$60.00 Million in Sales Expected for Carbonite, Inc. (CARB) This Quarter
Brokerages expect that Carbonite, Inc. (NASDAQ:CARB) will report $60.00 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Carbonite’s earnings, with the lowest sales estimate coming in at $59.31 million and the highest estimate coming in at $60.99 million. Carbonite reported 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 business is expected to announce its next earnings report on Tuesday, August 1st.
According to Zacks, analysts expect that Carbonite will report full-year sales of $60.00 million for the current year, with estimates ranging from $236.61 million to $247.81 million. For the next financial year, analysts anticipate that the firm will report 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 sell-side research firms that cover Carbonite.
Carbonite (NASDAQ:CARB) last posted its earnings results on Thursday, May 4th. The technology company reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.02. The company had revenue of $57.10 million for the quarter, compared to analyst estimates of $55.49 million. Carbonite had a net margin of 3.79% and a return on equity of 200.32%. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period last year, the business posted $0.15 earnings per share.
CARB has been the topic of a number of research reports. Lake Street Capital boosted their target price on shares of Carbonite from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, February 28th. Craig Hallum initiated coverage on shares of Carbonite in a report on Thursday, March 16th. They set a “buy” rating and a $30.00 target price on the stock. Finally, B. Riley reissued a “buy” rating and set a $22.50 target price on shares of Carbonite in a report on Wednesday, May 3rd. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Carbonite currently has an average rating of “Buy” and a consensus target price of $24.60.
Carbonite (NASDAQ CARB) traded up 0.538% during midday trading on Wednesday, reaching $23.375. 28,866 shares of the company’s stock traded hands. Carbonite has a 1-year low of $8.81 and a 1-year high of $24.00. The stock’s 50 day moving average price is $20.33 and its 200 day moving average price is $19.10. The firm has a market cap of $642.63 million, a price-to-earnings ratio of 77.658 and a beta of 0.23.
In other news, CFO Anthony Folger sold 6,141 shares of the business’s stock in a transaction that occurred on Friday, March 24th. The shares were sold at an average price of $19.38, for a total value of $119,012.58. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Paul S. Mellinger sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $21.04, for a total transaction of $157,800.00. The disclosure for this sale can be found here. Insiders sold a total of 68,502 shares of company stock worth $1,389,175 in the last 90 days. Corporate insiders own 12.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its position in shares of Carbonite by 9.5% in the first quarter. Renaissance Technologies LLC now owns 2,186,400 shares of the technology company’s stock worth $44,384,000 after buying an additional 190,000 shares during the period. Vanguard Group Inc. increased its position in shares of Carbonite by 41.5% in the first quarter. Vanguard Group Inc. now owns 1,468,756 shares of the technology company’s stock worth $29,816,000 after buying an additional 430,556 shares during the period. Pembroke Management LTD increased its position in shares of Carbonite by 16.5% in the first quarter. Pembroke Management LTD now owns 1,239,500 shares of the technology company’s stock worth $25,161,000 after buying an additional 175,700 shares during the period. TimesSquare Capital Management LLC purchased a new position in shares of Carbonite during the first quarter worth about $20,504,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Carbonite by 54.3% in the first quarter. Dimensional Fund Advisors LP now owns 807,557 shares of the technology company’s stock worth $16,393,000 after buying an additional 284,133 shares during the period. Hedge funds and other institutional investors own 91.36% of the company’s stock.
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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