Brokerages Set Carbonite, Inc. (CARB) PT at $24.60
Shares of Carbonite, Inc. (NASDAQ:CARB) have been given an average recommendation of “Buy” by the six analysts that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $24.60.
A number of equities research analysts recently weighed in on CARB shares. Lake Street Capital boosted their price target on shares of Carbonite from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, February 28th. Craig Hallum started coverage on shares of Carbonite in a research note on Thursday, March 16th. They set a “buy” rating and a $30.00 price target for the company. Finally, B. Riley reissued a “buy” rating and set a $22.50 price target on shares of Carbonite in a research note on Wednesday, May 3rd.
In related news, SVP Paul S. Mellinger sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $21.04, for a total transaction of $157,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anthony Folger sold 23,355 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $19.70, for a total transaction of $460,093.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 68,502 shares of company stock valued at $1,389,175. 12.20% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the company. Renaissance Technologies LLC increased its stake in Carbonite by 9.5% in the first quarter. Renaissance Technologies LLC now owns 2,186,400 shares of the technology company’s stock worth $44,384,000 after buying an additional 190,000 shares during the period. Vanguard Group Inc. increased its stake in Carbonite by 41.5% in the first quarter. Vanguard Group Inc. now owns 1,468,756 shares of the technology company’s stock worth $29,816,000 after buying an additional 430,556 shares during the period. Pembroke Management LTD increased its stake in Carbonite by 16.5% in the first quarter. Pembroke Management LTD now owns 1,239,500 shares of the technology company’s stock worth $25,161,000 after buying an additional 175,700 shares during the period. TimesSquare Capital Management LLC acquired a new stake in Carbonite during the first quarter worth $20,504,000. Finally, Arrowpoint Asset Management LLC increased its stake in Carbonite by 14.1% in the fourth quarter. Arrowpoint Asset Management LLC now owns 969,631 shares of the technology company’s stock worth $15,902,000 after buying an additional 119,534 shares during the period. 91.36% of the stock is owned by institutional investors and hedge funds.
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Carbonite (NASDAQ CARB) traded up 8.26% on Friday, hitting $23.60. 1,179,730 shares of the stock traded hands. Carbonite has a 12-month low of $8.81 and a 12-month high of $24.00. The stock has a 50-day moving average price of $20.24 and a 200 day moving average price of $19.01. The stock has a market cap of $648.81 million, a P/E ratio of 78.41 and a beta of 0.23.
Carbonite (NASDAQ:CARB) last announced its earnings results on Thursday, May 4th. The technology company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.02. Carbonite had a net margin of 3.79% and a return on equity of 200.32%. The company had revenue of $57.10 million during the quarter, compared to the consensus estimate of $55.49 million. During the same period in the previous year, the firm posted $0.15 earnings per share. The company’s revenue was up 18.7% on a year-over-year basis. On average, equities analysts expect that Carbonite will post $0.77 EPS for the current fiscal year.
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.
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