Carbonite (CARB) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Carbonite (NASDAQ:CARB) from a buy rating to a hold rating in a research note released on Thursday morning.

According to Zacks, “Carbonite Inc. is a computer service company which provides online backup solutions for consumers and small and medium sized businesses to retrieve files if lost on the internet. The Company’s backup solutions work automatically and continuously uploading encrypted copies of its customer’s files to the servers known as Carbonite Personal Cloud. Carbonite Inc. is headquartered in Boston, Massachusetts. “

Other equities analysts have also recently issued reports about the company. BidaskClub upgraded Carbonite from a hold rating to a buy rating in a report on Friday, December 21st. Jefferies Financial Group started coverage on Carbonite in a research report on Friday, October 12th. They issued a buy rating and a $45.00 price target on the stock. ValuEngine lowered Carbonite from a buy rating to a hold rating in a research report on Friday, November 2nd. CIBC reaffirmed a market perform rating on shares of Carbonite in a research report on Friday, November 2nd. Finally, Oppenheimer reaffirmed a market perform rating on shares of Carbonite in a research report on Friday, November 2nd. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $38.08.

Shares of NASDAQ CARB traded down $0.06 during mid-day trading on Thursday, reaching $28.37. 286,279 shares of the company’s stock were exchanged, compared to its average volume of 353,910. The stock has a market cap of $981.10 million, a PE ratio of 56.74, a P/E/G ratio of 1.15 and a beta of 0.81. Carbonite has a 52-week low of $20.50 and a 52-week high of $43.63.

Carbonite (NASDAQ:CARB) last announced its earnings results on Thursday, November 1st. The technology company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. Carbonite had a return on equity of 29.30% and a net margin of 1.85%. The company had revenue of $79.10 million during the quarter, compared to analysts’ expectations of $80.15 million. During the same period last year, the business posted $0.25 EPS. Carbonite’s revenue for the quarter was up 25.4% on a year-over-year basis. Analysts expect that Carbonite will post 1.13 EPS for the current fiscal year.

In other Carbonite news, CFO Anthony Folger sold 1,611 shares of Carbonite stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $27.95, for a total transaction of $45,027.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Danielle Sheer sold 7,474 shares of Carbonite stock in a transaction that occurred on Wednesday, October 17th. The stock was sold at an average price of $35.59, for a total value of $265,999.66. The disclosure for this sale can be found here. Insiders have sold a total of 81,619 shares of company stock worth $2,445,521 in the last three months. Corporate insiders own 9.80% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Legal & General Group Plc grew its stake in shares of Carbonite by 17.8% in the 3rd quarter. Legal & General Group Plc now owns 4,998 shares of the technology company’s stock valued at $178,000 after purchasing an additional 756 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of Carbonite by 222.3% in the third quarter. Jane Street Group LLC now owns 6,665 shares of the technology company’s stock valued at $238,000 after buying an additional 12,116 shares in the last quarter. Xact Kapitalforvaltning AB purchased a new stake in shares of Carbonite in the third quarter valued at approximately $267,000. Raymond James & Associates purchased a new stake in shares of Carbonite in the second quarter valued at approximately $267,000. Finally, NJ State Employees Deferred Compensation Plan purchased a new stake in shares of Carbonite in the third quarter valued at approximately $285,000.

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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