Carbonite (CARB) Shares Down 11.2% Following Insider Selling

Carbonite Inc (NASDAQ:CARB) shares fell 11.2% on Monday following insider selling activity. The stock traded as low as $29.25 and last traded at $29.65. 1,129,674 shares traded hands during mid-day trading, an increase of 192% from the average session volume of 387,528 shares. The stock had previously closed at $33.40.

Specifically, General Counsel Danielle Sheer sold 2,321 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $20.89, for a total value of $48,485.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Norman Guadagno sold 13,834 shares of the company’s stock in a transaction on Friday, March 16th. The shares were sold at an average price of $30.86, for a total value of $426,917.24. The disclosure for this sale can be found here. Insiders sold 61,982 shares of company stock valued at $1,534,777 over the last quarter. Insiders own 12.20% of the company’s stock.

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Several research firms recently commented on CARB. Zacks Investment Research upgraded Carbonite from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Tuesday. BidaskClub upgraded Carbonite from a “hold” rating to a “buy” rating in a research note on Friday, March 9th. B. Riley upped their target price on Carbonite from $30.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Lake Street Capital reiterated a “buy” rating and issued a $27.00 target price (up from $25.00) on shares of Carbonite in a research note on Wednesday, February 14th. Finally, TheStreet lowered Carbonite from a “c+” rating to a “d” rating in a research note on Tuesday, February 13th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $30.29.

The stock has a market cap of $952.54, a P/E ratio of -195.99, a P/E/G ratio of 0.84 and a beta of 0.22. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 2.92.

Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.01. The company had revenue of $61.69 million during the quarter, compared to analyst estimates of $63.72 million. Carbonite had a positive return on equity of 38.08% and a negative net margin of 1.67%. research analysts predict that Carbonite Inc will post 1 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in the business. Brown Advisory Inc. increased its stake in Carbonite by 24.4% during the third quarter. Brown Advisory Inc. now owns 15,614 shares of the technology company’s stock worth $344,000 after acquiring an additional 3,065 shares during the last quarter. Cadence Capital Management LLC increased its stake in Carbonite by 5.1% during the third quarter. Cadence Capital Management LLC now owns 73,109 shares of the technology company’s stock worth $1,608,000 after acquiring an additional 3,553 shares during the last quarter. Virginia Retirement Systems ET AL increased its stake in Carbonite by 14.2% during the third quarter. Virginia Retirement Systems ET AL now owns 33,800 shares of the technology company’s stock worth $744,000 after acquiring an additional 4,200 shares during the last quarter. Pembroke Management LTD increased its stake in Carbonite by 0.4% during the fourth quarter. Pembroke Management LTD now owns 1,250,153 shares of the technology company’s stock worth $31,378,000 after acquiring an additional 4,400 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its stake in Carbonite by 167.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 7,370 shares of the technology company’s stock worth $162,000 after acquiring an additional 4,612 shares during the last quarter. Institutional investors own 93.29% of the company’s stock.

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Carbonite Company Profile

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.

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