Carbonite, Inc. (CARB) Position Boosted by Pembroke Management LTD

Pembroke Management LTD increased its stake in Carbonite, Inc. (NASDAQ:CARB) by 2.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,269,500 shares of the technology company’s stock after buying an additional 30,000 shares during the period. Carbonite makes up 2.5% of Pembroke Management LTD’s investment portfolio, making the stock its 11th largest position. Pembroke Management LTD owned 4.62% of Carbonite worth $27,675,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Legal & General Group Plc raised its position in shares of Carbonite by 5.5% in the first quarter. Legal & General Group Plc now owns 5,050 shares of the technology company’s stock valued at $101,000 after buying an additional 265 shares during the period. American International Group Inc. raised its position in shares of Carbonite by 7.1% in the first quarter. American International Group Inc. now owns 10,951 shares of the technology company’s stock valued at $222,000 after buying an additional 728 shares during the period. Stifel Financial Corp bought a new position in shares of Carbonite during the first quarter valued at approximately $251,000. V Wealth Management LLC bought a new position in shares of Carbonite during the second quarter valued at approximately $275,000. Finally, Alliancebernstein L.P. raised its position in shares of Carbonite by 4.9% in the first quarter. Alliancebernstein L.P. now owns 12,850 shares of the technology company’s stock valued at $261,000 after buying an additional 600 shares during the period. 93.70% of the stock is owned by hedge funds and other institutional investors.

Shares of Carbonite, Inc. (NASDAQ CARB) opened at 21.30 on Tuesday. The firm has a market cap of $592.12 million, a price-to-earnings ratio of 1014.29 and a beta of 0.13. Carbonite, Inc. has a 52-week low of $12.91 and a 52-week high of $24.60. The stock has a 50 day moving average of $22.30 and a 200 day moving average of $20.62.

Carbonite (NASDAQ:CARB) last posted its earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.03. The firm had revenue of $59 million during the quarter, compared to analysts’ expectations of $59.97 million. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. The company’s revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.19 earnings per share. Equities analysts predict that Carbonite, Inc. will post $0.76 EPS for the current fiscal year.

Several brokerages recently commented on CARB. B. Riley reaffirmed a “buy” rating and set a $26.00 price target on shares of Carbonite in a research report on Monday, May 8th. TheStreet raised shares of Carbonite from a “d+” rating to a “c+” rating in a research report on Friday, August 4th. Barclays PLC reaffirmed an “equal weight” rating and set a $27.00 price target (up previously from $26.00) on shares of Carbonite in a research report on Friday, August 4th. Finally, BidaskClub lowered shares of Carbonite from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Carbonite currently has an average rating of “Buy” and a consensus price target of $24.43.

In other Carbonite news, SVP Norman Guadagno sold 2,489 shares of Carbonite stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $21.65, for a total value of $53,886.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 12,500 shares of Carbonite stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $21.19, for a total transaction of $264,875.00. The disclosure for this sale can be found here. Insiders sold 53,111 shares of company stock valued at $1,099,613 over the last quarter. Corporate insiders own 12.20% of the company’s stock.

About Carbonite

Carbonite, Inc provides data protection solutions, including cloud, hybrid and on-premise backup and restore, disaster recovery as a service (DRaaS) and e-mail archiving. The Company’s solutions provide enterprise-grade data protection and recovery capabilities to its customers. The Company’s small and medium-sized businesses (SMBs) plans include Carbonite Computer Backup; Carbonite Server Backup, such as Carbonite Office Power and Carbonite Office Ultimate; EVault Cloud Backup; DRaaS, and e-mail archiving.