Zacks Investment Research upgraded shares of Carbonite Inc. (NASDAQ:CARB) from a hold rating to a buy rating in a report issued on Tuesday morning. Zacks Investment Research currently has $17.00 price objective on the 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. “
A number of other research firms also recently commented on CARB. B. Riley reaffirmed a buy rating and issued a $17.00 price objective on shares of Carbonite in a report on Wednesday, August 3rd. Oppenheimer Holdings Inc. raised shares of Carbonite from a market perform rating to an outperform rating and set a $21.00 price objective for the company in a report on Tuesday.
Carbonite (NASDAQ:CARB) opened at 15.74 on Tuesday. Carbonite has a one year low of $6.50 and a one year high of $16.27. The stock has a 50 day moving average of $14.59 and a 200-day moving average of $10.94. The stock’s market cap is $425.61 million.
Carbonite (NASDAQ:CARB) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. The firm earned $53.40 million during the quarter, compared to the consensus estimate of $44.19 million. Carbonite had a negative net margin of 7.36% and a negative return on equity of 453.55%. The firm’s revenue was up 57.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.01) earnings per share. Analysts anticipate that Carbonite will post $0.50 EPS for the current year.
In related news, insider Cassandra Hudson sold 13,158 shares of Carbonite stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $12.62, for a total transaction of $166,053.96. Following the sale, the insider now directly owns 42,378 shares in the company, valued at $534,810.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 6,000 shares of Carbonite stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $13.23, for a total transaction of $79,380.00. The disclosure for this sale can be found here. Insiders own 15.80% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake 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 worth $2,142,000 after buying an additional 5,694 shares in the last quarter. Essex Investment Management Co. LLC bought a new stake in shares of Carbonite during the second quarter worth $325,000. Menta Capital LLC boosted its stake in shares of Carbonite by 31.3% in the first quarter. Menta Capital LLC now owns 42,671 shares of the company’s stock worth $340,000 after buying an additional 10,176 shares in the last quarter. Royce & Associates LP boosted its stake in shares of Carbonite by 8.2% in the first quarter. Royce & Associates LP now owns 198,100 shares of the company’s stock worth $1,579,000 after buying an additional 15,000 shares in the last quarter. Finally, Teton Advisors Inc. boosted its stake in shares of Carbonite by 1.3% in the second quarter. Teton Advisors Inc. now owns 75,687 shares of the company’s stock worth $736,000 after buying an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 64.51% of the company’s stock.
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.