Equities analysts predict that Carbonite (NASDAQ:CARB) will report $79.08 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Carbonite’s earnings, with the highest sales estimate coming in at $79.50 million and the lowest estimate coming in at $78.79 million. Carbonite posted sales of $59.03 million during the same quarter last year, which suggests a positive year over year growth rate of 34%. The business is expected to report its next quarterly earnings results on Thursday, August 2nd.
According to Zacks, analysts expect that Carbonite will report full-year sales of $308.31 million for the current fiscal year, with estimates ranging from $307.40 million to $310.00 million. For the next year, analysts expect that the firm will post sales of $345.95 million per share, with estimates ranging from $336.10 million to $350.64 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Carbonite.
Carbonite (NASDAQ:CARB) last announced its quarterly earnings data on Monday, May 7th. The technology company reported $0.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.05. The firm had revenue of $64.03 million for the quarter, compared to the consensus estimate of $63.51 million. Carbonite had a net margin of 0.14% and a return on equity of 35.49%. The company’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the firm earned $0.09 EPS.
Several brokerages have recently commented on CARB. Zacks Investment Research downgraded shares of Carbonite from a “buy” rating to a “hold” rating in a research report on Friday, May 11th. B. Riley raised their price objective on shares of Carbonite to $37.00 and gave the company a “buy” rating in a research report on Tuesday, May 8th. Craig Hallum restated a “buy” rating and set a $30.00 price objective on shares of Carbonite in a research report on Tuesday, May 8th. Lake Street Capital raised their price objective on shares of Carbonite from $27.00 to $34.00 and gave the company a “buy” rating in a research report on Tuesday, May 8th. Finally, Oppenheimer raised their price objective on shares of Carbonite from $30.00 to $35.00 and gave the company an “outperform” rating in a research report on Tuesday, May 8th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Carbonite currently has an average rating of “Buy” and a consensus price target of $33.63.
In other Carbonite news, CFO Anthony Folger sold 9,119 shares of Carbonite stock in a transaction on Monday, March 19th. The shares were sold at an average price of $30.64, for a total value of $279,406.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Marina Levinson sold 4,352 shares of Carbonite stock in a transaction on Thursday, May 10th. The shares were sold at an average price of $35.14, for a total transaction of $152,929.28. Following the completion of the sale, the director now owns 17,791 shares in the company, valued at $625,175.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,526 shares of company stock worth $1,284,980. 9.80% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. ETF Managers Group LLC purchased a new position in shares of Carbonite in the 1st quarter worth $52,523,000. BlackRock Inc. grew its stake in shares of Carbonite by 0.9% in the 1st quarter. BlackRock Inc. now owns 1,640,916 shares of the technology company’s stock worth $47,259,000 after buying an additional 14,404 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its stake in shares of Carbonite by 22.0% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,467,017 shares of the technology company’s stock worth $36,822,000 after buying an additional 264,382 shares in the last quarter. Pembroke Management LTD grew its stake in shares of Carbonite by 0.4% in the 4th quarter. Pembroke Management LTD now owns 1,250,153 shares of the technology company’s stock worth $31,378,000 after buying an additional 4,400 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Carbonite by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,132,392 shares of the technology company’s stock worth $32,613,000 after buying an additional 2,922 shares in the last quarter. Institutional investors own 91.41% of the company’s stock.
Shares of CARB stock opened at $34.70 on Thursday. The firm has a market cap of $976.10 million, a PE ratio of 69.40, a PEG ratio of 0.83 and a beta of 0.17. Carbonite has a one year low of $34.00 and a one year high of $34.50. The company has a debt-to-equity ratio of 3.02, a quick ratio of 0.73 and a current ratio of 0.73.
Carbonite, Inc, together with its subsidiaries, provides backup, disaster recovery, high availability, and workload migration technology solutions in the United States. Its solutions include Carbonite Safe that offers annual and multi-year cloud backup plans for individuals or businesses; and Carbonite Endpoint Protection that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.
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