Carbonite Inc (CARB) is Upgraded by Oppenheimer to Outperform

Carbonite Inc (CARB) was Upgraded by Oppenheimer to ” Outperform”. Earlier the firm had a rating of “Perform ” on the company shares. Oppenheimer advised their investors in a research report released on Oct 11, 2016.

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.

Carbonite Inc closed down -0.03 points or -0.20% at $14.79 with 5,14,220 shares getting traded on Friday. Post opening the session at $14.78, the shares hit an intraday low of $14.32 and an intraday high of $14.96 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Sep 27, 2016, Cassandra Hudson (Chief Accounting Officer) sold 19,062 shares at $15.11 per share price. According to the SEC, on Sep 14, 2016, Danielle Sheer (Vice President;General Counsel) sold 362 shares at $13.74 per share price. On Sep 12, 2016, Jeffry Flowers (director) sold 70,000 shares at $14.50 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

Carbonite Inc

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