Other research analysts also recently issued research reports about the company. B. Riley reiterated a buy rating and set a $26.00 price target on shares of Carbonite in a report on Wednesday, August 2nd. BidaskClub downgraded Carbonite from a buy rating to a hold rating in a report on Thursday, July 6th. Finally, Barclays PLC reiterated an equal weight rating and set a $27.00 price target (up previously from $26.00) on shares of Carbonite in a report on Friday, August 4th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $24.43.
Shares of Carbonite (CARB) opened at 19.25 on Friday. The firm has a 50-day moving average price of $22.00 and a 200-day moving average price of $20.66. The firm has a market capitalization of $535.13 million, a price-to-earnings ratio of 916.67 and a beta of 0.13. Carbonite has a 52 week low of $12.96 and a 52 week high of $24.60.
Carbonite (NASDAQ:CARB) last announced its earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. The company had revenue of $59 million for the quarter, compared to analyst estimates of $59.97 million. Carbonite had a return on equity of 36.43% and a net margin of 0.29%. Carbonite’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.19 earnings per share. On average, equities analysts expect that Carbonite will post $0.76 earnings per share for the current fiscal year.
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In other Carbonite news, CFO Anthony Folger sold 23,355 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $19.70, for a total value of $460,093.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Danielle Sheer sold 4,810 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $21.65, for a total value of $104,136.50. The disclosure for this sale can be found here. Insiders sold 53,111 shares of company stock worth $1,099,613 in the last 90 days. Corporate insiders own 12.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. TimesSquare Capital Management LLC purchased a new position in shares of Carbonite during the first quarter worth approximately $20,504,000. Russell Investments Group Ltd. increased its position in shares of Carbonite by 192.9% in the second quarter. Russell Investments Group Ltd. now owns 1,382,650 shares of the technology company’s stock worth $30,143,000 after buying an additional 910,533 shares during the period. Northpointe Capital LLC purchased a new position in shares of Carbonite during the first quarter worth approximately $10,061,000. Hood River Capital Management LLC increased its position in shares of Carbonite by 132.3% in the second quarter. Hood River Capital Management LLC now owns 783,723 shares of the technology company’s stock worth $17,085,000 after buying an additional 446,308 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Carbonite by 41.5% in the first quarter. Vanguard Group Inc. now owns 1,468,756 shares of the technology company’s stock worth $29,816,000 after buying an additional 430,556 shares during the period. Hedge funds and other institutional investors own 93.70% of the company’s stock.
Carbonite, Inc provides data protection solutions, including cloud, hybrid and on-premise backup and restore, disaster recovery as a service (DRaaS) and e-mail archiving. The Company’s solutions provide enterprise-grade data protection and recovery capabilities to its customers. The Company’s small and medium-sized businesses (SMBs) plans include Carbonite Computer Backup; Carbonite Server Backup, such as Carbonite Office Power and Carbonite Office Ultimate; EVault Cloud Backup; DRaaS, and e-mail archiving.
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