Carbonite (CARB) Receives Buy Rating from JMP Securities

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JMP Securities reissued their buy rating on shares of Carbonite (NASDAQ:CARB) in a research report report published on Monday morning. The firm currently has a $44.00 target price on the technology company’s stock.

CARB has been the subject of a number of other reports. Zacks Investment Research upgraded Carbonite from a hold rating to a buy rating and set a $31.00 target price for the company in a research report on Thursday, January 31st. Jefferies Financial Group cut their target price on Carbonite from $41.00 to $37.00 and set a buy rating for the company in a research report on Friday. CIBC restated a market perform rating on shares of Carbonite in a research report on Friday, November 2nd. BidaskClub upgraded Carbonite from a sell rating to a hold rating in a research report on Wednesday, October 17th. Finally, Stifel Nicolaus downgraded Carbonite from a buy rating to a hold rating and dropped their price objective for the stock from $44.00 to $25.00 in a research 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. The company presently has a consensus rating of Buy and a consensus target price of $37.33.

NASDAQ:CARB opened at $24.44 on Monday. The firm has a market cap of $824.21 million, a PE ratio of 19.55, a P/E/G ratio of 0.97 and a beta of 0.78. Carbonite has a fifty-two week low of $20.50 and a fifty-two week high of $43.63.

Carbonite (NASDAQ:CARB) last released its earnings results on Thursday, February 7th. The technology company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.16. The firm had revenue of $77.00 million during the quarter, compared to the consensus estimate of $79.53 million. Carbonite had a return on equity of 29.57% and a net margin of 2.54%. The company’s revenue was up 24.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.30 EPS. On average, sell-side analysts anticipate that Carbonite will post 1.23 earnings per share for the current year.

In other Carbonite news, CFO Anthony Folger sold 1,611 shares of the company’s stock in a transaction dated Friday, November 30th. The stock was sold at an average price of $27.95, for a total value of $45,027.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Danielle Sheer sold 1,394 shares of the company’s stock in a transaction dated Monday, January 28th. The stock was sold at an average price of $27.65, for a total value of $38,544.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,255 shares of company stock valued at $1,981,736. 9.80% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of CARB. PNC Financial Services Group Inc. increased its holdings in Carbonite by 51,742.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 451,551 shares of the technology company’s stock worth $16,097,000 after purchasing an additional 450,680 shares in the last quarter. Vanguard Group Inc increased its holdings in Carbonite by 30.4% in the 3rd quarter. Vanguard Group Inc now owns 1,866,217 shares of the technology company’s stock worth $66,531,000 after purchasing an additional 435,554 shares in the last quarter. Vanguard Group Inc. increased its holdings in Carbonite by 30.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,866,217 shares of the technology company’s stock worth $66,531,000 after purchasing an additional 435,554 shares in the last quarter. BlackRock Inc. increased its holdings in Carbonite by 22.9% in the 3rd quarter. BlackRock Inc. now owns 2,237,267 shares of the technology company’s stock worth $79,759,000 after purchasing an additional 417,253 shares in the last quarter. Finally, FIL Ltd acquired a new position in Carbonite in the 3rd quarter worth about $12,221,000.

Carbonite Company Profile

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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