CIBC reiterated their market perform rating on shares of Carbonite (NASDAQ:CARB) in a research note issued to investors on Friday.
Other analysts have also recently issued reports about the company. BidaskClub upgraded Carbonite from a hold rating to a buy rating in a research report on Saturday, September 8th. Stifel Nicolaus started coverage on Carbonite in a research report on Monday, August 20th. They issued a buy rating and a $44.00 price target on the stock. Jefferies Financial Group started coverage on Carbonite in a research report on Friday, October 12th. They issued a buy rating and a $45.00 price target on the stock. TheStreet upgraded Carbonite from a d+ rating to a c rating in a research report on Friday, August 3rd. Finally, Barclays upped their price target on Carbonite from $38.00 to $41.00 and gave the company an equal weight rating in a research report on Tuesday, July 24th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of Buy and an average target price of $39.33.
Shares of NASDAQ CARB opened at $28.41 on Friday. The company has a debt-to-equity ratio of 2.85, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a market capitalization of $906.57 million, a P/E ratio of 56.82, a PEG 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 issued its earnings results on Thursday, November 1st. The technology company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. Carbonite had a return on equity of 56.42% and a net margin of 1.85%. The business had revenue of $79.10 million during the quarter, compared to analyst estimates of $80.15 million. During the same period in the prior year, the company posted $0.25 earnings per share. Carbonite’s revenue was up 25.4% on a year-over-year basis. Equities analysts anticipate that Carbonite will post 1.05 EPS for the current year.
In other news, SVP Deepak Mohan sold 1,355 shares of the stock in a transaction on Thursday, September 6th. The stock was sold at an average price of $42.85, for a total transaction of $58,061.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value of $67,059.20. The disclosure for this sale can be found here. Insiders sold 64,698 shares of company stock worth $2,498,780 over the last quarter. Company insiders own 9.80% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. NumerixS Investment Technologies Inc bought a new stake in shares of Carbonite during the second quarter worth $221,000. WINTON GROUP Ltd bought a new stake in shares of Carbonite during the first quarter worth $213,000. Xact Kapitalforvaltning AB bought a new stake in shares of Carbonite during the third quarter worth $267,000. Raymond James & Associates bought a new position in Carbonite in the second quarter valued at about $267,000. Finally, NJ State Employees Deferred Compensation Plan bought a new position in Carbonite in the third quarter valued at about $285,000. Institutional investors own 84.81% 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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