Carbonite (CARB) Receives Market Perform Rating from Oppenheimer

Carbonite (NASDAQ:CARB)‘s stock had its “market perform” rating reaffirmed by stock analysts at Oppenheimer in a research note issued to investors on Friday, Marketbeat reports.

Several other equities research analysts also recently commented on CARB. BidaskClub downgraded shares of Carbonite from a “hold” rating to a “sell” rating in a research note on Wednesday, August 1st. Barclays lifted their price objective on shares of Carbonite from $38.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 24th. TheStreet upgraded shares of Carbonite from a “d+” rating to a “c” rating in a research note on Friday, August 3rd. MED lifted their price objective on shares of Carbonite from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Friday, August 3rd. Finally, Stifel Nicolaus assumed coverage on shares of Carbonite in a research note on Monday, August 20th. They set a “buy” rating and a $44.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $39.33.

NASDAQ:CARB opened at $26.97 on Friday. Carbonite has a 12 month low of $20.50 and a 12 month high of $43.63. The company has a debt-to-equity ratio of 2.85, a current ratio of 0.73 and a quick ratio of 0.73. The firm has a market cap of $906.57 million, a PE ratio of 26.44, a P/E/G ratio of 0.64 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 Thomson Reuters’ consensus estimate of $0.41 by $0.07. Carbonite had a net margin of 1.85% and a return on equity of 56.42%. The business had revenue of $79.10 million during the quarter, compared to the consensus estimate of $80.15 million. During the same period in the previous year, the firm posted $0.25 earnings per share. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. On average, equities analysts predict that Carbonite will post 1.05 EPS for the current year.

In related news, SVP Norman Guadagno sold 4,294 shares of the firm’s stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $32.55, for a total transaction of $139,769.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Anthony Folger sold 1,612 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $41.60, for a total transaction of $67,059.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 64,698 shares of company stock valued at $2,498,780. 9.80% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of the stock. WINTON GROUP Ltd raised its holdings in shares of Carbonite by 17.6% during the second quarter. WINTON GROUP Ltd now owns 8,692 shares of the technology company’s stock worth $303,000 after purchasing an additional 1,298 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its holdings in shares of Carbonite by 20.2% during the second quarter. Metropolitan Life Insurance Co. NY now owns 9,634 shares of the technology company’s stock worth $336,000 after purchasing an additional 1,618 shares during the last quarter. Aperio Group LLC raised its holdings in shares of Carbonite by 10.3% during the second quarter. Aperio Group LLC now owns 20,941 shares of the technology company’s stock worth $731,000 after purchasing an additional 1,955 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Carbonite by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,132,392 shares of the technology company’s stock worth $32,613,000 after purchasing an additional 2,922 shares during the last quarter. Finally, Pembroke Management LTD raised its holdings in shares of Carbonite by 0.3% during the third quarter. Pembroke Management LTD now owns 1,067,749 shares of the technology company’s stock worth $38,065,000 after purchasing an additional 3,125 shares during the last quarter. 84.55% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading: What does the Dow Jones Industrial Average (DJIA) measure?

Analyst Recommendations for Carbonite (NASDAQ:CARB)

Receive News & Ratings for Carbonite Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carbonite and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply