Carbonite, Inc. (CARB) Receives $27.71 Consensus PT from Analysts

Shares of Carbonite, Inc. (NASDAQ:CARB) have received a consensus recommendation of “Buy” from the nine brokerages that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $27.71.

CARB has been the topic of a number of recent analyst reports. Oppenheimer restated a “buy” rating and set a $30.00 target price on shares of Carbonite in a report on Thursday, September 21st. Rosenblatt Securities initiated coverage on shares of Carbonite in a research report on Monday, September 18th. They set a “buy” rating and a $28.00 price objective for the company. BidaskClub raised shares of Carbonite from a “hold” rating to a “buy” rating in a research report on Friday, December 22nd. Finally, JMP Securities initiated coverage on shares of Carbonite in a research report on Tuesday, October 17th. They set an “outperform” rating and a $30.00 price objective for the company.

Shares of Carbonite (NASDAQ:CARB) traded down $0.15 on Tuesday, reaching $25.60. 193,105 shares of the company were exchanged, compared to its average volume of 186,450. The firm has a market capitalization of $716.85, a P/E ratio of -213.33, a price-to-earnings-growth ratio of 2.00 and a beta of 0.37. Carbonite has a fifty-two week low of $15.30 and a fifty-two week high of $27.00. The company has a debt-to-equity ratio of 3.12, a quick ratio of 1.12 and a current ratio of 1.12.

Carbonite (NASDAQ:CARB) last issued its earnings results on Thursday, November 2nd. The technology company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.04. The business had revenue of $61.60 million for the quarter, compared to the consensus estimate of $61.49 million. Carbonite had a negative net margin of 1.32% and a positive return on equity of 32.85%. The firm’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.14 earnings per share. analysts predict that Carbonite will post 0.39 earnings per share for the current year.

In other Carbonite news, SVP Paul S. Mellinger sold 7,500 shares of Carbonite stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $22.10, for a total transaction of $165,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 7,992 shares of Carbonite stock in a transaction on Monday, December 4th. The stock was sold at an average price of $23.45, for a total transaction of $187,412.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,864 shares of company stock valued at $862,479. Company insiders own 12.20% of the company’s stock.

Several institutional investors have recently made changes to their positions in CARB. Rhumbline Advisers boosted its position in shares of Carbonite by 33.5% in the second quarter. Rhumbline Advisers now owns 27,163 shares of the technology company’s stock valued at $592,000 after acquiring an additional 6,810 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Carbonite by 12.0% in the second quarter. Bank of New York Mellon Corp now owns 202,196 shares of the technology company’s stock valued at $4,407,000 after acquiring an additional 21,623 shares during the period. Legal & General Group Plc boosted its position in shares of Carbonite by 19.5% in the second quarter. Legal & General Group Plc now owns 6,035 shares of the technology company’s stock valued at $132,000 after acquiring an additional 985 shares during the period. Virginia Retirement Systems ET AL boosted its position in shares of Carbonite by 22.8% in the second quarter. Virginia Retirement Systems ET AL now owns 29,600 shares of the technology company’s stock valued at $645,000 after acquiring an additional 5,500 shares during the period. Finally, Airain ltd boosted its position in shares of Carbonite by 26.2% in the second quarter. Airain ltd now owns 16,414 shares of the technology company’s stock valued at $358,000 after acquiring an additional 3,406 shares during the period. 94.21% 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.

Analyst Recommendations for Carbonite (NASDAQ:CARB)

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