Craig Hallum cut shares of Carbonite (NASDAQ:CARB) from a buy rating to a hold rating in a research note issued to investors on Friday, BenzingaRatingsTable reports. The firm currently has $25.00 price target on the technology company’s stock, down from their previous price target of $43.00.

A number of other brokerages also recently weighed in on CARB. BidaskClub downgraded Vertex Pharmaceuticals from a buy rating to a hold rating in a report on Tuesday, July 9th. Zacks Investment Research downgraded Hallmark Financial Services from a buy rating to a hold rating in a report on Thursday, July 25th. Northland Securities reiterated a buy rating and issued a $35.00 target price on shares of Carbonite in a report on Monday, July 1st. JMP Securities dropped their target price on Carbonite to $28.00 and set an outperform rating on the stock in a report on Friday. Finally, Jefferies Financial Group set a $40.00 target price on Intel and gave the company a sell rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $31.62.

Shares of CARB opened at $18.26 on Friday. The firm has a market cap of $620.39 million, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 0.64 and a beta of 0.71. Carbonite has a fifty-two week low of $16.30 and a fifty-two week high of $43.63. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.65. The firm has a 50-day simple moving average of $24.23.

Carbonite (NASDAQ:CARB) last issued its earnings results on Thursday, July 25th. The technology company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. The company had revenue of $121.51 million for the quarter, compared to the consensus estimate of $129.68 million. Carbonite had a positive return on equity of 20.01% and a negative net margin of 2.22%. The firm’s quarterly revenue was up 56.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. On average, equities analysts predict that Carbonite will post 1.42 earnings per share for the current year.

In related news, CFO Anthony Folger sold 1,612 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $23.65, for a total value of $38,123.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mohamad Ali sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $23.50, for a total value of $94,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 56,632 shares of company stock valued at $1,255,608. 8.00% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Carbonite by 3.2% in the fourth quarter. BlackRock Inc. now owns 2,309,744 shares of the technology company’s stock valued at $58,344,000 after acquiring an additional 72,477 shares in the last quarter. Raymond James & Associates boosted its stake in Carbonite by 13.0% in the fourth quarter. Raymond James & Associates now owns 8,712 shares of the technology company’s stock valued at $220,000 after acquiring an additional 1,000 shares in the last quarter. Advisor Group Inc. boosted its stake in Carbonite by 21.7% in the fourth quarter. Advisor Group Inc. now owns 3,195 shares of the technology company’s stock valued at $82,000 after acquiring an additional 570 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Carbonite by 97.3% in the fourth quarter. Great West Life Assurance Co. Can now owns 4,143 shares of the technology company’s stock valued at $101,000 after acquiring an additional 2,043 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Carbonite by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,180,532 shares of the technology company’s stock valued at $29,820,000 after acquiring an additional 41,811 shares in the last quarter.

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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