Carbonite (NASDAQ:CARB) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Several other research firms also recently weighed in on CARB. Zacks Investment Research downgraded Carbonite from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 25th. ValuEngine downgraded Carbonite from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 2nd. MED boosted their price target on Carbonite from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, August 3rd. Barclays boosted their price target on Carbonite from $34.00 to $38.00 and gave the company an “equal weight” rating in a research note on Thursday, July 12th. Finally, Stifel Nicolaus initiated coverage on Carbonite in a research note on Monday, August 20th. They set a “buy” rating and a $44.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $38.20.

Shares of CARB stock opened at $40.30 on Tuesday. Carbonite has a 1-year low of $19.25 and a 1-year high of $43.63. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 2.85. The firm has a market cap of $1.38 billion, a P/E ratio of 80.60, a price-to-earnings-growth ratio of 0.97 and a beta of 0.50.

Carbonite (NASDAQ:CARB) last announced its earnings results on Thursday, August 2nd. The technology company reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.15. The firm had revenue of $77.70 million for the quarter, compared to the consensus estimate of $78.89 million. Carbonite had a return on equity of 46.67% and a net margin of 0.39%. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.15 EPS. equities research analysts forecast that Carbonite will post 1.05 earnings per share for the current fiscal year.

In other news, CFO Anthony Folger sold 2,898 shares of the business’s stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $36.20, for a total value of $104,907.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Norman Guadagno sold 1,280 shares of the business’s stock in a transaction dated Friday, July 27th. The shares were sold at an average price of $36.20, for a total value of $46,336.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 742,222 shares of company stock worth $27,946,797. Company insiders own 9.80% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. WINTON GROUP Ltd lifted its holdings in shares of Carbonite by 17.6% in the 2nd quarter. WINTON GROUP Ltd now owns 8,692 shares of the technology company’s stock valued at $303,000 after buying an additional 1,298 shares during the period. Metropolitan Life Insurance Co. NY lifted its holdings in shares of Carbonite by 20.2% in the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 9,634 shares of the technology company’s stock valued at $336,000 after buying an additional 1,618 shares during the period. Aperio Group LLC lifted its holdings in shares of Carbonite by 10.3% in the 2nd quarter. Aperio Group LLC now owns 20,941 shares of the technology company’s stock valued at $731,000 after buying an additional 1,955 shares during the period. Swiss National Bank lifted its holdings in shares of Carbonite by 6.3% in the 1st quarter. Swiss National Bank now owns 38,700 shares of the technology company’s stock valued at $1,115,000 after buying an additional 2,300 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Carbonite by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,132,392 shares of the technology company’s stock valued at $32,613,000 after buying an additional 2,922 shares during the period. 84.38% of the stock is owned by institutional investors and hedge funds.

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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