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. “
A number of other research firms have also recently weighed in on CARB. BidaskClub cut Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 9th. Barclays set a $54.00 price objective on Lennar and gave the stock a “buy” rating in a research report on Thursday, March 28th. Northland Securities reaffirmed a “buy” rating and set a $35.00 price objective on shares of Carbonite in a research report on Monday, July 1st. B. Riley set a $42.00 price objective on Carbonite and gave the stock a “buy” rating in a research report on Friday, May 3rd. Finally, Craig Hallum set a $43.00 price objective on Carbonite and gave the stock a “buy” rating in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $37.54.
NASDAQ:CARB opened at $23.99 on Monday. The stock’s 50 day moving average price is $24.52. The stock has a market cap of $838.86 million, a P/E ratio of 19.19, a PEG ratio of 0.88 and a beta of 0.71. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.65. Carbonite has a 52-week low of $21.83 and a 52-week high of $43.63.
Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.18. Carbonite had a positive return on equity of 21.93% and a negative net margin of 0.76%. The firm had revenue of $81.20 million for the quarter, compared to the consensus estimate of $77.36 million. During the same quarter last year, the business posted $0.27 EPS. The firm’s quarterly revenue was up 26.9% compared to the same quarter last year. Equities research analysts predict that Carbonite will post 1.42 EPS 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 stock was sold at an average price of $23.50, for a total value of $94,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Anthony Folger sold 1,612 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $23.65, for a total value of $38,123.80. The disclosure for this sale can be found here. Insiders sold a total of 56,632 shares of company stock valued at $1,255,608 over the last three months. Insiders own 8.00% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Quantamental Technologies LLC lifted its holdings in shares of Carbonite by 2,085.9% in the 1st 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 period. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Carbonite in the 2nd quarter valued at approximately $78,000. Advisor Group Inc. increased its stake in Carbonite by 21.7% in the 4th 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 increased its stake in Carbonite by 97.3% in the 4th 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. Finally, Legal & General Group Plc increased its stake in Carbonite by 13.7% in the 4th 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.
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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