Carbonite (CARB) Rating Lowered to Buy at ValuEngine

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Carbonite (NASDAQ:CARB) was downgraded by stock analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a report released on Monday, July 2nd.

A number of other analysts have also recently commented on CARB. BidaskClub cut shares of Carbonite from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 26th. Zacks Investment Research cut shares of Carbonite from a “buy” rating to a “hold” rating in a report on Friday, May 11th. B. Riley upped their target price on shares of Carbonite to $37.00 and gave the company a “buy” rating in a report on Tuesday, May 8th. Craig Hallum reaffirmed a “buy” rating and set a $30.00 target price on shares of Carbonite in a report on Tuesday, May 8th. Finally, Lake Street Capital upped their target price on shares of Carbonite from $27.00 to $34.00 and gave the company a “buy” rating in a report on Tuesday, May 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $35.38.

Shares of Carbonite traded down $1.30, hitting $35.30, during mid-day trading on Monday, according to Marketbeat Ratings. 964,850 shares of the company traded hands, compared to its average volume of 399,785. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 3.02. Carbonite has a 1 year low of $18.55 and a 1 year high of $41.25. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 70.60 and a beta of 0.33.

Carbonite (NASDAQ:CARB) last released its quarterly earnings data on Monday, May 7th. The technology company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. Carbonite had a net margin of 0.14% and a return on equity of 35.49%. The firm had revenue of $64.03 million during the quarter, compared to analysts’ expectations of $63.51 million. During the same period in the previous year, the company earned $0.09 earnings per share. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. analysts expect that Carbonite will post 1.02 earnings per share for the current year.

In other news, insider Cassandra Hudson sold 1,419 shares of the stock in a transaction on Friday, June 29th. The shares were sold at an average price of $34.55, for a total value of $49,026.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marina Levinson sold 4,352 shares of the stock in a transaction on Thursday, May 10th. The stock was sold at an average price of $35.14, for a total transaction of $152,929.28. Following the completion of the sale, the director now directly owns 17,791 shares of the company’s stock, valued at $625,175.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 747,878 shares of company stock valued at $28,045,372. Corporate insiders own 9.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. We Are One Seven LLC bought a new position in shares of Carbonite during the fourth quarter worth $148,000. Koch Industries Inc. bought a new position in shares of Carbonite during the first quarter worth $201,000. New England Private Wealth Advisors LLC bought a new position in shares of Carbonite during the first quarter worth $202,000. WINTON GROUP Ltd bought a new position in shares of Carbonite during the first quarter worth $213,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Carbonite by 56.3% during the first quarter. BNP Paribas Arbitrage SA now owns 8,172 shares of the technology company’s stock worth $235,000 after acquiring an additional 2,943 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Carbonite Company Profile

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.

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Analyst Recommendations for Carbonite (NASDAQ:CARB)

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