Carbonite (NASDAQ:CARB) was downgraded by stock analysts at MED from an “outperform” rating to a “market perform” rating in a research note issued to investors on Friday, The Fly reports.
Several other equities analysts also recently commented on CARB. BidaskClub downgraded shares of Carbonite from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. Barclays increased their target price on shares of Carbonite from $38.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 24th. TheStreet raised shares of Carbonite from a “d+” rating to a “c” rating in a research report on Friday, August 3rd. Stifel Nicolaus assumed coverage on shares of Carbonite in a research report on Monday, August 20th. They set a “buy” rating and a $44.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Carbonite in a research report on Friday, October 12th. They set a “buy” rating and a $45.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $39.33.
Carbonite stock opened at $26.97 on Friday. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market cap of $906.57 million, a price-to-earnings ratio of 26.44, a price-to-earnings-growth ratio of 0.64 and a beta of 0.69. Carbonite has a one year low of $20.50 and a one year high of $43.63.
Carbonite (NASDAQ:CARB) last posted its earnings results on Thursday, November 1st. The technology company reported $0.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.07. The firm had revenue of $79.10 million for the quarter, compared to the consensus estimate of $80.15 million. Carbonite had a net margin of 1.85% and a return on equity of 56.42%. The business’s quarterly revenue was up 25.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 earnings per share. On average, sell-side analysts predict that Carbonite will post 1.05 EPS for the current fiscal year.
In other news, CFO Anthony Folger sold 1,612 shares of Carbonite stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $41.60, for a total transaction of $67,059.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Danielle Sheer sold 14,480 shares of Carbonite stock in a transaction on Friday, September 7th. The stock was sold at an average price of $43.19, for a total transaction of $625,391.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 64,698 shares of company stock worth $2,498,780. Insiders own 9.80% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of CARB. BlackRock Inc. lifted its position in Carbonite by 0.9% in the 1st quarter. BlackRock Inc. now owns 1,640,916 shares of the technology company’s stock valued at $47,259,000 after acquiring an additional 14,404 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Carbonite by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,132,392 shares of the technology company’s stock valued at $32,613,000 after acquiring an additional 2,922 shares in the last quarter. UBS Group AG lifted its position in Carbonite by 47.9% in the 1st quarter. UBS Group AG now owns 16,536 shares of the technology company’s stock valued at $476,000 after acquiring an additional 5,353 shares in the last quarter. A.R.T. Advisors LLC bought a new stake in Carbonite in the 1st quarter valued at $237,000. Finally, Barclays PLC lifted its position in Carbonite by 136.2% in the 1st quarter. Barclays PLC now owns 9,414 shares of the technology company’s stock valued at $272,000 after acquiring an additional 5,428 shares in the last quarter. 84.55% of the stock is currently owned by institutional investors and hedge funds.
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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