Penn Capital Management Co. Inc. Purchases 19,295 Shares of Carbonite Inc (CARB)

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Penn Capital Management Co. Inc. increased its position in Carbonite Inc (NASDAQ:CARB) by 8.3% during the 1st quarter, HoldingsChannel.com reports. The firm owned 251,825 shares of the technology company’s stock after purchasing an additional 19,295 shares during the period. Penn Capital Management Co. Inc.’s holdings in Carbonite were worth $6,248,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CARB. Vanguard Group Inc grew its stake in Carbonite by 30.4% in the third quarter. Vanguard Group Inc now owns 1,866,217 shares of the technology company’s stock worth $66,531,000 after purchasing an additional 435,554 shares during the period. Vanguard Group Inc. boosted its holdings in Carbonite by 30.4% in the third quarter. Vanguard Group Inc. now owns 1,866,217 shares of the technology company’s stock worth $66,531,000 after acquiring an additional 435,554 shares in the last quarter. ETF Managers Group LLC boosted its holdings in Carbonite by 19.2% in the fourth quarter. ETF Managers Group LLC now owns 1,942,525 shares of the technology company’s stock worth $49,068,000 after acquiring an additional 312,323 shares in the last quarter. PenderFund Capital Management Ltd. bought a new stake in Carbonite in the first quarter worth $9,978,000. Finally, Portolan Capital Management LLC boosted its holdings in Carbonite by 19.2% in the fourth quarter. Portolan Capital Management LLC now owns 1,818,977 shares of the technology company’s stock worth $45,947,000 after acquiring an additional 293,489 shares in the last quarter.

Shares of NASDAQ:CARB opened at $25.23 on Monday. The firm has a market cap of $869.10 million, a PE ratio of 20.18, a price-to-earnings-growth ratio of 0.89 and a beta of 0.70. The company has a debt-to-equity ratio of 2.65, a quick ratio of 1.59 and a current ratio of 0.88. Carbonite Inc has a 1 year low of $21.83 and a 1 year high of $43.63.

Carbonite (NASDAQ:CARB) last announced its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.18. The firm had revenue of $81.20 million for the quarter, compared to the consensus estimate of $77.36 million. Carbonite had a positive return on equity of 21.93% and a negative net margin of 0.76%. The company’s quarterly revenue was up 26.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 earnings per share. On average, research analysts predict that Carbonite Inc will post 1.42 earnings per share for the current fiscal year.

In other Carbonite news, CFO Anthony Folger sold 1,611 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $24.58, for a total value of $39,598.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Norman Guadagno sold 1,800 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $22.53, for a total value of $40,554.00. The disclosure for this sale can be found here. In the last three months, insiders sold 14,490 shares of company stock worth $348,369. 8.00% of the stock is owned by corporate insiders.

Several research firms have commented on CARB. Barclays began coverage on Carbonite in a report on Thursday, March 28th. They issued an “overweight” rating and a $30.00 target price on the stock. BidaskClub downgraded Carbonite from a “buy” rating to a “hold” rating in a report on Friday, April 5th. JMP Securities reissued a “buy” rating and issued a $44.00 target price on shares of Carbonite in a report on Monday, February 11th. Lake Street Capital boosted their target price on Carbonite to $39.00 and gave the stock a “buy” rating in a report on Friday, February 8th. Finally, Stifel Nicolaus downgraded Carbonite from a “buy” rating to a “hold” rating and dropped their target price for the stock from $44.00 to $25.00 in a report on Friday, February 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $37.83.

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Carbonite 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: Overbought

Want to see what other hedge funds are holding CARB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carbonite Inc (NASDAQ:CARB).

Institutional Ownership by Quarter for Carbonite (NASDAQ:CARB)

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