbonite during the 1st quarter valued at $5,825,000. Finally, Carillon Tower Advisers Inc. purchased a new position in shares of Carbonite during the 1st quarter worth $5,325,000. Hedge funds and other institutional investors own 96.23% of the company’s stock.

Shares of Carbonite stock opened at $34.55 on Friday. Carbonite Inc has a fifty-two week low of $18.55 and a fifty-two week high of $41.25. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 69.10 and a beta of 0.24. The company has a debt-to-equity ratio of 3.02, a quick ratio of 0.73 and a current ratio of 0.73.

Carbonite (NASDAQ:CARB) last issued its quarterly earnings results on Monday, May 7th. The technology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. The company had revenue of $64.03 million for the quarter, compared to analyst estimates of $63.51 million. Carbonite had a return on equity of 35.49% and a net margin of 0.14%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.09 EPS. analysts expect that Carbonite Inc will post 1.03 earnings per share for the current fiscal year.

A number of research analysts have weighed in on the company. JMP Securities raised Carbonite to an “outperform” rating in a research note on Sunday, April 29th. BidaskClub raised Carbonite from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 3rd. Zacks Investment Research raised Carbonite from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research note on Monday, April 2nd. Lake Street Capital increased their price target on Carbonite from $27.00 to $34.00 and gave the stock a “buy” rating in a research note on Tuesday, May 8th. Finally, Oppenheimer increased their price target on Carbonite from $30.00 to $35.00 and gave the stock an “outperform” rating in a research note 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 issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $33.63.

In related news, General Counsel Danielle Sheer sold 1,167 shares of the stock in a transaction on Friday, April 27th. The stock was sold at an average price of $31.05, for a total value of $36,235.35. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 6,409 shares of the stock in a transaction on Friday, April 27th. The stock was sold at an average price of $15.95, for a total value of $102,223.55. The disclosure for this sale can be found here. Insiders sold a total of 57,228 shares of company stock worth $1,996,331 over the last ninety days. Corporate insiders own 9.80% of the company’s stock.

Carbonite 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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Institutional Ownership by Quarter for Carbonite (NASDAQ:CARB)

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