$60 Million in Sales Expected for Carbonite Inc (CARB) This Quarter
Wall Street analysts expect Carbonite Inc (NASDAQ:CARB) to announce sales of $60 million for the current quarter, according to Zacks. Four analysts have provided estimates for Carbonite’s earnings, with the highest sales estimate coming in at $60.99 million and the lowest estimate coming in at $59.31 million. Carbonite posted sales of $53.44 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 12.3%. The company is expected to issue its next earnings report on Tuesday, August 1st.
According to Zacks, analysts expect that Carbonite will report full-year sales of $60 million for the current financial year, with estimates ranging from $236.61 million to $247.81 million. For the next financial year, analysts forecast that the company will post sales of $268.32 million per share, with estimates ranging from $253.17 million to $284.59 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Carbonite.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings results on Thursday, May 4th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The business had revenue of $57.10 million for the quarter, compared to the consensus estimate of $55.49 million. Carbonite had a negative return on equity of 444.34% and a negative net margin of 1.98%. The business’s quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 earnings per share.
A number of equities research analysts have recently weighed in on CARB shares. B. Riley restated a “buy” rating and issued a $22.50 price objective on shares of Carbonite in a report on Saturday, February 11th. TheStreet lowered shares of Carbonite from a “c” rating to a “d” rating in a report on Friday, February 10th. Lake Street Capital raised their price objective on shares of Carbonite from $21.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, February 28th. Craig Hallum started coverage on shares of Carbonite in a report on Thursday, March 16th. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Carbonite from a “hold” rating to a “strong-buy” rating and set a $22.00 price objective on the stock in a report on Friday, February 3rd. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Carbonite has an average rating of “Buy” and a consensus target price of $24.60.
Shares of Carbonite (NASDAQ:CARB) traded down 0.52% during trading on Friday, hitting $19.15. The stock had a trading volume of 212,104 shares. Carbonite has a one year low of $8.81 and a one year high of $22.00. The stock’s 50 day moving average price is $19.98 and its 200-day moving average price is $18.81. The stock has a market cap of $526.47 million, a P/E ratio of 63.62 and a beta of 0.35.
In related news, VP Danielle Sheer sold 3,111 shares of Carbonite stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $19.59, for a total transaction of $60,944.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Anthony Folger sold 6,141 shares of Carbonite stock in a transaction on Friday, March 24th. The stock was sold at an average price of $19.38, for a total transaction of $119,012.58. The disclosure for this sale can be found here. Insiders have sold a total of 45,353 shares of company stock worth $929,492 over the last quarter. 15.80% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the company. Legal & General Group Plc raised its stake in shares of Carbonite by 5.5% in the first quarter. Legal & General Group Plc now owns 5,050 shares of the technology company’s stock valued at $101,000 after buying an additional 265 shares in the last quarter. Ellington Management Group LLC bought a new stake in shares of Carbonite during the fourth quarter valued at approximately $171,000. FNY Partners Fund LP bought a new stake in shares of Carbonite during the fourth quarter valued at approximately $207,000. American International Group Inc. raised its stake in shares of Carbonite by 7.1% in the first quarter. American International Group Inc. now owns 10,951 shares of the technology company’s stock valued at $222,000 after buying an additional 728 shares in the last quarter. Finally, Stifel Financial Corp bought a new stake in shares of Carbonite during the first quarter valued at approximately $251,000. Hedge funds and other institutional investors own 83.76% of the company’s stock.
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Carbonite Company Profile
Carbonite, Inc provides data protection solutions, including cloud, hybrid and on-premise backup and restore, disaster recovery as a service (DRaaS) and e-mail archiving. The Company’s solutions provide enterprise-grade data protection and recovery capabilities to its customers. The Company’s small and medium-sized businesses (SMBs) plans include Carbonite Computer Backup; Carbonite Server Backup, such as Carbonite Office Power and Carbonite Office Ultimate; EVault Cloud Backup; DRaaS, and e-mail archiving.
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