Carbonite (NASDAQ:CARB) had its target price increased by investment analysts at Oppenheimer from $40.00 to $50.00 in a report released on Wednesday, The Fly reports. The firm currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s target price would indicate a potential upside of 16.82% from the stock’s current price.
A number of other equities research analysts also recently commented on the stock. Stifel Nicolaus began coverage on shares of Carbonite in a report on Monday, August 20th. They set a “buy” rating and a $44.00 price target for the company. BidaskClub upgraded shares of Carbonite from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. TheStreet upgraded shares of Carbonite from a “d+” rating to a “c” rating in a report on Friday, August 3rd. MED lifted their price target on shares of Carbonite from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, August 3rd. Finally, Zacks Investment Research cut shares of Carbonite from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $38.20.
Shares of NASDAQ CARB opened at $42.80 on Wednesday. The stock has a market cap of $1.44 billion, a PE ratio of 52.78 and a beta of 0.50. Carbonite has a 12 month low of $19.00 and a 12 month high of $43.30. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 2.85.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings results on Thursday, August 2nd. The technology company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.15. The business had revenue of $77.70 million during the quarter, compared to the consensus estimate of $78.89 million. Carbonite had a net margin of 0.39% and a return on equity of 46.67%. The company’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.15 earnings per share. research analysts predict that Carbonite will post 1.05 earnings per share for the current fiscal year.
In related news, SVP Deepak Mohan sold 1,355 shares of the firm’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $42.85, for a total value of $58,061.75. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Anthony Folger sold 2,898 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $36.20, for a total transaction of $104,907.60. The disclosure for this sale can be found here. Insiders sold 728,666 shares of company stock worth $27,357,673 over the last three months. Corporate insiders own 9.80% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its position in Carbonite by 41.4% during the second quarter. Bank of New York Mellon Corp now owns 338,067 shares of the technology company’s stock valued at $11,798,000 after buying an additional 99,018 shares in the last quarter. WINTON GROUP Ltd lifted its position in Carbonite by 17.6% during the second quarter. WINTON GROUP Ltd now owns 8,692 shares of the technology company’s stock valued at $303,000 after buying an additional 1,298 shares in the last quarter. Granahan Investment Management Inc. MA lifted its position in Carbonite by 6.5% during the second quarter. Granahan Investment Management Inc. MA now owns 611,739 shares of the technology company’s stock valued at $21,350,000 after buying an additional 37,599 shares in the last quarter. Metropolitan Life Insurance Co. NY lifted its position in Carbonite by 20.2% during the second quarter. Metropolitan Life Insurance Co. NY now owns 9,634 shares of the technology company’s stock valued at $336,000 after buying an additional 1,618 shares in the last quarter. Finally, Tower Research Capital LLC TRC acquired a new position in Carbonite during the second quarter valued at approximately $294,000. 85.06% of the stock is currently owned by hedge funds and other institutional investors.
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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