Engineers Gate Manager LP lessened its stake in shares of Carbonite Inc (NASDAQ:CARB) by 27.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,134 shares of the technology company’s stock after selling 13,524 shares during the period. Engineers Gate Manager LP’s holdings in Carbonite were worth $1,288,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CARB. USA Financial Portformulas Corp bought a new position in shares of Carbonite during the third quarter valued at approximately $501,000. Pembroke Management LTD boosted its stake 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 valued at $38,065,000 after purchasing an additional 3,125 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Carbonite during the third quarter valued at approximately $312,000. Russell Investments Group Ltd. boosted its stake in shares of Carbonite by 10.1% during the third quarter. Russell Investments Group Ltd. now owns 766,811 shares of the technology company’s stock valued at $27,330,000 after purchasing an additional 70,431 shares in the last quarter. Finally, Northpointe Capital LLC boosted its stake in shares of Carbonite by 14.6% during the third quarter. Northpointe Capital LLC now owns 91,681 shares of the technology company’s stock valued at $3,268,000 after purchasing an additional 11,709 shares in the last quarter. 84.81% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Norman Guadagno sold 12,402 shares of Carbonite stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $41.03, for a total transaction of $508,854.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Danielle Sheer sold 14,480 shares of Carbonite stock in a transaction on Friday, September 7th. The stock was sold at an average price of $43.19, for a total transaction of $625,391.20. The disclosure for this sale can be found here. Insiders have sold 81,404 shares of company stock valued at $2,995,995 over the last quarter. Insiders own 9.80% of the company’s stock.
Carbonite (NASDAQ:CARB) last announced its earnings results on Thursday, November 1st. The technology company reported $0.48 earnings per share for the quarter, beating 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 29.30%. The company had revenue of $79.10 million during the quarter, compared to the consensus estimate of $80.15 million. During the same period last year, the firm earned $0.25 earnings per share. Carbonite’s revenue was up 25.4% compared to the same quarter last year. Equities research analysts anticipate that Carbonite Inc will post 1.13 EPS for the current year.
A number of equities analysts have recently issued reports on CARB shares. Oppenheimer reiterated a “market perform” rating on shares of Carbonite in a research note on Friday, November 2nd. Zacks Investment Research downgraded shares of Carbonite from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 25th. BidaskClub upgraded shares of Carbonite from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. MED raised their target price on shares of Carbonite from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, August 3rd. Finally, Jefferies Financial Group assumed coverage on shares of Carbonite in a research note on Friday, October 12th. They issued a “buy” rating and a $45.00 target price for the company. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Carbonite has an average rating of “Buy” and an average price target of $38.58.
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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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