Carbonite (CARB) Downgraded to “Sell” at BidaskClub

Carbonite (NASDAQ:CARB) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

Separately, JMP Securities started coverage on shares of Carbonite in a report on Tuesday, October 17th. They issued an “outperform” rating and a $30.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $29.86.

Shares of Carbonite (CARB) opened at $26.53 on Tuesday. Carbonite has a fifty-two week low of $18.20 and a fifty-two week high of $27.00. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 3.12. The firm has a market cap of $741.30, a PE ratio of -221.04, a PEG ratio of 1.69 and a beta of 0.33.

Carbonite (NASDAQ:CARB) last posted its earnings results on Tuesday, February 13th. The technology company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.01. Carbonite had a negative net margin of 1.32% and a positive return on equity of 32.85%. The firm had revenue of $61.69 million for the quarter, compared to the consensus estimate of $63.72 million. research analysts anticipate that Carbonite will post 0.39 earnings per share for the current year.

In related news, insider Cassandra Hudson sold 5,382 shares of Carbonite stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $21.92, for a total transaction of $117,973.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Paul S. Mellinger sold 1,506 shares of Carbonite stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $21.15, for a total transaction of $31,851.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,096 shares of company stock valued at $1,517,037. 12.20% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its stake in shares of Carbonite by 19.5% during the 2nd quarter. Legal & General Group Plc now owns 6,035 shares of the technology company’s stock worth $132,000 after purchasing an additional 985 shares during the period. Fortaleza Asset Management Inc. purchased a new position in shares of Carbonite during the 4th quarter worth about $167,000. Oppenheimer Asset Management Inc. boosted its position in Carbonite by 167.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 7,370 shares of the technology company’s stock valued at $162,000 after buying an additional 4,612 shares during the period. Moors & Cabot Inc. purchased a new stake in Carbonite in the 4th quarter valued at about $220,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Carbonite in the 2nd quarter valued at about $231,000. 92.56% of the stock is owned by hedge funds and other institutional investors.

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About Carbonite

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.

Analyst Recommendations for Carbonite (NASDAQ:CARB)

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