Insider Selling: Carbonite Inc (CARB) CEO Sells 4,000 Shares of Stock

Carbonite Inc (NASDAQ:CARB) CEO Mohamad Ali sold 4,000 shares of Carbonite stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $28.25, for a total transaction of $113,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

NASDAQ:CARB opened at $27.61 on Thursday. Carbonite Inc has a one year low of $20.50 and a one year high of $43.63. The stock has a market capitalization of $954.15 million, a PE ratio of 55.22, a price-to-earnings-growth ratio of 1.22 and a beta of 0.69.

Carbonite (NASDAQ:CARB) last posted its quarterly earnings data on Thursday, November 1st. The technology company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.41 by $0.07. The firm had revenue of $79.10 million during the quarter, compared to analyst estimates of $80.15 million. Carbonite had a net margin of 1.85% and a return on equity of 29.30%. Carbonite’s revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 EPS. On average, sell-side analysts expect that Carbonite Inc will post 1.13 earnings per share for the current year.

A number of equities analysts recently commented on the stock. BidaskClub raised shares of Carbonite from a “sell” rating to a “hold” rating in a research note on Tuesday, August 14th. Zacks Investment Research raised shares of Carbonite from a “hold” rating to a “strong-buy” rating and set a $42.00 price target for the company in a research note on Monday, September 24th. Stifel Nicolaus began coverage on shares of Carbonite in a research report on Monday, August 20th. They issued a “buy” rating and a $44.00 price objective for the company. Jefferies Financial Group began coverage on shares of Carbonite in a report on Friday, October 12th. They issued a “buy” rating and a $45.00 price target for the company. Finally, MED lowered shares of Carbonite from an “outperform” rating to a “market perform” rating in a report on Friday, November 2nd. 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 an average rating of “Buy” and an average price target of $38.58.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its stake in shares of Carbonite by 22.9% during the 3rd quarter. BlackRock Inc. now owns 2,237,267 shares of the technology company’s stock worth $79,759,000 after acquiring an additional 417,253 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Carbonite by 30.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,866,217 shares of the technology company’s stock worth $66,531,000 after acquiring an additional 435,554 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Carbonite by 0.3% during the 3rd quarter. Renaissance Technologies LLC now owns 1,680,289 shares of the technology company’s stock worth $59,902,000 after acquiring an additional 5,289 shares in the last quarter. Portolan Capital Management LLC raised its stake in shares of Carbonite by 7.7% during the 2nd quarter. Portolan Capital Management LLC now owns 1,484,309 shares of the technology company’s stock worth $51,802,000 after acquiring an additional 106,638 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Carbonite by 0.3% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,138,721 shares of the technology company’s stock worth $40,595,000 after acquiring an additional 2,980 shares in the last quarter.

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About Carbonite

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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