Zacks Investment Research upgraded shares of Carbonite (NASDAQ:CARB) from a hold rating to a buy rating in a research note released on Tuesday morning. They currently have $33.00 target price on the technology company’s stock.

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. “

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A number of other brokerages have also weighed in on CARB. B. Riley lifted their price target on shares of Carbonite from $30.00 to $37.00 and gave the company a buy rating in a research note on Wednesday, February 14th. BidaskClub lowered shares of Carbonite from a buy rating to a hold rating in a research note on Thursday, January 18th. TheStreet lowered shares of Carbonite from a c+ rating to a d rating in a research note on Tuesday, February 13th. Finally, Lake Street Capital reaffirmed a buy rating and issued a $27.00 price target (up previously from $25.00) on shares of Carbonite in a research note on Wednesday, February 14th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $30.29.

Carbonite (CARB) opened at $28.35 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.92. Carbonite has a one year low of $18.20 and a one year high of $33.55. The firm has a market cap of $839.89, a P/E ratio of -188.99, a price-to-earnings-growth ratio of 0.74 and a beta of 0.22.

Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.01. Carbonite had a negative net margin of 1.67% and a positive return on equity of 38.08%. The firm had revenue of $61.69 million for the quarter, compared to analyst estimates of $63.72 million. equities research analysts expect that Carbonite will post 1 EPS for the current year.

In other news, CFO Anthony Folger sold 9,119 shares of the business’s stock in a transaction on Monday, March 19th. The shares were sold at an average price of $30.64, for a total value of $279,406.16. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Norman Guadagno sold 1,134 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $23.70, for a total transaction of $26,875.80. The disclosure for this sale can be found here. In the last three months, insiders sold 71,101 shares of company stock worth $1,814,183. 12.20% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the company. State Street Corp increased its holdings in Carbonite by 35.8% during the second quarter. State Street Corp now owns 424,754 shares of the technology company’s stock worth $9,259,000 after buying an additional 112,072 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Carbonite by 37.4% during the second quarter. The Manufacturers Life Insurance Company now owns 19,490 shares of the technology company’s stock worth $425,000 after buying an additional 5,308 shares during the last quarter. California State Teachers Retirement System increased its holdings in Carbonite by 24.8% during the second quarter. California State Teachers Retirement System now owns 43,755 shares of the technology company’s stock worth $954,000 after buying an additional 8,700 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Carbonite by 3.8% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 180,440 shares of the technology company’s stock worth $3,970,000 after buying an additional 6,604 shares during the last quarter. Finally, New York State Common Retirement Fund increased its holdings in Carbonite by 331.4% during the third quarter. New York State Common Retirement Fund now owns 282,249 shares of the technology company’s stock worth $6,209,000 after buying an additional 216,824 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors and hedge funds.

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Carbonite Company Profile

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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Analyst Recommendations for Carbonite (NASDAQ:CARB)

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