Morgan Stanley lowered its position in Carbonite, Inc. (NASDAQ:CARB) by 10.5% during the first quarter, Holdings Channel reports. The firm owned 217,593 shares of the technology company’s stock after selling 25,633 shares during the period. Morgan Stanley’s holdings in Carbonite were worth $4,417,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CARB. State Street Corp raised its position in shares of Carbonite by 1.8% in the fourth quarter. State Street Corp now owns 294,149 shares of the technology company’s stock worth $4,824,000 after buying an additional 5,311 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Carbonite by 392.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 523,424 shares of the technology company’s stock worth $8,584,000 after buying an additional 417,166 shares during the period. AQR Capital Management LLC acquired a new position in shares of Carbonite during the fourth quarter worth approximately $642,000. Navellier & Associates Inc acquired a new position in shares of Carbonite during the first quarter worth approximately $355,000. Finally, Summit Creek Advisors LLC acquired a new position in shares of Carbonite during the first quarter worth approximately $2,885,000. Institutional investors own 94.24% of the company’s stock.

Carbonite, Inc. (CARB) traded up 1.25% during mid-day trading on Friday, hitting $20.30. The stock had a trading volume of 461,808 shares. The firm has a market capitalization of $564.32 million, a price-to-earnings ratio of 966.67 and a beta of 0.13. The stock’s 50 day moving average price is $22.39 and its 200 day moving average price is $20.54. Carbonite, Inc. has a one year low of $12.81 and a one year high of $24.60.

Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The business had revenue of $59 million during the quarter, compared to analysts’ expectations of $59.97 million. Carbonite had a return on equity of 36.43% and a net margin of 0.29%. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same period last year, the firm posted $0.19 EPS. Analysts forecast that Carbonite, Inc. will post $0.76 EPS for the current year.

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CARB has been the subject of a number of research analyst reports. B. Riley reiterated a “buy” rating and set a $22.50 price target on shares of Carbonite in a report on Wednesday, May 3rd. Barclays PLC initiated coverage on Carbonite in a report on Monday, June 26th. They set an “equal weight” rating and a $26.00 price target for the company. BidaskClub lowered Carbonite from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Finally, TheStreet upgraded Carbonite from a “d+” rating to a “c+” rating in a research report on Friday, August 4th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $24.43.

In related news, CFO Anthony Folger sold 23,355 shares of Carbonite stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $19.70, for a total transaction of $460,093.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Norman Guadagno sold 2,489 shares of Carbonite stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $21.65, for a total value of $53,886.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 53,111 shares of company stock valued at $1,099,613. 12.20% of the stock is currently owned by insiders.

Carbonite Company Profile

Carbonite, Inc provides data protection solutions, including cloud, hybrid and on-premise backup and restore, disaster recovery as a service (DRaaS) and e-mail archiving. The Company’s solutions provide enterprise-grade data protection and recovery capabilities to its customers. The Company’s small and medium-sized businesses (SMBs) plans include Carbonite Computer Backup; Carbonite Server Backup, such as Carbonite Office Power and Carbonite Office Ultimate; EVault Cloud Backup; DRaaS, and e-mail archiving.

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Institutional Ownership by Quarter for Carbonite (NASDAQ:CARB)

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