Engineers Gate Manager LP Reduces Holdings in Carbonite Inc (CARB)

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.

Shares of CARB opened at $29.74 on Friday. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 59.48, a PEG ratio of 1.33 and a beta of 0.69. Carbonite Inc has a twelve month low of $20.50 and a twelve month high of $43.63.

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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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.

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Institutional Ownership by Quarter for Carbonite (NASDAQ:CARB)

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