Carbonite (CARB) Cut to “Hold” at Zacks Investment Research

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Carbonite (NASDAQ:CARB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.

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. “

Other equities research analysts have also recently issued reports about the company. BidaskClub upgraded Carbonite from a “hold” rating to a “buy” rating in a report on Friday, December 21st. Jefferies Financial Group lowered their price objective on Carbonite from $41.00 to $37.00 and set a “buy” rating on the stock in a report on Friday. Lake Street Capital lifted their price objective on Carbonite to $39.00 and gave the stock a “buy” rating in a report on Friday. JMP Securities reiterated a “buy” rating and issued a $44.00 price objective on shares of Carbonite in a report on Monday. Finally, Stifel Nicolaus cut Carbonite from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $44.00 to $25.00 in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Carbonite presently has a consensus rating of “Buy” and a consensus price target of $37.33.

Shares of NASDAQ:CARB traded up $0.59 during trading on Monday, reaching $24.44. 1,199,566 shares of the company’s stock traded hands, compared to its average volume of 462,436. Carbonite has a fifty-two week low of $20.50 and a fifty-two week high of $43.63. The stock has a market capitalization of $824.21 million, a PE ratio of 19.55, a price-to-earnings-growth ratio of 0.97 and a beta of 0.78.

Carbonite (NASDAQ:CARB) last posted its quarterly earnings data on Thursday, February 7th. The technology company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.16. Carbonite had a return on equity of 29.57% and a net margin of 2.54%. The company had revenue of $77.00 million for the quarter, compared to analysts’ expectations of $79.53 million. During the same period in the previous year, the firm posted $0.30 EPS. Carbonite’s revenue was up 24.8% compared to the same quarter last year. As a group, equities research analysts expect that Carbonite will post 1.23 earnings per share for the current year.

In other news, Director Todd Krasnow sold 6,218 shares of Carbonite stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $27.91, for a total transaction of $173,544.38. Following the sale, the director now owns 220,623 shares of the company’s stock, valued at approximately $6,157,587.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Scott Andrew Daniels purchased 2,000 shares of Carbonite stock in a transaction dated Tuesday, November 13th. The shares were purchased at an average cost of $27.57 per share, for a total transaction of $55,140.00. Following the transaction, the director now owns 42,070 shares in the company, valued at approximately $1,159,869.90. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 72,255 shares of company stock worth $1,981,736. Corporate insiders own 9.80% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Carbonite by 3.2% during the 4th quarter. BlackRock Inc. now owns 2,309,744 shares of the technology company’s stock valued at $58,344,000 after buying an additional 72,477 shares during the period. ETF Managers Group LLC raised its position in shares of Carbonite by 19.2% during the 4th quarter. ETF Managers Group LLC now owns 1,942,525 shares of the technology company’s stock valued at $49,068,000 after buying an additional 312,323 shares during the period. Vanguard Group Inc raised its position in Carbonite by 30.4% in the third quarter. Vanguard Group Inc now owns 1,866,217 shares of the technology company’s stock valued at $66,531,000 after purchasing an additional 435,554 shares during the period. Vanguard Group Inc. raised its position in Carbonite by 30.4% in the third quarter. Vanguard Group Inc. now owns 1,866,217 shares of the technology company’s stock valued at $66,531,000 after purchasing an additional 435,554 shares during the period. Finally, Renaissance Technologies LLC raised its position in Carbonite by 0.3% in the third quarter. Renaissance Technologies LLC now owns 1,680,289 shares of the technology company’s stock valued at $59,902,000 after purchasing an additional 5,289 shares during the period.

About Carbonite

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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