Carbonite (NASDAQ:CARB) was upgraded by equities researchers at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Thursday.
Other research analysts have also recently issued reports about the company. ValuEngine upgraded Carbonite from a “hold” rating to a “buy” rating in a research report on Wednesday. Zacks Investment Research upgraded Carbonite from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Tuesday, March 27th. Lake Street Capital restated a “buy” rating and issued a $27.00 price objective (up from $25.00) on shares of Carbonite in a research report on Wednesday, February 14th. B. Riley boosted their price objective on Carbonite from $30.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Finally, TheStreet cut Carbonite from a “c+” rating to a “d” rating in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $31.00.
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Shares of CARB stock opened at $32.25 on Thursday. The company has a debt-to-equity ratio of 2.92, a current ratio of 1.18 and a quick ratio of 1.18. The company has a market cap of $910.69, a P/E ratio of 64.50, a P/E/G ratio of 0.80 and a beta of 0.17. Carbonite has a twelve month low of $18.30 and a twelve month high of $33.55.
Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.01. The company had revenue of $61.69 million during the quarter, compared to analysts’ expectations of $63.72 million. Carbonite had a positive return on equity of 38.08% and a negative net margin of 1.67%. equities analysts predict that Carbonite will post 1 earnings per share for the current year.
In related news, SVP Deepak Mohan sold 3,397 shares of the business’s stock in a transaction that occurred on Wednesday, May 2nd. The stock was sold at an average price of $31.30, for a total transaction of $106,326.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Norman Guadagno sold 13,834 shares of the business’s stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $30.86, for a total value of $426,917.24. The disclosure for this sale can be found here. Insiders sold 71,543 shares of company stock valued at $1,823,943 over the last 90 days. Company insiders own 9.80% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. New England Private Wealth Advisors LLC purchased a new stake in shares of Carbonite during the first quarter worth approximately $202,000. Swiss National Bank increased its position in shares of Carbonite by 6.3% during the first quarter. Swiss National Bank now owns 38,700 shares of the technology company’s stock worth $1,115,000 after purchasing an additional 2,300 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Carbonite during the first quarter worth approximately $1,159,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Carbonite by 6,252.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,651 shares of the technology company’s stock worth $825,000 after purchasing an additional 28,200 shares in the last quarter. Finally, Mackay Shields LLC purchased a new stake in shares of Carbonite during the first quarter worth approximately $1,428,000. Hedge funds and other institutional investors own 92.25% of the company’s stock.
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.