Carbonite (CARB) Trading 5.9% Higher

Carbonite Inc (NASDAQ:CARB)’s share price traded up 5.9% on Tuesday . The stock traded as high as $28.59 and last traded at $30.08. 13,618 shares were traded during trading, a decline of 98% from the average session volume of 558,320 shares. The stock had previously closed at $28.41.

Several equities analysts have recently weighed in on the stock. BidaskClub raised shares of Carbonite from a “hold” rating to a “buy” rating in a research note on Saturday, September 8th. Oppenheimer increased their price objective on Carbonite from $40.00 to $50.00 and gave the company an “outperform” rating in a report on Wednesday, September 5th. Stifel Nicolaus started coverage on Carbonite in a report on Monday, August 20th. They issued a “buy” rating and a $44.00 price objective for the company. Barclays increased their price objective on Carbonite from $38.00 to $41.00 and gave the company an “equal weight” rating in a report on Tuesday, July 24th. Finally, Zacks Investment Research downgraded Carbonite from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 25th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Carbonite presently has a consensus rating of “Buy” and an average price target of $39.33.

The firm has a market cap of $906.57 million, a P/E ratio of 59.20, a P/E/G ratio of 0.64 and a beta of 0.69. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 2.85.

Carbonite (NASDAQ:CARB) last released its quarterly earnings data on Thursday, November 1st. The technology company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.41 by $0.07. The company had revenue of $79.10 million during the quarter, compared to the consensus estimate of $80.15 million. Carbonite had a return on equity of 56.42% and a net margin of 1.85%. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.25 EPS. On average, equities research analysts anticipate that Carbonite Inc will post 1.05 earnings per share for the current year.

In other Carbonite news, CFO Anthony Folger sold 1,612 shares of the stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $41.60, for a total transaction of $67,059.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Norman Guadagno sold 12,402 shares of the stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $41.03, for a total value of $508,854.06. The disclosure for this sale can be found here. Insiders have sold a total of 64,698 shares of company stock valued at $2,498,780 in the last ninety days. Insiders own 9.80% of the company’s stock.

A number of hedge funds have recently bought and sold shares of CARB. BlackRock Inc. increased its position in Carbonite by 0.9% during the 1st quarter. BlackRock Inc. now owns 1,640,916 shares of the technology company’s stock worth $47,259,000 after buying an additional 14,404 shares during the period. UBS Group AG increased its position in Carbonite by 47.9% during the 1st quarter. UBS Group AG now owns 16,536 shares of the technology company’s stock worth $476,000 after buying an additional 5,353 shares during the period. A.R.T. Advisors LLC bought a new position in Carbonite during the 1st quarter worth $237,000. Millennium Management LLC bought a new position in Carbonite during the 1st quarter worth $5,825,000. Finally, Royal Bank of Canada increased its position in Carbonite by 10.8% during the 1st quarter. Royal Bank of Canada now owns 264,450 shares of the technology company’s stock worth $7,617,000 after buying an additional 25,819 shares during the period. Hedge funds and other institutional investors own 84.81% of the company’s stock.

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About Carbonite (NASDAQ:CARB)

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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