Todays Report: The California Public Employees Retirement System lowers its Position in Carbonite Inc. (CARB)

The California Public Employees Retirement System lowers its Position in Carbonite Inc. (CARB)

California Public Employees Retirement System reduced its stake in shares of Carbonite Inc. (NASDAQ:CARB) by 1.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,208 shares of the company’s stock after selling 2,500 shares during the period. California Public Employees Retirement System owned about 0.47% of Carbonite worth $1,228,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in CARB. Bank of New York Mellon Corp boosted its position in shares of Carbonite by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 220,164 shares of the company’s stock valued at $2,142,000 after buying an additional 5,694 shares during the last quarter. Essex Investment Management Co. LLC bought a new position in shares of Carbonite during the second quarter valued at about $325,000. Menta Capital LLC boosted its position in shares of Carbonite by 31.3% in the first quarter. Menta Capital LLC now owns 42,671 shares of the company’s stock valued at $340,000 after buying an additional 10,176 shares during the last quarter. Royce & Associates LP boosted its position in shares of Carbonite by 8.2% in the first quarter. Royce & Associates LP now owns 198,100 shares of the company’s stock valued at $1,579,000 after buying an additional 15,000 shares during the last quarter. Finally, State Treasurer State of Michigan bought a new position in shares of Carbonite during the second quarter valued at about $250,000. 64.51% of the stock is owned by institutional investors.

Shares of Carbonite Inc. (NASDAQ:CARB) traded up 1.7510% during midday trading on Friday, reaching $16.0156. The company’s stock had a trading volume of 93,414 shares. The firm’s market capitalization is $433.06 million. The company’s 50-day moving average price is $14.59 and its 200 day moving average price is $10.94. Carbonite Inc. has a 1-year low of $6.50 and a 1-year high of $16.27.

Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.16. The company earned $53.40 million during the quarter, compared to analyst estimates of $44.19 million. Carbonite had a negative return on equity of 453.55% and a negative net margin of 7.36%. The firm’s revenue was up 57.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.01) earnings per share. On average, equities research analysts forecast that Carbonite Inc. will post $0.50 earnings per share for the current year.

Several research firms recently weighed in on CARB. B. Riley restated a “buy” rating and set a $17.00 target price on shares of Carbonite in a research note on Wednesday, September 28th. Zacks Investment Research cut Carbonite from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Finally, Oppenheimer Holdings Inc. upgraded Carbonite from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a research note on Tuesday.

In other news, CFO Anthony Folger sold 6,000 shares of the stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $13.23, for a total value of $79,380.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cassandra Hudson sold 13,158 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $12.62, for a total value of $166,053.96. Following the completion of the sale, the insider now owns 42,378 shares of the company’s stock, valued at approximately $534,810.36. The disclosure for this sale can be found here. Company insiders own 15.80% of the company’s stock.

About Carbonite

Carbonite, Inc (Carbonite) is a provider of cloud and business continuity solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses and individuals. It offers various solutions, such as Carbonite Personal, Carbonite Pro, Carbonite Server Backup and MailStore.

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