Carbonite, Inc. (CARB) Updates Q4 Earnings Guidance
Carbonite, Inc. (NASDAQ:CARB) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.27-0.31 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.32. The company issued revenue guidance of $61.5-63.5 million, compared to the consensus revenue estimate of $63.81 million.
A number of research analysts recently issued reports on the company. B. Riley restated a buy rating and set a $26.00 price objective on shares of Carbonite in a research report on Monday, August 7th. Barclays PLC restated an equal weight rating and set a $27.00 price objective (up previously from $26.00) on shares of Carbonite in a research report on Friday, August 4th. BidaskClub upgraded Carbonite from a sell rating to a hold rating in a research report on Wednesday, July 12th. Rosenblatt Securities assumed coverage on Carbonite in a research report on Monday, September 18th. They set a buy rating and a $28.00 price objective for the company. Finally, TheStreet upgraded Carbonite from a d+ rating to a c+ rating in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $27.71.
Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.15 EPS for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.03. The business had revenue of $59.00 million for the quarter, compared to analyst estimates of $59.97 million. Carbonite had a return on equity of 36.43% and a net margin of 0.29%. Carbonite’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.19 EPS.
In related news, insider Cassandra Hudson sold 1,563 shares of the stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $22.05, for a total transaction of $34,464.15. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Norman Guadagno sold 2,489 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $21.65, for a total value of $53,886.85. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,421 shares of company stock worth $641,877. 12.20% of the stock is owned by corporate insiders.
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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