ValuEngine Lowers Carbonite (NASDAQ:CARB) to Sell

ValuEngine lowered shares of Carbonite (NASDAQ:CARB) from a hold rating to a sell rating in a research report released on Monday, ValuEngine reports.

Several other brokerages also recently commented on CARB. B. Riley set a $35.00 target price on Carbonite and gave the company a buy rating in a research note on Tuesday, September 10th. Lake Street Capital cut their target price on Carbonite from $39.00 to $29.00 and set a buy rating on the stock in a research note on Friday, July 26th. Jefferies Financial Group downgraded Carbonite from a buy rating to a hold rating and cut their target price for the company from $29.00 to $17.00 in a research note on Monday, October 7th. Craig Hallum downgraded Carbonite from a buy rating to a hold rating and cut their target price for the company from $43.00 to $25.00 in a research note on Friday, July 26th. Finally, Barclays cut their target price on Carbonite from $20.00 to $16.00 and set an underweight rating on the stock in a research note on Monday, October 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $25.80.

CARB stock traded up $0.15 on Monday, reaching $18.40. 1,224,200 shares of the company traded hands, compared to its average volume of 625,777. Carbonite has a one year low of $11.86 and a one year high of $30.41. The company has a debt-to-equity ratio of 2.49, a current ratio of 0.64 and a quick ratio of 0.64. The company has a market cap of $629.97 million, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 0.62 and a beta of 0.75. The firm has a fifty day simple moving average of $15.91 and a 200-day simple moving average of $19.70.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dean Capital Investments Management LLC boosted its stake in Carbonite by 32.5% during the 3rd quarter. Dean Capital Investments Management LLC now owns 39,447 shares of the technology company’s stock valued at $611,000 after purchasing an additional 9,683 shares during the last quarter. First Trust Advisors LP purchased a new stake in Carbonite during the 3rd quarter valued at $452,000. Congress Asset Management Co. MA purchased a new stake in Carbonite during the 3rd quarter valued at $4,024,000. Russell Investments Group Ltd. boosted its stake in shares of Carbonite by 2.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 162,600 shares of the technology company’s stock worth $2,519,000 after buying an additional 4,283 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of Carbonite by 26.3% in the 3rd quarter. California Public Employees Retirement System now owns 66,020 shares of the technology company’s stock worth $1,023,000 after buying an additional 13,734 shares during the last quarter.

Carbonite Company Profile

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.

Further Reading: Analyzing a company’s cash flow statement

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Carbonite (NASDAQ:CARB)

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