Carbonite (NASDAQ:CARB)‘s stock had its “buy” rating reissued by investment analysts at Northland Securities in a research note issued to investors on Thursday, September 5th, AnalystRatings.com reports. They presently have a $30.00 price target on the technology company’s stock. Northland Securities’ price objective would indicate a potential upside of 96.46% from the company’s previous close.
The analysts wrote, “We note that Steve Mumford, board member and Interim CEO is taking an active role while the search for a new CEO continues.””
Other analysts also recently issued reports about the stock. TheStreet downgraded shares of Carbonite from a “c-” rating to a “d+” rating in a report on Thursday, August 29th. ValuEngine cut shares of Carbonite from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 27th. Lake Street Capital decreased their price objective on shares of Carbonite from $39.00 to $29.00 and set a “buy” rating on the stock in a research report on Friday, July 26th. BidaskClub cut shares of Carbonite from a “sell” rating to a “strong sell” rating in a research report on Friday, August 23rd. Finally, Craig Hallum cut shares of Carbonite from a “buy” rating to a “hold” rating and decreased their price objective for the company from $43.00 to $25.00 in a research report on Friday, July 26th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. Carbonite presently has an average rating of “Hold” and a consensus price target of $28.73.
Shares of CARB stock traded up $0.11 during trading hours on Thursday, hitting $15.27. 460 shares of the company were exchanged, compared to its average volume of 962,220. The firm has a fifty day simple moving average of $15.28 and a 200 day simple moving average of $22.16. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 2.49. Carbonite has a 52-week low of $11.86 and a 52-week high of $42.56. The stock has a market capitalization of $531.45 million, a price-to-earnings ratio of 12.15, a P/E/G ratio of 0.53 and a beta of 0.71.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings results on Thursday, July 25th. The technology company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.09. Carbonite had a negative net margin of 2.22% and a positive return on equity of 20.11%. The company had revenue of $121.51 million during the quarter, compared to analyst estimates of $129.68 million. During the same quarter last year, the business posted $0.45 EPS. Carbonite’s quarterly revenue was up 56.3% compared to the same quarter last year. Sell-side analysts anticipate that Carbonite will post 1.47 EPS for the current year.
In other news, CEO Mohamad Ali sold 7,199 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $13.31, for a total value of $95,818.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 7,891 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $25.84, for a total value of $203,903.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,516 shares of company stock valued at $375,188. Insiders own 8.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bernzott Capital Advisors purchased a new stake in shares of Carbonite during the second quarter valued at $14,798,000. Dudley & Shanley Inc. bought a new stake in Carbonite during the second quarter worth about $13,777,000. Prospect Capital Advisors LLC bought a new stake in Carbonite during the second quarter worth about $12,653,000. Marshall Wace LLP bought a new stake in Carbonite during the first quarter worth about $9,082,000. Finally, RK Capital Management LLC bought a new stake in Carbonite during the first quarter worth about $7,319,000.
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, a cloud backup solution for individuals and businesses that protects customer data from accidental deletions, crashes, ransomware, viruses, and other common threats; and Carbonite Endpoint that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.
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