Crosslink Capital, Inc Declares Ownership of Stake in Carbonite Inc. (CARB)
Crosslink Capital, Inc recently disclosed that they own a 6.9% stake in Carbonite Inc. (NASDAQ:CARB) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Monday, September 19th. The investor owns 1,877,905 shares of the stock worth approximately $26,422,123. The disclosure is available through EDGAR at this link.
Crosslink Capital, Inc provided the following explanation of their ownership:
None of Crosslink or the Crosslink Affiliates has any present plans or intentions to acquire or dispose of any securities of the Issuer other than on behalf of Crosslink’s advisory clients for the purpose of investment. Crosslink may decide to purchase at any time or times on behalf of its advisory clients additional shares of Stock or other securities of the Issuer. It also may at any time or times cause its advisory clients to dispose of any or all securities of the Issuer in any lawful manner.
Other than as described herein, none of Crosslink or the Crosslink Affiliates has any present plans or proposals which relate to, or would result in, any of the transactions or events described in Item 4 of Schedule 13D. Crosslink’s advisory clients, however, reserve all of their rights as stockholders of the Issuer and may exercise those rights in any manner that they or Crosslink consider to be in the interests of such clients.
Several other large investors also recently added to or reduced their stakes in the stock. G2 Investment Partners Management LLC bought a new stake in Carbonite during the second quarter worth $2,467,000. Fuller & Thaler Asset Management Inc. bought a new stake in Carbonite during the second quarter worth $2,370,000. SG Capital Management LLC bought a new stake in Carbonite during the second quarter worth $1,111,000. Algert Global LLC bought a new stake in Carbonite during the second quarter worth $923,000. Finally, Emerald Acquisition Ltd. bought a new stake in Carbonite during the second quarter worth $763,000. 65.26% of the stock is owned by institutional investors.
Shares of Carbonite Inc. (NASDAQ:CARB) traded up 1.14% on Monday, reaching $14.23. The company had a trading volume of 157,060 shares. The firm’s market capitalization is $384.78 million. The stock’s 50 day moving average is $13.16 and its 200 day moving average is $9.88. Carbonite Inc. has a 52 week low of $6.50 and a 52 week high of $14.71.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.16. The firm earned $53.40 million during the quarter, compared to analyst estimates of $44.19 million. Carbonite had a negative return on equity of 453.55% and a negative net margin of 7.36%. The business’s quarterly revenue was up 57.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.01) earnings per share. On average, equities analysts anticipate that Carbonite Inc. will post $0.50 EPS for the current year.
A number of research analysts recently issued reports on CARB shares. Zacks Investment Research downgraded Carbonite from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 5th. B. Riley started coverage on Carbonite in a report on Thursday, June 9th. They set a “buy” rating and a $15.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $13.33.
In other news, CFO Anthony Folger sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $13.23, for a total transaction of $79,380.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffry Flowers sold 70,000 shares of the firm’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $14.45, for a total value of $1,011,500.00. Following the transaction, the director now owns 160,367 shares of the company’s stock, valued at approximately $2,317,303.15. The disclosure for this sale can be found here. Insiders own 15.80% of the company’s stock.
Carbonite, Inc (Carbonite) is a provider of cloud and business continuity solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses and individuals. It offers various solutions, such as Carbonite Personal, Carbonite Pro, Carbonite Server Backup and MailStore.
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