Carbonite (CARB) Shares Gap Down to $26.97

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Shares of Carbonite Inc (NASDAQ:CARB) gapped down prior to trading on Monday . The stock had previously closed at $25.94, but opened at $26.97. Carbonite shares last traded at $27.85, with a volume of 391211 shares trading hands.

Several analysts have recently weighed in on CARB shares. BidaskClub upgraded shares of Carbonite from a “hold” rating to a “buy” rating in a research note on Saturday, September 8th. Stifel Nicolaus started coverage on shares of Carbonite in a research note on Monday, August 20th. They issued a “buy” rating and a $44.00 price objective for the company. Jefferies Financial Group started coverage on shares of Carbonite in a research note on Friday, October 12th. They issued a “buy” rating and a $45.00 price objective for the company. TheStreet upgraded shares of Carbonite from a “d+” rating to a “c” rating in a research note on Friday, August 3rd. Finally, Barclays boosted their price target on shares of Carbonite from $38.00 to $41.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 24th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Carbonite has a consensus rating of “Buy” and a consensus price target of $38.58.

The company has a market cap of $906.57 million, a P/E ratio of 59.20, a price-to-earnings-growth ratio of 0.64 and a beta of 0.69. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.73 and a current ratio of 0.73.

Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Thursday, November 1st. The technology company reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.07. The business had revenue of $79.10 million during the quarter, compared to analyst estimates of $80.15 million. Carbonite had a net margin of 1.85% and a return on equity of 56.42%. Carbonite’s quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 EPS. Equities analysts forecast that Carbonite Inc will post 1.08 earnings per share for the current year.

In other news, General Counsel Danielle Sheer sold 14,480 shares of the company’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $43.19, for a total value of $625,391.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anthony Folger sold 1,612 shares of the company’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $41.60, for a total transaction of $67,059.20. The disclosure for this sale can be found here. Insiders have sold a total of 64,698 shares of company stock valued at $2,498,780 in the last 90 days. 9.80% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Fort Washington Investment Advisors Inc. OH grew its stake in shares of Carbonite by 8.0% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 517,947 shares of the technology company’s stock worth $18,465,000 after acquiring an additional 38,317 shares in the last quarter. Lisanti Capital Growth LLC grew its stake in shares of Carbonite by 2.7% in the 3rd quarter. Lisanti Capital Growth LLC now owns 87,980 shares of the technology company’s stock worth $3,136,000 after acquiring an additional 2,338 shares in the last quarter. WINTON GROUP Ltd grew its stake in shares of Carbonite by 30.4% in the 3rd quarter. WINTON GROUP Ltd now owns 11,332 shares of the technology company’s stock worth $404,000 after acquiring an additional 2,640 shares in the last quarter. American Century Companies Inc. bought a new stake in shares of Carbonite in the 3rd quarter worth $6,119,000. Finally, Cadence Capital Management LLC grew its stake in shares of Carbonite by 19.9% in the 3rd quarter. Cadence Capital Management LLC now owns 103,613 shares of the technology company’s stock worth $3,694,000 after acquiring an additional 17,173 shares in the last quarter. Hedge funds and other institutional investors own 84.81% of the company’s stock.

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Carbonite Company Profile (NASDAQ:CARB)

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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