Carbonite (CARB) Stock Rating Upgraded by BidaskClub

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Carbonite (NASDAQ:CARB) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a report released on Thursday, BidAskClub reports.

Other analysts have also issued reports about the stock. B. Riley set a $42.00 price target on shares of Carbonite and gave the company a “buy” rating in a research report on Friday, May 3rd. Craig Hallum set a $43.00 price target on shares of Carbonite and gave the company a “buy” rating in a research report on Friday, May 3rd. Barclays began coverage on shares of Carbonite in a research report on Thursday, March 28th. They set an “overweight” rating and a $30.00 price target for the company. Zacks Investment Research lowered shares of Carbonite from a “buy” rating to a “hold” rating in a research report on Monday, February 11th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $33.00 price target (down from $45.00) on shares of Carbonite in a research report on Friday, February 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. Carbonite currently has an average rating of “Hold” and a consensus price target of $37.83.

Shares of Carbonite stock opened at $25.16 on Thursday. The company has a current ratio of 0.88, a quick ratio of 1.59 and a debt-to-equity ratio of 2.65. Carbonite has a 1 year low of $21.83 and a 1 year high of $43.63. The stock has a market cap of $887.01 million, a price-to-earnings ratio of 20.13, a price-to-earnings-growth ratio of 0.89 and a beta of 0.70.

Carbonite (NASDAQ:CARB) last issued its earnings results on Thursday, May 2nd. The technology company reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 company had revenue of $81.20 million for the quarter, compared to analysts’ expectations of $77.36 million. During the same period in the prior year, the business earned $0.27 EPS. The firm’s quarterly revenue was up 26.9% on a year-over-year basis. As a group, equities research analysts forecast that Carbonite will post 1.42 earnings per share for the current fiscal year.

In related news, SVP Norman Guadagno sold 1,800 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $22.53, for a total value of $40,554.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mohamad Ali sold 4,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $24.45, for a total transaction of $97,800.00. The disclosure for this sale can be found here. Insiders sold a total of 14,490 shares of company stock valued at $348,369 over the last ninety days. 8.00% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in CARB. Quantamental Technologies LLC raised its position in Carbonite by 2,085.9% during the 1st 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 last quarter. Advisors Asset Management Inc. raised its position in Carbonite by 73.2% during the 4th quarter. Advisors Asset Management Inc. now owns 3,147 shares of the technology company’s stock worth $79,000 after buying an additional 1,330 shares during the last quarter. Advisor Group Inc. raised its position in Carbonite by 21.7% during the 4th 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 last quarter. Great West Life Assurance Co. Can raised its position in Carbonite by 97.3% during the 4th 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 last quarter. Finally, Legal & General Group Plc raised its position in Carbonite by 17.8% during the 3rd quarter. Legal & General Group Plc now owns 4,998 shares of the technology company’s stock worth $178,000 after buying an additional 756 shares during the last quarter.

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, 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.

Read More: Institutional Investors

Analyst Recommendations for Carbonite (NASDAQ:CARB)

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