Carbonite (CARB) Downgraded by BidaskClub to “Hold”

BidaskClub downgraded shares of Carbonite (NASDAQ:CARB) from a buy rating to a hold rating in a research report sent to investors on Thursday.

Several other equities research analysts also recently weighed in on CARB. Oppenheimer restated a buy rating and issued a $30.00 target price on shares of Carbonite in a research note on Thursday, September 21st. JMP Securities assumed coverage on shares of Carbonite in a research note on Tuesday, October 17th. They set an outperform rating and a $30.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $27.71.

Shares of Carbonite (NASDAQ:CARB) traded down $0.25 on Thursday, reaching $25.75. 173,483 shares of the company’s stock traded hands, compared to its average volume of 184,246. The firm has a market capitalization of $719.64, a P/E ratio of -214.58, a price-to-earnings-growth ratio of 2.08 and a beta of 0.37. Carbonite has a 52 week low of $15.90 and a 52 week high of $27.00. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 3.12.

Carbonite (NASDAQ:CARB) last announced its earnings results on Thursday, November 2nd. The technology company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.04. The company had revenue of $61.60 million during the quarter, compared to the consensus estimate of $61.49 million. Carbonite had a negative net margin of 1.32% and a positive return on equity of 32.85%. Carbonite’s revenue was up 18.7% compared to the same quarter last year. During the same period last year, the firm earned $0.14 earnings per share. research analysts anticipate that Carbonite will post 0.39 earnings per share for the current fiscal year.

In related news, Director Todd Krasnow sold 10,000 shares of the business’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $23.16, for a total transaction of $231,600.00. Following the completion of the transaction, the director now directly owns 227,230 shares in the company, valued at $5,262,646.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Paul S. Mellinger sold 7,500 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $22.10, for a total transaction of $165,750.00. The disclosure for this sale can be found here. Insiders have sold 41,716 shares of company stock valued at $961,860 over the last quarter. Insiders own 12.20% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quantbot Technologies LP lifted its position in Carbonite by 17.2% during the second quarter. Quantbot Technologies LP now owns 5,449 shares of the technology company’s stock valued at $118,000 after purchasing an additional 800 shares during the period. Legal & General Group Plc lifted its position in Carbonite by 19.5% during the second quarter. Legal & General Group Plc now owns 6,035 shares of the technology company’s stock valued at $132,000 after purchasing an additional 985 shares during the period. Oppenheimer Asset Management Inc. lifted its position in Carbonite by 167.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 7,370 shares of the technology company’s stock valued at $162,000 after purchasing an additional 4,612 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Carbonite during the second quarter valued at $231,000. Finally, Voya Investment Management LLC acquired a new position in Carbonite during the second quarter valued at $236,000. Institutional investors own 94.21% of the company’s stock.

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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.

Analyst Recommendations for Carbonite (NASDAQ:CARB)

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