B. RIley Initiates Coverage on Carbonite Inc to Buy

B. RIley Initiates Coverage on Carbonite Inc(NASDAQ:CARB). The shares have been rated Buy. The rating by B. RIley was issued on Jun 10, 2016.

Carbonite Inc (CARB) made into the market gainers list on Wednesdays trading session with the shares advancing 1.60% or 0.15 points. Due to strong positive momentum, the stock ended at $9.51, which is also near the day’s high of $9.66. The stock began the session at $9.35 and the volume stood at 1,72,533 shares. The 52-week high of the shares is $12.26 and the 52 week low is $6.5. The company has a current market capitalization of $256 M and it has 2,69,46,051 shares in outstanding.

Carbonite Inc(CARB) last announced its earnings results on May 3, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $48.68M. Analysts had an estimated revenue of $41.51M. Earnings per share were $0.15. Analysts had estimated an EPS of $-0.05.

Several Insider Transactions has been reported to the SEC. On Jun 8, 2016, Anthony Folger (Chief Financial Officer) sold 8,181 shares at $9.79 per share price.Also, On May 31, 2016, Danielle Sheer (Vice President;General Counsel) sold 207 shares at $9.10 per share price.On May 20, 2016, David Raissipour (SVP of Product and Engineering) sold 3,064 shares at $8.91 per share price, according to the Form-4 filing with the securities and exchange commission.

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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