Carbonite (NASDAQ:CARB) Stock Rating Lowered by BidaskClub

BidaskClub lowered shares of Carbonite (NASDAQ:CARB) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, BidAskClub reports.

A number of other research firms have also issued reports on CARB. B. Riley set a $42.00 target price on shares of Carbonite and gave the stock a buy rating in a report on Friday, May 3rd. Northland Securities reissued a buy rating and issued a $35.00 price objective on shares of Carbonite in a report on Monday, July 1st. Zacks Investment Research raised shares of HB Fuller from a sell rating to a hold rating in a report on Wednesday, July 3rd. Craig Hallum set a $43.00 price objective on shares of Carbonite and gave the company a buy rating in a report on Friday, May 3rd. Finally, Barclays set a $54.00 price objective on shares of Lennar and gave the company a buy rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $37.62.

Carbonite stock opened at $24.90 on Tuesday. Carbonite has a 52-week low of $21.83 and a 52-week high of $43.63. The stock has a market capitalization of $868.06 million, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 0.89 and a beta of 0.71. The business’s fifty day simple moving average is $24.36. The company has a debt-to-equity ratio of 2.65, a current ratio of 0.88 and a quick ratio of 0.88.

Carbonite (NASDAQ:CARB) last released its earnings results on Thursday, May 2nd. The technology company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $81.20 million during the quarter, compared to analyst estimates of $77.36 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The company’s revenue for the quarter was up 26.9% compared to the same quarter last year. As a group, equities analysts expect that Carbonite will post 1.42 EPS for the current fiscal year.

In other Carbonite news, CFO Anthony Folger sold 32,315 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $22.85, for a total transaction of $738,397.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mohamad Ali sold 7,199 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $13.31, for a total transaction of $95,818.69. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 56,632 shares of company stock valued at $1,255,608. 8.00% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. Quantamental Technologies LLC boosted its stake in Carbonite by 2,085.9% during the first quarter. Quantamental Technologies LLC now owns 2,951 shares of the technology company’s stock worth $73,000 after buying an additional 2,816 shares during the period. Advisor Group Inc. boosted its stake in Carbonite by 21.7% during the fourth quarter. Advisor Group Inc. now owns 3,195 shares of the technology company’s stock worth $82,000 after buying an additional 570 shares during the period. Great West Life Assurance Co. Can boosted its stake in 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 worth $101,000 after buying an additional 2,043 shares during the period. Legal & General Group Plc boosted its stake in Carbonite by 13.7% during the fourth quarter. Legal & General Group Plc now owns 5,685 shares of the technology company’s stock worth $144,000 after buying an additional 687 shares during the period. Finally, Oppenheimer & Co. Inc. purchased a new position in Carbonite during the first quarter worth about $213,000.

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, 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.

Further Reading: Bollinger Bands

Analyst Recommendations for Carbonite (NASDAQ:CARB)

Receive News & Ratings for Carbonite Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carbonite and related companies with MarketBeat.com's FREE daily email newsletter.