Carbonite Inc. (NASDAQ:CARB) was upgraded by investment analysts at Oppenheimer Holdings Inc. from a “market perform” rating to an “outperform” rating in a research note issued on Tuesday. The firm currently has a $21.00 price objective on the stock. Oppenheimer Holdings Inc.’s price objective would suggest a potential upside of 30.60% from the company’s previous close.
A number of other brokerages have also recently issued reports on CARB. B. Riley reiterated a “buy” rating and issued a $17.00 price objective on shares of Carbonite in a report on Wednesday, August 3rd. Zacks Investment Research upgraded shares of Carbonite from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Tuesday, July 12th.
Carbonite (NASDAQ:CARB) opened at 16.08 on Tuesday. The company’s market cap is $434.80 million. Carbonite has a 12 month low of $6.50 and a 12 month high of $16.27. The stock’s 50 day moving average is $14.52 and its 200 day moving average is $10.91.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.16. The firm earned $53.40 million during the quarter, compared to analysts’ expectations of $44.19 million. Carbonite had a negative net margin of 7.36% and a negative return on equity of 453.55%. Carbonite’s revenue for the quarter was up 57.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.01) earnings per share. Equities analysts predict that Carbonite will post $0.50 earnings per share for the current year.
In other Carbonite news, Director Jeffry Flowers sold 51,020 shares of the business’s stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $13.03, for a total transaction of $664,790.60. Following the completion of the transaction, the director now owns 255,756 shares of the company’s stock, valued at approximately $3,332,500.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Cassandra Hudson sold 19,062 shares of the business’s stock in a transaction on Friday, September 23rd. The stock was sold at an average price of $15.02, for a total transaction of $286,311.24. Following the transaction, the insider now directly owns 46,157 shares of the company’s stock, valued at approximately $693,278.14. The disclosure for this sale can be found here. Company insiders own 15.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blair William & Co. IL raised its position in 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 in the last quarter. Royal Bank of Canada bought a new position in shares of Carbonite during the second quarter worth approximately $102,000. Citadel Advisors LLC bought a new position in shares of Carbonite during the second quarter worth approximately $103,000. Glenmede Trust Co. NA bought a new position in shares of Carbonite during the second quarter worth approximately $109,000. Finally, Aberdeen Asset Management PLC UK bought a new position in shares of Carbonite during the second quarter worth approximately $117,000. 64.51% of the stock is owned by hedge funds and other institutional investors.
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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