Carbonite (NASDAQ:CARB) Downgraded by Royal Bank of Canada

Royal Bank of Canada lowered shares of Carbonite (NASDAQ:CARB) from an outperform rating to a sector perform rating in a report released on Monday morning, The Fly reports. Royal Bank of Canada currently has $23.00 target price on the technology company’s stock, down from their previous target price of $25.00.

Several other equities analysts also recently weighed in on the stock. Jefferies Financial Group downgraded shares of Carbonite from a buy rating to a hold rating and dropped their target price for the company from $29.00 to $17.00 in a report on Monday, October 7th. JMP Securities dropped their target price on shares of Carbonite to $28.00 and set an outperform rating for the company in a report on Friday, July 26th. ValuEngine downgraded shares of Carbonite from a hold rating to a sell rating in a report on Monday, November 4th. Lake Street Capital dropped their target price on shares of Carbonite from $39.00 to $29.00 and set a buy rating for the company in a report on Friday, July 26th. Finally, B. Riley set a $35.00 target price on shares of Carbonite and gave the company a buy rating in a report on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Hold and an average target price of $23.82.

Shares of NASDAQ CARB traded down $0.11 during midday trading on Monday, hitting $23.06. The company had a trading volume of 1,704,100 shares, compared to its average volume of 763,557. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 2.49. Carbonite has a twelve month low of $11.86 and a twelve month high of $29.77. The business has a 50-day simple moving average of $16.48 and a two-hundred day simple moving average of $19.62. The firm has a market capitalization of $796.13 million, a price-to-earnings ratio of 18.45, a price-to-earnings-growth ratio of 0.78 and a beta of 0.75.

Carbonite (NASDAQ:CARB) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.25. Carbonite had a negative net margin of 5.55% and a positive return on equity of 22.16%. The firm had revenue of $125.80 million during the quarter, compared to analysts’ expectations of $125.76 million. During the same quarter last year, the business earned $0.48 earnings per share. The business’s revenue for the quarter was up 61.9% compared to the same quarter last year. On average, equities analysts forecast that Carbonite will post 1.47 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Mascoma Wealth Management LLC purchased a new stake in shares of Carbonite during the second quarter worth about $44,000. NEXT Financial Group Inc purchased a new stake in shares of Carbonite during the third quarter worth about $44,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Carbonite during the second quarter worth about $78,000. Atria Investments LLC purchased a new stake in shares of Carbonite during the second quarter worth about $78,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in shares of Carbonite during the second quarter worth about $104,000.

About Carbonite

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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Analyst Recommendations for Carbonite (NASDAQ:CARB)

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