Bainco International Investors Lowers stake in Carbonite Inc (CARB)

Carbonite Inc (CARB) : Bainco International Investors reduced its stake in Carbonite Inc by 0.2% during the most recent quarter end. The investment management company now holds a total of 2,341,483 shares of Carbonite Inc which is valued at $30,322,205 after selling 4,750 shares in Carbonite Inc , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Carbonite Inc makes up approximately 6.24% of Bainco International Investors’s portfolio.

Other Hedge Funds, Including , American Century Companies Inc boosted its stake in CARB in the latest quarter, The investment management firm added 852 additional shares and now holds a total of 28,925 shares of Carbonite Inc which is valued at $319,043.Strs Ohio reduced its stake in CARB by selling 9,659 shares or 13.33% in the most recent quarter. The Hedge Fund company now holds 62,800 shares of CARB which is valued at $692,684. Cutler Group Lp added CARB to its portfolio by purchasing 3,549 company shares during the most recent quarter which is valued at $35,490.

Carbonite Inc opened for trading at $12.76 and hit $13.13 on the upside on Monday, eventually ending the session at $13.01, with a gain of 2.85% or 0.36 points. The heightened volatility saw the trading volume jump to 7,00,098 shares. Company has a market cap of $351 M.

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. (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.

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