In a report released today, Sarkis Sherbetchyan from B.Riley FBR reiterated a Buy rating on Carbonite Inc (NASDAQ: CARB), with a price target of $40. The company’s shares opened today at $26.97.
Sherbetchyan noted:
“After the market close on PT) reported 3Q non-GAAP revenues of $79M, a touch below our/consensus estimate of $80M, and in line with management’s outlook. Despite this, CARB delivered adj. EPS of $0.48, ahead of our/consensus forecast of $0.41 and the top-end of management’s guidance, on better-than-expected GM% and strong cost controls. Notably, CARB’s business segment subscription bookings grew 59% Y/Y . However, management communicated a slow-down in non-subscription bookings activity (i.e., perpetual license, support, and maintenance). That said, CARB reduced the outlook for business bookings growth, and tightened the top-end of the FY18 sales forecast. As a result, shares traded ~11% lower after-hours.”
According to TipRanks.com, Sherbetchyan is a 4-star analyst with an average return of 6.8% and a 51.1% success rate. Sherbetchyan covers the Consumer Goods sector, focusing on stocks such as Lightpath Technologies, Vishay Precision Group, and S&W Seed Company.
Currently, the analyst consensus on Carbonite Inc is a Moderate Buy with an average price target of $42.13, representing a 56.2% upside. In a report released today, RBC Capital also maintained a Buy rating on the stock with a $40 price target.
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The company has a one-year high of $43.63 and a one-year low of $20.50. Currently, Carbonite Inc has an average volume of 390.2K.
Based on the recent corporate insider activity of 103 insiders, corporate insider sentiment is negative on the stock.
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Carbonite, Inc. engages in the provision of cloud and hybrid backup solutions for consumers and small and medium sized businesses. It provides backup, disaster recovery, high availability and workload migration technologies. The company was founded by Jeffry Flowers and David Friend on February 10, 2005 and is headquartered in Boston, MA.
