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.

COPYRIGHT VIOLATION NOTICE: This piece of content was first reported by Watch List News and is owned by of Watch List News. If you are reading this piece of content on another publication, it was stolen and reposted in violation of US and international trademark and copyright legislation. The correct version of this piece of content can be viewed at https://www.watchlistnews.com/brokerages-set-carbonite-inc-carb-pt-at-24-60/1376401.html.

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.

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.

Receive News & Ratings for Carbonite Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carbonite Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.