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. “
Separately, B. Riley reaffirmed a buy rating and set a $17.00 target price on shares of Carbonite in a research report on Wednesday, September 28th.
Carbonite (NASDAQ:CARB) traded down 1.23% during trading on Tuesday, hitting $15.21. The stock had a trading volume of 45,046 shares. Carbonite has a 1-year low of $6.50 and a 1-year high of $15.77. The firm’s market cap is $411.28 million. The firm’s 50 day moving average is $14.16 and its 200 day moving average is $10.63.
Carbonite (NASDAQ:CARB) last announced its earnings results on Tuesday, August 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. The company had revenue of $53.40 million for the quarter, compared to analyst estimates of $44.19 million. Carbonite had a negative return on equity of 453.55% and a negative net margin of 7.36%. Carbonite’s revenue for the quarter was up 57.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.01) earnings per share. On average, analysts anticipate that Carbonite will post $0.50 earnings per share for the current year.
In other news, insider Cassandra Hudson sold 13,158 shares of Carbonite stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $12.62, for a total transaction of $166,053.96. Following the transaction, the insider now owns 42,378 shares in the company, valued at $534,810.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffry Flowers sold 70,000 shares of Carbonite stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $14.45, for a total value of $1,011,500.00. Following the transaction, the director now owns 160,367 shares in the company, valued at approximately $2,317,303.15. The disclosure for this sale can be found here. Insiders own 15.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Blair William & Co. IL increased its position in shares of Carbonite by 5.0% in the second quarter. Blair William & Co. IL now owns 10,500 shares of the company’s stock worth $102,000 after buying an additional 500 shares during the period. Royal Bank of Canada purchased a new position in shares of Carbonite during the second quarter worth approximately $102,000. Citadel Advisors LLC purchased a new position in shares of Carbonite during the second quarter worth approximately $103,000. Glenmede Trust Co. NA purchased a new position in shares of Carbonite during the second quarter worth approximately $109,000. Finally, Aberdeen Asset Management PLC UK purchased a new position in shares of Carbonite during the second quarter worth approximately $117,000. Hedge funds and other institutional investors own 64.51% of the company’s stock.
Carbonite, Inc (Carbonite) is a provider of cloud and business continuity solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses and individuals. It offers various solutions, such as Carbonite Personal, Carbonite Pro, Carbonite Server Backup and MailStore.
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