Carbonite, Inc. (CARB) Receives Average Rating of “Buy” from Brokerages

Carbonite, Inc. (NASDAQ:CARB) has received a consensus recommendation of “Buy” from the six ratings firms that are presently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $24.60.

Several equities research analysts recently commented on CARB shares. Craig Hallum started coverage on shares of Carbonite in a research report on Thursday, March 16th. They issued a “buy” rating and a $30.00 price target for the company. Lake Street Capital increased their target price on shares of Carbonite from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, February 28th. Finally, B. Riley reiterated a “buy” rating and issued a $22.50 target price on shares of Carbonite in a research report on Thursday, February 16th.

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In other news, CFO Anthony Folger sold 6,141 shares of the firm’s stock in a transaction dated Friday, March 24th. The shares were sold at an average price of $19.38, for a total transaction of $119,012.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Paul S. Mellinger sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $21.04, for a total transaction of $157,800.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,502 shares of company stock valued at $1,389,175. Insiders own 12.20% of the company’s stock.

Large investors have recently bought and sold shares of the stock. TimesSquare Capital Management LLC bought a new stake in Carbonite during the first quarter valued at $20,504,000. G2 Investment Partners Management LLC boosted its stake in shares of Carbonite by 208.8% in the third quarter. G2 Investment Partners Management LLC now owns 782,946 shares of the technology company’s stock valued at $12,026,000 after buying an additional 529,361 shares in the last quarter. Northpointe Capital LLC acquired a new stake in shares of Carbonite during the first quarter valued at approximately $10,061,000. Divisar Capital Management LLC acquired a new stake in shares of Carbonite during the fourth quarter valued at approximately $7,866,000. Finally, Vanguard Group Inc. boosted its stake 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 valued at $29,816,000 after buying an additional 430,556 shares in the last quarter. Hedge funds and other institutional investors own 91.56% of the company’s stock.

Carbonite (NASDAQ:CARB) traded up 0.69% during midday trading on Monday, hitting $21.80. 339,675 shares of the stock were exchanged. Carbonite has a 52 week low of $8.81 and a 52 week high of $22.00. The stock has a market cap of $599.33 million, a price-to-earnings ratio of 72.43 and a beta of 0.23. The firm’s 50-day moving average is $20.24 and its 200 day moving average is $19.01.

Carbonite (NASDAQ:CARB) last released its earnings results on Thursday, May 4th. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.07 by $0.02. The business had revenue of $57.10 million during the quarter, compared to analyst estimates of $55.49 million. Carbonite had a net margin of 3.79% and a return on equity of 200.32%. The business’s quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.15 earnings per share. Equities research analysts expect that Carbonite will post $0.77 EPS for the current fiscal year.

About Carbonite

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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