Carbonite (CARB) Given New $39.00 Price Target at Lake Street Capital

Carbonite (NASDAQ:CARB) had its price objective boosted by Lake Street Capital to $39.00 in a report released on Friday morning, The Fly reports. They currently have a buy rating on the technology company’s stock.

A number of other research firms have also recently commented on CARB. BidaskClub upgraded shares of Carbonite from a sell rating to a hold rating in a report on Wednesday, October 17th. Oppenheimer restated a market perform rating on shares of Carbonite in a report on Friday, November 2nd. cut shares of Carbonite from an outperform rating to a market perform rating in a report on Friday, November 2nd. Jefferies Financial Group began coverage on shares of Carbonite in a report on Friday, October 12th. They issued a buy rating and a $45.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Carbonite from a hold rating to a strong-buy rating and set a $33.00 price target on the stock in a report on Tuesday, November 6th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Carbonite currently has an average rating of Buy and a consensus price target of $37.33.

CARB stock opened at $24.44 on Friday. Carbonite has a twelve month low of $20.50 and a twelve month high of $43.63. The firm has a market cap of $824.21 million, a price-to-earnings ratio of 19.55, a PEG ratio of 0.97 and a beta of 0.78.

Carbonite (NASDAQ:CARB) last posted its quarterly earnings results on Thursday, February 7th. The technology company reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.16. The firm had revenue of $77.00 million for the quarter, compared to analysts’ expectations of $79.53 million. Carbonite had a net margin of 2.54% and a return on equity of 29.57%. The business’s revenue for the quarter was up 24.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 earnings per share. On average, equities research analysts expect that Carbonite will post 1.23 EPS for the current fiscal year.

In related news, SVP Norman Guadagno sold 1,800 shares of the company’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $28.16, for a total value of $50,688.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mohamad Ali sold 13,888 shares of the company’s stock in a transaction dated Friday, December 14th. The stock was sold at an average price of $26.50, for a total transaction of $368,032.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,255 shares of company stock valued at $1,981,736. 9.80% of the stock is owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. lifted its stake in Carbonite by 73.2% in the fourth quarter. Advisors Asset Management Inc. now owns 3,147 shares of the technology company’s stock worth $79,000 after acquiring an additional 1,330 shares during the period. Advisor Group Inc. lifted its position in shares of Carbonite by 21.7% during the fourth quarter. Advisor Group Inc. now owns 3,195 shares of the technology company’s stock valued at $82,000 after buying an additional 570 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Carbonite by 17.8% during the third quarter. Legal & General Group Plc now owns 4,998 shares of the technology company’s stock valued at $178,000 after buying an additional 756 shares during the last quarter. Raymond James & Associates lifted its position in shares of Carbonite by 13.0% during the fourth quarter. Raymond James & Associates now owns 8,712 shares of the technology company’s stock valued at $220,000 after buying an additional 1,000 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Carbonite by 222.3% during 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 during the last quarter.

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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