Analysts Expect Carbonite Inc (CARB) Will Announce Quarterly Sales of $77.47 Million

Wall Street analysts forecast that Carbonite Inc (NASDAQ:CARB) will report sales of $77.47 million for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Carbonite’s earnings. The lowest sales estimate is $77.30 million and the highest is $77.57 million. Carbonite reported sales of $64.03 million during the same quarter last year, which indicates a positive year-over-year growth rate of 21%. The firm is expected to report its next earnings results on Monday, May 6th.

On average, analysts expect that Carbonite will report full-year sales of $493.93 million for the current fiscal year, with estimates ranging from $491.00 million to $495.50 million. For the next financial year, analysts forecast that the firm will post sales of $587.70 million, with estimates ranging from $560.00 million to $610.94 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Carbonite.

Carbonite (NASDAQ:CARB) last posted its earnings results on Thursday, February 7th. The technology company reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.16. Carbonite had a return on equity of 29.57% and a net margin of 2.54%. The company had revenue of $77.00 million for the quarter, compared to analyst estimates of $79.53 million. During the same period last year, the company earned $0.30 earnings per share. The business’s revenue was up 24.8% compared to the same quarter last year.

Several equities analysts have weighed in on the company. Oppenheimer restated a “market perform” rating on shares of Carbonite in a report on Friday, November 2nd. lowered Carbonite from an “outperform” rating to a “market perform” rating in a report on Friday, November 2nd. Zacks Investment Research upgraded Carbonite from a “hold” rating to a “strong-buy” rating and set a $33.00 target price on the stock in a report on Tuesday, November 6th. Lake Street Capital raised their target price on Carbonite to $39.00 and gave the company a “buy” rating in a report on Friday, February 8th. Finally, Stifel Nicolaus lowered Carbonite from a “buy” rating to a “hold” rating and cut their target price for the company from $44.00 to $25.00 in a report on Friday, February 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $37.00.

NASDAQ CARB traded down $0.61 during trading on Thursday, hitting $23.44. 241,702 shares of the company traded hands, compared to its average volume of 481,443. Carbonite has a 12 month low of $22.35 and a 12 month high of $43.63. The firm has a market cap of $831.17 million, a P/E ratio of 18.75, a price-to-earnings-growth ratio of 0.95 and a beta of 0.78.

In related news, SVP Norman Guadagno sold 1,800 shares of Carbonite stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $28.16, for a total transaction of $50,688.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Anthony Folger sold 2,224 shares of Carbonite stock in a transaction dated Wednesday, February 13th. The stock was sold at an average price of $25.57, for a total value of $56,867.68. The disclosure for this sale can be found here. Insiders sold 99,883 shares of company stock worth $2,643,949 over the last quarter. 9.80% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in CARB. Raymond James & Associates acquired a new stake in Carbonite during the second quarter worth about $267,000. Bank of New York Mellon Corp grew its position in Carbonite by 41.4% during the second quarter. Bank of New York Mellon Corp now owns 338,067 shares of the technology company’s stock worth $11,798,000 after buying an additional 99,018 shares in the last quarter. Northern Trust Corp grew its position in Carbonite by 5.0% during the second quarter. Northern Trust Corp now owns 352,548 shares of the technology company’s stock worth $12,304,000 after buying an additional 16,857 shares in the last quarter. United Services Automobile Association boosted its holdings in Carbonite by 8.0% during the second quarter. United Services Automobile Association now owns 44,802 shares of the technology company’s stock valued at $1,564,000 after purchasing an additional 3,300 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan acquired a new stake in Carbonite during the third quarter valued at approximately $285,000.

About Carbonite

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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