Carbonite (NASDAQ:CARB) Cut to Market Perform at MED

Carbonite (NASDAQ:CARB) was downgraded by equities research analysts at MED from an “outperform” rating to a “market perform” rating in a report issued on Friday, November 2nd, The Fly reports.

Several other research analysts have also recently weighed in on the company. Oppenheimer raised their target price on Carbonite from $40.00 to $50.00 and gave the company an “outperform” rating in a research note on Wednesday, September 5th. BidaskClub lowered Carbonite from a “hold” rating to a “sell” rating in a research report on Friday, October 5th. Zacks Investment Research upgraded Carbonite from a “hold” rating to a “strong-buy” rating and set a $42.00 price target for the company in a research report on Monday, September 24th. Royal Bank of Canada began coverage on Carbonite in a research report on Friday, October 5th. They issued an “outperform” rating and a $42.00 price target for the company. Finally, Jefferies Financial Group began coverage on Carbonite in a research report on Friday, October 12th. They issued a “buy” rating and a $45.00 price target for the company. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $38.58.

CARB stock traded down $0.89 during trading hours on Friday, hitting $29.74. 279,645 shares of the stock traded hands, compared to its average volume of 598,004. Carbonite has a one year low of $20.50 and a one year high of $43.63. The stock has a market capitalization of $1.04 billion, a P/E ratio of 29.61, a P/E/G ratio of 1.34 and a beta of 0.69.

Carbonite (NASDAQ:CARB) last announced its earnings results on Thursday, November 1st. The technology company reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.07. Carbonite had a return on equity of 29.30% and a net margin of 1.85%. The business had revenue of $79.10 million during the quarter, compared to analysts’ expectations of $80.15 million. During the same quarter last year, the business posted $0.25 earnings per share. The company’s quarterly revenue was up 25.4% on a year-over-year basis. Sell-side analysts expect that Carbonite will post 1.13 EPS for the current year.

In related news, SVP Deepak Mohan sold 1,355 shares of the stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $42.85, for a total value of $58,061.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anthony Folger sold 1,612 shares of the stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $41.60, for a total value of $67,059.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 81,404 shares of company stock valued at $2,995,995. Company insiders own 9.80% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its stake in shares of Carbonite by 7.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 124,076 shares of the technology company’s stock worth $4,331,000 after purchasing an additional 8,705 shares in the last quarter. Intrinsic Edge Capital Management LLC purchased a new stake in shares of Carbonite during the 2nd quarter worth about $6,746,000. Engineers Gate Manager LP purchased a new stake in shares of Carbonite during the 2nd quarter worth about $1,733,000. CIBC Private Wealth Group LLC raised its stake in shares of Carbonite by 11.9% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 60,420 shares of the technology company’s stock worth $2,109,000 after purchasing an additional 6,405 shares in the last quarter. Finally, Summit Creek Advisors LLC raised its stake in shares of Carbonite by 17.4% during the 3rd quarter. Summit Creek Advisors LLC now owns 540,933 shares of the technology company’s stock worth $19,284,000 after purchasing an additional 80,020 shares in the last quarter. 84.81% of the stock is owned by institutional investors.

Carbonite Company Profile

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 that offers annual and multi-year cloud backup plans for individuals or businesses; and Carbonite Endpoint Protection that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.

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