Wall Street brokerages expect Carbonite Inc (NASDAQ:CARB) to announce sales of $63.85 million for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Carbonite’s earnings, with the highest sales estimate coming in at $64.41 million and the lowest estimate coming in at $63.20 million. Carbonite reported sales of $57.10 million during the same quarter last year, which would suggest a positive year over year growth rate of 11.8%. The firm is expected to issue its next earnings report on Thursday, May 3rd.
On average, analysts expect that Carbonite will report full year sales of $63.85 million for the current financial year, with estimates ranging from $306.50 million to $308.20 million. For the next financial year, analysts anticipate that the firm will report sales of $345.05 million per share, with estimates ranging from $332.70 million to $351.34 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Carbonite.
Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.01. The firm had revenue of $61.69 million during the quarter, compared to analysts’ expectations of $63.72 million. Carbonite had a positive return on equity of 42.21% and a negative net margin of 1.67%.
A number of equities analysts have issued reports on the company. BidaskClub raised Carbonite from a “hold” rating to a “buy” rating in a research report on Friday. TheStreet lowered Carbonite from a “c+” rating to a “d” rating in a research report on Tuesday, February 13th. Lake Street Capital reaffirmed a “buy” rating and issued a $27.00 target price (up from $25.00) on shares of Carbonite in a research report on Wednesday, February 14th. Finally, B. Riley upped their target price on Carbonite from $30.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Carbonite currently has a consensus rating of “Buy” and an average target price of $29.86.
Carbonite (CARB) traded up $0.55 during midday trading on Friday, reaching $29.75. The company’s stock had a trading volume of 294,376 shares, compared to its average volume of 389,750. The stock has a market cap of $830.01, a PE ratio of -198.33, a PEG ratio of 0.73 and a beta of 0.22. Carbonite has a 52-week low of $18.20 and a 52-week high of $30.65. The company has a debt-to-equity ratio of 3.12, a quick ratio of 1.12 and a current ratio of 1.12.
In related news, General Counsel Danielle Sheer sold 2,321 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $20.89, for a total transaction of $48,485.69. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Paul S. Mellinger sold 1,940 shares of the company’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $25.80, for a total value of $50,052.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,148 shares of company stock worth $1,107,859. 12.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of CARB. Cramer Rosenthal Mcglynn LLC acquired a new stake in shares of Carbonite during the 4th quarter valued at approximately $12,272,000. Schroder Investment Management Group raised its position in shares of Carbonite by 145.6% during the 4th quarter. Schroder Investment Management Group now owns 630,811 shares of the technology company’s stock valued at $15,833,000 after acquiring an additional 373,958 shares in the last quarter. Elk Creek Partners LLC acquired a new stake in shares of Carbonite during the 3rd quarter valued at approximately $7,856,000. ArrowMark Colorado Holdings LLC raised its position in shares of Carbonite by 22.0% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,467,017 shares of the technology company’s stock valued at $36,822,000 after acquiring an additional 264,382 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Carbonite by 331.4% during the 3rd quarter. New York State Common Retirement Fund now owns 282,249 shares of the technology company’s stock valued at $6,209,000 after acquiring an additional 216,824 shares in the last quarter. 95.26% of the stock is currently owned by institutional investors and hedge funds.
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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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