Zacks Investment Research downgraded shares of Carbonite, Inc. (NASDAQ:CARB) from a strong-buy rating to a hold rating in a research note published on Monday.

According to Zacks, “Carbonite Inc. is a computer service company which provides online backup solutions for consumers and small and medium sized businesses to retrieve files if lost on the internet. The Company’s backup solutions work automatically and continuously uploading encrypted copies of its customer’s files to the servers known as Carbonite Personal Cloud. Carbonite Inc. is headquartered in Boston, Massachusetts. “

A number of other brokerages have also weighed in on CARB. B. Riley reiterated a buy rating and set a $22.50 target price on shares of Carbonite in a research note on Monday, February 6th. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $22.00 target price (up from $21.00) on shares of Carbonite in a research note on Monday, November 21st. Finally, TheStreet upgraded shares of Carbonite from a sell rating to a hold rating in a research note on Friday, November 4th.

Shares of Carbonite (NASDAQ:CARB) opened at 19.75 on Monday. Carbonite has a 12 month low of $6.96 and a 12 month high of $21.30. The stock’s market cap is $536.86 million. The company has a 50 day moving average price of $17.72 and a 200-day moving average price of $16.19.

Carbonite (NASDAQ:CARB) last announced its quarterly earnings data on Thursday, February 9th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.01. Carbonite had a negative net margin of 1.98% and a negative return on equity of 444.34%. The company earned $53.50 million during the quarter, compared to analyst estimates of $50.97 million. During the same period in the previous year, the business earned $0.13 EPS. The firm’s revenue for the quarter was up 52.5% on a year-over-year basis. On average, equities research analysts predict that Carbonite will post $0.75 earnings per share for the current year.

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In other Carbonite news, VP Danielle Sheer sold 105,530 shares of the business’s stock in a transaction on Friday, January 13th. The shares were sold at an average price of $17.51, for a total transaction of $1,847,830.30. Following the completion of the sale, the vice president now directly owns 107,717 shares in the company, valued at approximately $1,886,124.67. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Anthony Folger sold 1,563 shares of the business’s stock in a transaction on Tuesday, November 29th. The shares were sold at an average price of $19.01, for a total transaction of $29,712.63. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 183,979 shares of company stock valued at $3,343,216. Company insiders own 15.80% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Royal Bank of Canada acquired a new stake in shares of Carbonite during the second quarter worth about $102,000. Adams Street Partners LLC acquired a new stake in shares of Carbonite during the second quarter worth about $138,000. Acrospire Investment Management LLC increased its stake in shares of Carbonite by 175.5% in the third quarter. Acrospire Investment Management LLC now owns 9,447 shares of the company’s stock worth $145,000 after buying an additional 6,018 shares during the last quarter. FNY Managed Accounts LLC acquired a new stake in shares of Carbonite during the third quarter worth about $167,000. Finally, Ellington Management Group LLC acquired a new stake in shares of Carbonite during the fourth quarter worth about $171,000. 83.76% of the stock is owned by hedge funds and other institutional investors.

About Carbonite

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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