TIAA CREF Investment Management LLC cut its position in shares of Carbonite, Inc. (NASDAQ:CARB) by 35.1% during the first quarter, according to its most recent filing with the SEC. The fund owned 56,794 shares of the technology company’s stock after selling 30,653 shares during the period. TIAA CREF Investment Management LLC’s holdings in Carbonite were worth $1,153,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CARB. State Street Corp boosted its position in shares of Carbonite by 1.8% in the fourth quarter. State Street Corp now owns 294,149 shares of the technology company’s stock worth $4,824,000 after buying an additional 5,311 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Carbonite by 392.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 523,424 shares of the technology company’s stock worth $8,584,000 after buying an additional 417,166 shares during the last quarter. Navellier & Associates Inc acquired a new position in shares of Carbonite during the first quarter worth about $355,000. Summit Creek Advisors LLC acquired a new position in shares of Carbonite during the first quarter worth about $2,885,000. Finally, Northpointe Capital LLC acquired a new position in shares of Carbonite during the first quarter worth about $10,061,000. 93.70% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Carbonite, Inc. (CARB) traded down 2.235% during midday trading on Wednesday, reaching $20.775. 87,707 shares of the company’s stock traded hands. The firm has a market cap of $577.52 million, a PE ratio of 989.286 and a beta of 0.13. Carbonite, Inc. has a 52-week low of $12.91 and a 52-week high of $24.60. The company has a 50 day moving average of $22.24 and a 200 day moving average of $20.66.

Carbonite (NASDAQ:CARB) last issued its earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The business had revenue of $59 million for the quarter, compared to analyst estimates of $59.97 million. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. Carbonite’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 earnings per share. On average, equities analysts predict that Carbonite, Inc. will post $0.76 EPS for the current fiscal year.

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A number of brokerages have recently weighed in on CARB. B. Riley reissued a “buy” rating and set a $22.50 price target on shares of Carbonite in a research report on Wednesday, May 3rd. Barclays PLC began coverage on shares of Carbonite in a research report on Monday, June 26th. They set an “equal weight” rating and a $26.00 price target on the stock. BidaskClub cut shares of Carbonite from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. Finally, TheStreet raised shares of Carbonite from a “d+” rating to a “c+” rating in a research report on Friday, August 4th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $24.43.

In other Carbonite news, CFO Anthony Folger sold 23,355 shares of the firm’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $19.70, for a total value of $460,093.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Cassandra Hudson sold 2,018 shares of the firm’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $21.27, for a total transaction of $42,922.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 53,111 shares of company stock worth $1,099,613. 12.20% of the stock is owned by insiders.

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.

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Institutional Ownership by Quarter for Carbonite (NASDAQ:CARB)

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