Carbonite (CARB) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Carbonite (NASDAQ:CARB) from a hold rating to a buy rating in a research report report published on Wednesday. They currently have $30.00 price objective on the technology company’s stock.

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. “

Several other research analysts have also recently weighed in on the stock. Barclays upgraded shares of Carbonite from an equal weight rating to an overweight rating and set a $38.00 price target on the stock in a research note on Wednesday. BidaskClub cut shares of Carbonite from a hold rating to a sell rating in a research note on Friday, October 5th. Royal Bank of Canada initiated coverage on shares of Carbonite in a research note on Friday, October 5th. They set an outperform rating and a $42.00 price target on the stock. cut shares of Carbonite from an outperform rating to a market perform rating in a research note on Friday, November 2nd. Finally, Jefferies Financial Group initiated coverage on shares of Carbonite in a research note on Friday, October 12th. They set a buy rating and a $45.00 price target on the stock. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $38.08.

Shares of Carbonite stock traded down $0.06 on Wednesday, hitting $28.37. 285,759 shares of the company’s stock were exchanged, compared to its average volume of 353,837. The stock has a market capitalization 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 1 year low of $20.50 and a 1 year high of $43.63.

Carbonite (NASDAQ:CARB) last issued its quarterly earnings results on Thursday, November 1st. The technology company reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.07. The business had revenue of $79.10 million for the quarter, compared to analysts’ expectations of $80.15 million. Carbonite had a net margin of 1.85% and a return on equity of 29.30%. The company’s revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.25 EPS. On average, equities research analysts expect that Carbonite will post 1.13 EPS for the current fiscal year.

In other Carbonite news, CEO Mohamad Ali sold 13,888 shares of the business’s stock in a transaction on Friday, December 14th. The shares were sold at an average price of $26.50, for a total value of $368,032.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Danielle Sheer sold 7,474 shares of the business’s stock in a transaction on Wednesday, October 17th. The stock was sold at an average price of $35.59, for a total transaction of $265,999.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,619 shares of company stock worth $2,445,521. 9.80% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Legal & General Group Plc lifted its stake in Carbonite by 17.8% in the 3rd quarter. Legal & General Group Plc now owns 4,998 shares of the technology company’s stock worth $178,000 after purchasing an additional 756 shares in the last quarter. WINTON GROUP Ltd lifted its stake in Carbonite by 17.6% in the 2nd 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 in the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in Carbonite by 20.2% in the 2nd 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 in the last quarter. TIAA CREF Investment Management LLC lifted its stake in Carbonite by 3.1% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 60,161 shares of the technology company’s stock worth $2,145,000 after purchasing an additional 1,789 shares in the last quarter. Finally, Lisanti Capital Growth LLC lifted its stake in Carbonite by 2.7% in the 3rd quarter. Lisanti Capital Growth LLC now owns 87,980 shares of the technology company’s stock worth $3,136,000 after purchasing an additional 2,338 shares in the last quarter.

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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