Carbonite, Inc. (CARB) Trading 5.9% Higher

Carbonite, Inc. (NASDAQ:CARB) traded up 5.9% during trading on Monday . The stock traded as high as $22.00 and last traded at $21.70. 554,454 shares were traded during trading, an increase of 40% from the average session volume of 396,991 shares. The stock had previously closed at $20.50.

Several equities research analysts recently issued reports on CARB shares. B. Riley reissued a “buy” rating and issued a $26.00 target price on shares of Carbonite in a report on Wednesday, August 2nd. Barclays PLC restated an “equal weight” rating and issued a $27.00 price target (up from $26.00) on shares of Carbonite in a research note on Friday, August 4th. Rosenblatt Securities started coverage on Carbonite in a research note on Monday. They issued a “buy” rating and a $28.00 price target for the company. TheStreet upgraded Carbonite from a “d+” rating to a “c+” rating in a research report on Friday, August 4th. Finally, BidaskClub downgraded Carbonite from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Carbonite presently has a consensus rating of “Buy” and a consensus price target of $24.88.

The stock has a market capitalization of $603.24 million, a PE ratio of 1033.33 and a beta of 0.22. The company has a 50 day moving average price of $20.52 and a 200-day moving average price of $20.68.

Carbonite (NASDAQ:CARB) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Carbonite had a return on equity of 36.43% and a net margin of 0.29%. The company had revenue of $59.00 million during the quarter, compared to analysts’ expectations of $59.97 million. During the same period last year, the firm earned $0.19 EPS. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, analysts expect that Carbonite, Inc. will post $0.76 EPS for the current fiscal year.

In related news, CFO Anthony Folger sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $21.19, for a total value of $264,875.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Norman Guadagno sold 2,489 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $21.65, for a total value of $53,886.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,898 shares of company stock valued at $599,091. Company insiders own 12.20% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its position in Carbonite by 6.0% during the second quarter. Renaissance Technologies LLC now owns 2,317,700 shares of the technology company’s stock worth $50,526,000 after buying an additional 131,300 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Carbonite by 14.8% during the second quarter. Vanguard Group Inc. now owns 1,686,093 shares of the technology company’s stock worth $36,757,000 after purchasing an additional 217,337 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Carbonite by 192.9% during the second quarter. Russell Investments Group Ltd. now owns 1,382,650 shares of the technology company’s stock worth $30,143,000 after purchasing an additional 910,533 shares during the last quarter. Crosslink Capital Inc. boosted its holdings in shares of Carbonite by 7.2% during the second quarter. Crosslink Capital Inc. now owns 1,312,983 shares of the technology company’s stock worth $28,623,000 after purchasing an additional 87,900 shares during the last quarter. Finally, Pembroke Management LTD boosted its holdings in shares of Carbonite by 2.4% during the second quarter. Pembroke Management LTD now owns 1,269,500 shares of the technology company’s stock worth $27,675,000 after purchasing an additional 30,000 shares during the last quarter. 93.65% of the stock is owned by institutional investors.

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Carbonite Company Profile

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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