Carbonite (CARB) Shares Down 6.4% on Insider Selling
Carbonite Inc (NASDAQ:CARB) fell 6.4% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $25.76 and last traded at $25.91. 1,327,116 shares traded hands during mid-day trading, an increase of 211% from the average session volume of 426,420 shares. The stock had previously closed at $27.67.
Specifically, SVP Deepak Mohan sold 1,355 shares of the company’s stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $42.85, for a total value of $58,061.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Folger sold 1,612 shares of the company’s stock in a transaction dated Thursday, August 30th. The shares were sold at an average price of $41.60, for a total transaction of $67,059.20. The disclosure for this sale can be found here. Insiders sold a total of 87,622 shares of company stock valued at $3,169,540 over the last three months. 9.80% of the stock is owned by corporate insiders.
A number of brokerages have weighed in on CARB. BidaskClub downgraded shares of Carbonite from a “hold” rating to a “sell” rating in a report on Wednesday, August 1st. Zacks Investment Research raised shares of Carbonite from a “hold” rating to a “strong-buy” rating and set a $33.00 price target for the company in a report on Tuesday, November 6th. Barclays boosted their price objective on Carbonite from $38.00 to $41.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 24th. TheStreet upgraded Carbonite from a “d+” rating to a “c” rating in a report on Friday, August 3rd. Finally, ValuEngine downgraded Carbonite from a “buy” rating to a “hold” rating in a report on Friday, November 2nd. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Carbonite presently has an average rating of “Buy” and an average price target of $38.58.
Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Thursday, November 1st. The technology company reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.07. The business had revenue of $79.10 million during the quarter, compared to analysts’ expectations of $80.15 million. Carbonite had a return on equity of 29.30% and a net margin of 1.85%. The firm’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 EPS. Analysts forecast that Carbonite Inc will post 1.13 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in CARB. UBS Group AG grew its stake in shares of Carbonite by 47.9% in the 1st quarter. UBS Group AG now owns 16,536 shares of the technology company’s stock valued at $476,000 after buying an additional 5,353 shares in the last quarter. Sheets Smith Wealth Management bought a new stake in shares of Carbonite in the 2nd quarter valued at approximately $320,000. Aperio Group LLC grew its stake in shares of Carbonite by 10.3% in the 2nd quarter. Aperio Group LLC now owns 20,941 shares of the technology company’s stock valued at $731,000 after buying an additional 1,955 shares in the last quarter. Telemus Capital LLC bought a new stake in shares of Carbonite in the 2nd quarter valued at approximately $698,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Carbonite in the 2nd quarter valued at approximately $1,236,000. 89.15% of the stock is owned by institutional investors and hedge funds.
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About Carbonite (NASDAQ:CARB)
Carbonite, Inc, together with its subsidiaries, provides backup, disaster recovery, high availability, and workload migration technology solutions in the United States. Its solutions include Carbonite Safe that offers annual and multi-year cloud backup plans for individuals or businesses; and Carbonite Endpoint Protection that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.
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