Oppenheimer analyst Brian Schwartz maintained a Buy rating on Carbonite Inc (NASDAQ: CARB) today and set a price target of $50. The company’s shares closed yesterday at $41.80, close to its 52-week high of $42.31.
Schwartz observed:
“In our view, the data-protection category has lagged other software categories in modernizing and replatforming IT systems to support cloud services. However, the transition to SaaS is most appealing for SMBs, because unlike an enterprise, SMBs can’t spread the cost of the required expertise across a large employee base. Therefore, SMBs remain particularly ripe for Carbonite’s SaaS-y data-protection products since SMBs already have comfort in using standardized solutions that don’t require extensive customizations. Bottom Line: Management’s proven execution in its core SMB market, a large and growing VAR channel enabled with product expertise, and regular releases of innovations and products put Carbonite in a strong position to gain share in a $10B data-protection opportunity, and we think support a higher company valuation. Raise PT to $50 (from $40).”
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 30.5% and a 80.9% success rate. Schwartz covers the Technology sector, focusing on stocks such as Ultimate Software, Instructure Inc, and Salesforce.com.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Carbonite Inc with a $42.83 average price target.
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The company has a one-year high of $42.31 and a one-year low of $19. Currently, Carbonite Inc has an average volume of 467K.
Based on the recent corporate insider activity of 84 insiders, corporate insider sentiment is negative on the stock. Most recently, in July 2018, Anthony Folger, the CFO of CARB sold 2,898 shares for a total of $104,908.
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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.
