Timpani Capital Management LLC lowered its stake in Carbonite, Inc. (NASDAQ:CARB) by 7.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 224,451 shares of the technology company’s stock after selling 18,973 shares during the period. Carbonite makes up approximately 1.8% of Timpani Capital Management LLC’s portfolio, making the stock its 9th biggest holding. Timpani Capital Management LLC owned about 0.82% of Carbonite worth $4,893,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in CARB. TimesSquare Capital Management LLC purchased a new stake in Carbonite during the first quarter worth $20,504,000. Russell Investments Group Ltd. boosted its position in Carbonite by 192.9% during the second quarter. Russell Investments Group Ltd. now owns 1,382,650 shares of the technology company’s stock worth $30,143,000 after purchasing an additional 910,533 shares in the last quarter. Vanguard Group Inc. boosted its position in Carbonite by 41.5% during the first quarter. Vanguard Group Inc. now owns 1,468,756 shares of the technology company’s stock worth $29,816,000 after purchasing an additional 430,556 shares in the last quarter. Hood River Capital Management LLC purchased a new stake in Carbonite during the first quarter worth $6,850,000. Finally, Dimensional Fund Advisors LP boosted its position in Carbonite by 54.3% during the first quarter. Dimensional Fund Advisors LP now owns 807,557 shares of the technology company’s stock worth $16,393,000 after purchasing an additional 284,133 shares in the last quarter. 93.65% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently commented on CARB. B. Riley restated a “buy” rating and set a $26.00 price target on shares of Carbonite in a research note on Monday, August 7th. BidaskClub lowered Carbonite from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Barclays PLC reiterated an “equal weight” rating and issued a $27.00 target price (up previously from $26.00) on shares of Carbonite in a research note on Friday, August 4th. Finally, TheStreet upgraded Carbonite from a “d+” rating to a “c+” rating in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $24.43.
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Carbonite, Inc. (NASDAQ:CARB) traded down 0.24% during mid-day trading on Friday, reaching $20.50. The company had a trading volume of 380,637 shares. The company’s 50 day moving average is $20.52 and its 200 day moving average is $20.68. Carbonite, Inc. has a 52-week low of $14.07 and a 52-week high of $24.60. The stock has a market capitalization of $569.88 million, a price-to-earnings ratio of 976.19 and a beta of 0.22.
Carbonite (NASDAQ:CARB) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. The firm had revenue of $59.00 million during the quarter, compared to the consensus estimate of $59.97 million. During the same period in the previous year, the firm posted $0.19 earnings per share. The business’s revenue was up 10.5% compared to the same quarter last year. Equities analysts predict that Carbonite, Inc. will post $0.76 earnings per share for the current year.
In other news, SVP Norman Guadagno sold 2,489 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $21.65, for a total transaction of $53,886.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anthony Folger sold 12,500 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $21.19, for a total transaction of $264,875.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,898 shares of company stock valued at $599,091. Insiders own 12.20% of the company’s stock.
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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