Zacks Investment Research Downgrades Carbonite (CARB) to Hold

Zacks Investment Research downgraded shares of Carbonite (NASDAQ:CARB) from a buy rating to a hold rating in a report issued on Thursday morning.

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. “

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Several other research firms have also issued reports on CARB. BidaskClub upgraded shares of Carbonite from a hold rating to a buy rating in a report on Friday, March 9th. TheStreet lowered shares of Carbonite from a c+ rating to a d rating in a report on Tuesday, February 13th. Lake Street Capital restated a buy rating and set a $27.00 price target (up previously from $25.00) on shares of Carbonite in a report on Wednesday, February 14th. Finally, B. Riley raised their price target on shares of Carbonite from $30.00 to $37.00 and gave the stock a buy rating in a report on Wednesday, February 14th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Carbonite currently has an average rating of Buy and an average price target of $30.14.

Carbonite stock opened at $28.75 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. Carbonite has a 52-week low of $18.20 and a 52-week high of $33.55. The company has a market cap of $820.76, a price-to-earnings ratio of 75.66, a PEG ratio of 0.72 and a beta of 0.17.

Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.01. Carbonite had a negative net margin of 1.67% and a positive return on equity of 38.08%. The firm had revenue of $61.69 million during the quarter, compared to analyst estimates of $63.72 million. analysts forecast that Carbonite will post 1 earnings per share for the current year.

In other news, SVP Norman Guadagno sold 13,834 shares of Carbonite stock in a transaction on Friday, March 16th. The shares were sold at an average price of $30.86, for a total value of $426,917.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Paul S. Mellinger sold 1,506 shares of Carbonite stock in a transaction on Monday, February 12th. The shares were sold at an average price of $21.15, for a total transaction of $31,851.90. The disclosure for this sale can be found here. Insiders sold a total of 72,535 shares of company stock valued at $1,859,278 in the last quarter. 12.20% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. We Are One Seven LLC bought a new stake in shares of Carbonite in the 4th quarter valued at $148,000. Oppenheimer Asset Management Inc. increased its stake in shares of Carbonite by 167.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 7,370 shares of the technology company’s stock valued at $162,000 after acquiring an additional 4,612 shares in the last quarter. Fortaleza Asset Management Inc. bought a new stake in shares of Carbonite in the 4th quarter valued at $167,000. Moors & Cabot Inc. bought a new stake in shares of Carbonite in the 4th quarter valued at $220,000. Finally, MetLife Investment Advisors LLC bought a new stake in shares of Carbonite in the 4th quarter valued at $300,000. Institutional investors own 93.34% of the company’s stock.

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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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Analyst Recommendations for Carbonite (NASDAQ:CARB)

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