Carbonite (NASDAQ:CARB) Downgraded by B. Riley to “Neutral”

B. Riley downgraded shares of Carbonite (NASDAQ:CARB) from a buy rating to a neutral rating in a report published on Tuesday morning, The Fly reports. The brokerage currently has $23.00 target price on the technology company’s stock.

A number of other brokerages also recently commented on CARB. Jefferies Financial Group downgraded shares of Carbonite from a buy rating to a hold rating and lowered their price target for the company from $29.00 to $17.00 in a report on Monday, October 7th. ValuEngine downgraded shares of Carbonite from a hold rating to a sell rating in a report on Monday, November 4th. Northland Securities downgraded shares of Carbonite from an outperform rating to a market perform rating and lowered their price target for the company from $30.00 to $23.00 in a report on Tuesday. Royal Bank of Canada downgraded shares of Carbonite from an outperform rating to a sector perform rating and lowered their price target for the company from $25.00 to $23.00 in a report on Monday, November 11th. Finally, Zacks Investment Research raised shares of Carbonite from a hold rating to a buy rating and set a $27.00 price target for the company in a report on Thursday, July 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Hold and a consensus price target of $23.82.

Shares of NASDAQ:CARB traded down $0.11 during midday trading on Tuesday, hitting $22.95. The company had a trading volume of 1,161,700 shares, compared to its average volume of 2,066,976. The company has a debt-to-equity ratio of 2.58, a current ratio of 0.68 and a quick ratio of 0.64. Carbonite has a 12-month low of $11.86 and a 12-month high of $29.77. The company has a fifty day moving average of $16.63 and a two-hundred day moving average of $19.61. The company has a market cap of $803.76 million, a price-to-earnings ratio of 18.36, a PEG ratio of 0.79 and a beta of 0.75.

Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.25. Carbonite had a negative net margin of 5.55% and a positive return on equity of 22.46%. The firm had revenue of $125.80 million during the quarter, compared to the consensus estimate of $125.76 million. During the same quarter last year, the firm earned $0.48 EPS. The firm’s revenue for the quarter was up 61.9% compared to the same quarter last year. Research analysts expect that Carbonite will post 1.47 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mascoma Wealth Management LLC bought a new stake in Carbonite in the second quarter worth about $44,000. NEXT Financial Group Inc bought a new stake in Carbonite in the third quarter worth about $44,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Carbonite in the second quarter worth about $78,000. C M Bidwell & Associates Ltd. bought a new stake in Carbonite in the second quarter worth about $104,000. Finally, Quantamental Technologies LLC lifted its stake in Carbonite by 96.0% in the second quarter. Quantamental Technologies LLC now owns 5,785 shares of the technology company’s stock worth $151,000 after purchasing an additional 2,834 shares during 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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