$0.04 Earnings Per Share Expected for Carbonite, Inc. (CARB) This Quarter
Brokerages expect Carbonite, Inc. (NASDAQ:CARB) to post $0.04 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Carbonite’s earnings, with the lowest EPS estimate coming in at $0.04 and the highest estimate coming in at $0.05. Carbonite posted earnings per share of $0.12 during the same quarter last year, which would indicate a negative year-over-year growth rate of 66.7%. The business is expected to issue its next quarterly earnings results on Tuesday, August 1st.
According to Zacks, analysts expect that Carbonite will report full year earnings of $0.43 per share for the current financial year, with EPS estimates ranging from $0.39 to $0.47. For the next fiscal year, analysts expect that the business will post earnings of $0.50 per share, with EPS estimates ranging from $0.29 to $0.70. Zacks’ EPS averages are an average based on a survey of sell-side research firms that follow Carbonite.
Carbonite (NASDAQ:CARB) last announced its earnings results on Thursday, May 4th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. The firm had revenue of $57.10 million for the quarter, compared to the consensus estimate of $55.49 million. Carbonite had a return on equity of 200.32% and a net margin of 3.79%. The firm’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 EPS.
Several research analysts have recently commented on the company. B. Riley reissued a “buy” rating and issued a $26.00 target price on shares of Carbonite in a report on Monday, May 8th. Craig Hallum assumed coverage on Carbonite in a report on Thursday, March 16th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Lake Street Capital boosted their target price on Carbonite from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, February 28th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $24.60.
Shares of Carbonite (CARB) traded up 6.537% during mid-day trading on Monday, reaching $23.225. The company’s stock had a trading volume of 490,074 shares. The company has a 50 day moving average of $20.24 and a 200-day moving average of $19.01. The firm has a market capitalization of $638.50 million, a P/E ratio of 77.159 and a beta of 0.23. Carbonite has a 12 month low of $8.81 and a 12 month high of $23.35.
In other Carbonite news, SVP Paul S. Mellinger sold 7,500 shares of the company’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $21.04, for a total transaction of $157,800.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Anthony Folger sold 6,141 shares of the company’s stock in a transaction on Friday, March 24th. The stock was sold at an average price of $19.38, for a total value of $119,012.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 68,502 shares of company stock worth $1,389,175. Company insiders own 12.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new position in Carbonite during the fourth quarter valued at about $6,046,000. State Street Corp increased its position in Carbonite by 1.8% in the fourth quarter. State Street Corp now owns 294,149 shares of the technology company’s stock valued at $4,824,000 after buying an additional 5,311 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Carbonite by 392.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 523,424 shares of the technology company’s stock valued at $8,584,000 after buying an additional 417,166 shares in the last quarter. Federated Investors Inc. PA increased its position in Carbonite by 334.4% in the fourth quarter. Federated Investors Inc. PA now owns 79,620 shares of the technology company’s stock valued at $1,306,000 after buying an additional 61,292 shares in the last quarter. Finally, Royce & Associates LP increased its position in Carbonite by 31.9% in the fourth quarter. Royce & Associates LP now owns 215,100 shares of the technology company’s stock valued at $3,528,000 after buying an additional 52,000 shares in the last quarter. 91.36% of the stock is currently owned by hedge funds and other institutional investors.
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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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