Zacks Investment Research upgraded shares of Carbonite (NASDAQ:CARB) from a hold rating to a buy rating in a report issued on Thursday, Zacks.com reports. Zacks Investment Research currently has $28.00 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. “
Several other brokerages also recently issued reports on CARB. BidaskClub downgraded shares of Vertex Pharmaceuticals from a buy rating to a hold rating in a research report on Tuesday, July 9th. B. Riley set a $42.00 price objective on shares of Carbonite and gave the company a buy rating in a research report on Friday, May 3rd. Northland Securities reaffirmed a buy rating and issued a $35.00 price objective on shares of Carbonite in a research report on Monday, July 1st. Barclays set a $54.00 price objective on shares of Lennar and gave the company a buy rating in a research report on Thursday, March 28th. Finally, Craig Hallum set a $43.00 price objective on shares of Carbonite and gave the company a buy rating in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $37.54.
NASDAQ CARB opened at $24.84 on Thursday. Carbonite has a one year low of $21.83 and a one year high of $43.63. The firm has a 50 day simple moving average of $24.43. The company has a debt-to-equity ratio of 2.65, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $855.66 million, a price-to-earnings ratio of 19.87, a price-to-earnings-growth ratio of 0.88 and a beta of 0.71.
Carbonite (NASDAQ:CARB) last posted its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.18. Carbonite had a negative net margin of 0.76% and a positive return on equity of 21.93%. The firm had revenue of $81.20 million for the quarter, compared to analyst estimates of $77.36 million. During the same quarter last year, the firm posted $0.27 earnings per share. Carbonite’s revenue for the quarter was up 26.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Carbonite will post 1.42 earnings per share for the current fiscal year.
In other news, CEO Mohamad Ali sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $23.50, for a total transaction of $94,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anthony Folger sold 32,315 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $22.85, for a total transaction of $738,397.75. The disclosure for this sale can be found here. Insiders have sold 56,632 shares of company stock valued at $1,255,608 in the last three months. Corporate insiders own 8.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Quantamental Technologies LLC lifted its stake in Carbonite by 2,085.9% in the first quarter. Quantamental Technologies LLC now owns 2,951 shares of the technology company’s stock valued at $73,000 after buying an additional 2,816 shares during the last quarter. Advisor Group Inc. raised its stake in shares of Carbonite by 21.7% during the fourth quarter. Advisor Group Inc. now owns 3,195 shares of the technology company’s stock valued at $82,000 after purchasing an additional 570 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Carbonite by 97.3% during the fourth quarter. Great West Life Assurance Co. Can now owns 4,143 shares of the technology company’s stock valued at $101,000 after purchasing an additional 2,043 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Carbonite by 13.7% during the fourth quarter. Legal & General Group Plc now owns 5,685 shares of the technology company’s stock valued at $144,000 after purchasing an additional 687 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Carbonite during the first quarter valued at about $213,000.
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, a cloud backup solution for individuals and businesses that protects customer data from accidental deletions, crashes, ransomware, viruses, and other common threats; and Carbonite Endpoint that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.
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