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.
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.
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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