Insider Selling: Carbonite Inc (CARB) General Counsel Sells 5,193 Shares of Stock

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Carbonite Inc (NASDAQ:CARB) General Counsel Danielle Sheer sold 5,193 shares of the stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $30.00, for a total value of $155,790.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Danielle Sheer also recently made the following trade(s):

  • On Monday, October 29th, Danielle Sheer sold 1,553 shares of Carbonite stock. The stock was sold at an average price of $33.26, for a total value of $51,652.78.
  • On Wednesday, October 17th, Danielle Sheer sold 7,474 shares of Carbonite stock. The stock was sold at an average price of $35.59, for a total value of $265,999.66.
  • On Thursday, September 20th, Danielle Sheer sold 484 shares of Carbonite stock. The stock was sold at an average price of $39.00, for a total value of $18,876.00.
  • On Friday, September 7th, Danielle Sheer sold 14,480 shares of Carbonite stock. The stock was sold at an average price of $43.19, for a total value of $625,391.20.
  • On Thursday, August 30th, Danielle Sheer sold 458 shares of Carbonite stock. The stock was sold at an average price of $41.60, for a total value of $19,052.80.

Shares of CARB stock traded down $0.89 during trading hours on Friday, hitting $29.74. 279,645 shares of the company’s stock were exchanged, compared to its average volume of 421,752. The stock has a market capitalization of $1.02 billion, a PE ratio of 59.48, a PEG ratio of 1.33 and a beta of 0.69. Carbonite Inc 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, topping the consensus estimate of $0.41 by $0.07. The company had revenue of $79.10 million for the quarter, compared to analysts’ expectations of $80.15 million. Carbonite had a return on equity of 29.30% and a net margin of 1.85%. The business’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.25 earnings per share. Equities research analysts forecast that Carbonite Inc will post 1.13 earnings per share for the current year.

Several research analysts have issued reports on CARB shares. MED increased their price objective on Carbonite from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Friday, August 3rd. Royal Bank of Canada started coverage on Carbonite in a research note on Friday, October 5th. They set an “outperform” rating and a $42.00 price objective for the company. CIBC reiterated a “market perform” rating on shares of Carbonite in a research note on Friday, November 2nd. Zacks Investment Research lowered Carbonite from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 25th. Finally, BidaskClub upgraded Carbonite from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $38.58.

Hedge funds have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. grew its holdings in shares of Carbonite by 7.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 124,076 shares of the technology company’s stock worth $4,331,000 after purchasing an additional 8,705 shares during the last quarter. Intrinsic Edge Capital Management LLC bought a new stake in shares of Carbonite during the second quarter worth $6,746,000. Engineers Gate Manager LP bought a new stake in shares of Carbonite during the second quarter worth $1,733,000. CIBC Private Wealth Group LLC grew its holdings in shares of Carbonite by 11.9% during the second quarter. CIBC Private Wealth Group LLC now owns 60,420 shares of the technology company’s stock worth $2,109,000 after purchasing an additional 6,405 shares during the last quarter. Finally, Summit Creek Advisors LLC grew its holdings in shares of Carbonite by 17.4% during the third quarter. Summit Creek Advisors LLC now owns 540,933 shares of the technology company’s stock worth $19,284,000 after purchasing an additional 80,020 shares during the last quarter. Institutional investors own 84.81% of the company’s stock.

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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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