Carbonite (CARB) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Carbonite (NASDAQ:CARB) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $33.00 price objective on the technology company’s stock.

According to Zacks, “Carbonite Inc. is a computer service company which provides online backup solutions for consumers and small and medium sized businesses to retrieve files if lost on the internet. The Company’s backup solutions work automatically and continuously uploading encrypted copies of its customer’s files to the servers known as Carbonite Personal Cloud. Carbonite Inc. is headquartered in Boston, Massachusetts. “

A number of other equities research analysts have also issued reports on the company. Oppenheimer increased their target price on Carbonite from $40.00 to $50.00 and gave the company an outperform rating in a research note on Wednesday, September 5th. BidaskClub lowered Carbonite from a hold rating to a sell rating in a research note on Friday, October 5th. Royal Bank of Canada initiated coverage on Carbonite in a research note on Friday, October 5th. They issued an outperform rating and a $42.00 target price for the company. Jefferies Financial Group initiated coverage on Carbonite in a research note on Friday, October 12th. They issued a buy rating and a $45.00 target price for the company. Finally, MED lowered Carbonite from an outperform rating to a market perform rating in a research note on Friday, November 2nd. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $38.58.

CARB stock opened at $29.60 on Tuesday. 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 has a 1 year low of $20.50 and a 1 year high of $43.63. The stock has a market capitalization of $906.57 million, a PE ratio of 59.20, a P/E/G ratio of 0.64 and a beta of 0.69.

Carbonite (NASDAQ:CARB) last posted its earnings results on Thursday, November 1st. The technology company reported $0.48 earnings per share (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 quarter last year, the firm earned $0.25 earnings per share. The company’s revenue for the quarter was up 25.4% compared to the same quarter last year. Equities analysts predict that Carbonite will post 1.08 earnings per share for the current year.

In other news, SVP Norman Guadagno sold 12,402 shares of Carbonite stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $41.03, for a total value of $508,854.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Deepak Mohan sold 1,355 shares of Carbonite stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $42.85, for a total value of $58,061.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,698 shares of company stock valued at $2,498,780. 9.80% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of CARB. Wells Fargo & Company MN grew its position in shares of Carbonite by 154.8% in the 3rd quarter. Wells Fargo & Company MN now owns 361,810 shares of the technology company’s stock worth $12,900,000 after acquiring an additional 219,826 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Carbonite in the 1st quarter worth approximately $5,825,000. Intrinsic Edge Capital Management LLC acquired a new position in shares of Carbonite in the 2nd quarter worth approximately $6,746,000. BlackRock Inc. grew its position in shares of Carbonite by 10.9% in the 2nd quarter. BlackRock Inc. now owns 1,820,014 shares of the technology company’s stock worth $63,521,000 after acquiring an additional 179,098 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in shares of Carbonite in the 3rd quarter worth approximately $6,119,000. Institutional investors own 84.81% of the company’s stock.

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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