$60.00 Million in Sales Expected for Carbonite, Inc. (NASDAQ:CARB) This Quarter
Wall Street brokerages forecast that Carbonite, Inc. (NASDAQ:CARB) will report sales of $60.00 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued 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 in the same quarter last year, which would suggest a positive year over year growth rate of 12.3%. The company is expected to announce its next quarterly earnings results on Tuesday, August 1st.
According to Zacks, analysts expect that Carbonite will report full-year sales of $60.00 million for the current fiscal year, with estimates ranging from $236.61 million to $247.81 million. For the next fiscal year, analysts expect 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 calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Carbonite.
Carbonite (NASDAQ:CARB) last issued its quarterly earnings data on Thursday, May 4th. The technology company reported $0.09 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 analysts’ expectations of $55.49 million. Carbonite had a net margin of 3.79% and a return on equity of 200.32%. The business’s revenue was up 18.7% on a year-over-year basis. During the same quarter last year, the company earned $0.15 EPS.
Several equities research analysts have recently commented on CARB shares. BidaskClub cut Carbonite from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. B. Riley restated a “buy” rating and set a $22.50 price target on shares of Carbonite in a research note on Wednesday, May 3rd. Finally, Barclays PLC started coverage on Carbonite in a research note on Monday, June 26th. They set an “equal weight” rating and a $26.00 price target for the company. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $24.83.
In other Carbonite news, SVP Paul S. Mellinger sold 7,500 shares of the stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $21.04, for a total value of $157,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cassandra Hudson sold 2,187 shares of the stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $21.76, for a total value of $47,589.12. The disclosure for this sale can be found here. Insiders sold 68,901 shares of company stock valued at $1,416,266 in the last quarter. 12.20% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CARB. State Street Corp boosted 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 during the last quarter. NorthCoast Asset Management LLC acquired a new position in Carbonite during the first quarter valued at about $750,000. Thrivent Financial for Lutherans acquired a new position in Carbonite during the fourth quarter valued at about $765,000. Argent Capital Management LLC boosted its position in Carbonite by 33.9% in the first quarter. Argent Capital Management LLC now owns 169,125 shares of the technology company’s stock valued at $3,433,000 after buying an additional 42,865 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted 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 during the last quarter. Hedge funds and other institutional investors own 91.36% of the company’s stock.
Shares of Carbonite (NASDAQ:CARB) opened at 22.35 on Friday. Carbonite has a 52 week low of $9.46 and a 52 week high of $24.60. The stock’s 50 day moving average is $20.76 and its 200-day moving average is $19.35. The firm has a market cap of $614.45 million, a PE ratio of 74.25 and a beta of 0.12.
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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