Algert Global buys $3,384,531 stake in Carbonite Inc (CARB)

Carbonite Inc (CARB) : Algert Global scooped up 120,607 additional shares in Carbonite Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 12, 2016. The investment management firm now holds a total of 215,438 shares of Carbonite Inc which is valued at $3,384,531.Carbonite Inc makes up approximately 0.99% of Algert Global’s portfolio.

Other Hedge Funds, Including , Cutler Group Lp reduced its stake in CARB by selling 647 shares or 18.23% in the most recent quarter. The Hedge Fund company now holds 2,902 shares of CARB which is valued at $42,863. Simplex Trading sold out all of its stake in CARB during the most recent quarter. The investment firm sold 100 shares of CARB which is valued $1,479.Bnp Paribas Arbitrage Sa boosted its stake in CARB in the latest quarter, The investment management firm added 634 additional shares and now holds a total of 1,255 shares of Carbonite Inc which is valued at $18,951.

Carbonite Inc opened for trading at $15.88 and hit $16.27 on the upside on Tuesday, eventually ending the session at $15.71, with a gain of 6.36% or 0.94 points. The heightened volatility saw the trading volume jump to 12,56,474 shares. Company has a market cap of $425 M.

On the company’s financial health, Carbonite Inc reported $0.19 EPS for the quarter, beating the analyst consensus estimate by $ 0.16 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.03. The company had revenue of $53.40 million for the quarter, compared to analysts expectations of $46.05 million. The company’s revenue was up 57.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.01 EPS.

Many Wall Street Analysts have commented on Carbonite Inc. Carbonite Inc was Upgraded by Oppenheimer to ” Outperform” on Oct 11, 2016.

Carbonite Inc. (Carbonite) provides cloud and hybrid backup solutions. The Company’s solutions are designed to address the specific needs of small and medium sized businesses (SMBs) and individuals. The Company’s suite of solutions includes Carbonite Personal which include unlimited cloud backup for one computer at three different service levels for individuals; Carbonite Pro the Company’s small business workstation solutions automatically back up files to the cloud and include an unlimited number of devices for an annual flat fee based on the amount of storage needed and Carbonite Server Backup the Company’s hybrid server backup solution that protects an unlimited number of servers databases and live applications and offers management capabilities. As of December 31 2014 the Company had subscribers in over 100 countries with subscribers based in the United States representing approximately 94% of its total revenue.

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