In a report released today, Tim Klasell from Northland Securities maintained a Buy rating on Carbonite Inc (CARB), with a price target of $35. The company’s shares opened today at $25.19, close to its 52-week low of $21.84.
Klasell observed:
“We note Mr. Stilwell accepted this offer on June 11 th and there was a need to release the material management hire into the market.”
According to TipRanks.com, Klasell is a 5-star analyst with an average return of 17.6% and a 71.3% success rate. Klasell covers the Technology sector, focusing on stocks such as ServiceSource International Inc, Tyler Technologies, and Zix Corporation.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Carbonite Inc with a $38 average price target.
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Based on Carbonite Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $2 million. In comparison, last year the company had a GAAP net loss of $5.69 million.
Based on the recent corporate insider activity of 142 insiders, corporate insider sentiment is negative on the stock.
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Carbonite, Inc. is engaged 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.
