$135.31 Million in Sales Expected for Carbonite Inc (CARB) This Quarter

Equities research analysts forecast that Carbonite Inc (NASDAQ:CARB) will post sales of $135.31 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for Carbonite’s earnings. The highest sales estimate is $136.45 million and the lowest is $134.80 million. Carbonite posted sales of $77.73 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 74.1%. The business is expected to announce its next quarterly earnings report on Thursday, August 1st.

According to Zacks, analysts expect that Carbonite will report full-year sales of $497.46 million for the current financial year, with estimates ranging from $495.60 million to $499.27 million. For the next year, analysts forecast that the company will post sales of $584.77 million, with estimates ranging from $560.00 million to $601.80 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Carbonite.

Carbonite (NASDAQ:CARB) last released its earnings results on Thursday, May 2nd. The technology company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.18. Carbonite had a positive return on equity of 21.93% and a negative net margin of 0.76%. The business had revenue of $81.20 million during the quarter, compared to the consensus estimate of $77.36 million. During the same period last year, the business posted $0.27 earnings per share. The business’s revenue for the quarter was up 26.9% on a year-over-year basis.

A number of analysts have issued reports on the company. Barclays assumed coverage on Carbonite in a research report on Thursday, March 28th. They issued an “overweight” rating and a $30.00 target price for the company. BidaskClub downgraded Carbonite from a “buy” rating to a “hold” rating in a research report on Friday, April 5th. JMP Securities reissued a “buy” rating and issued a $44.00 target price on shares of Carbonite in a research report on Monday, February 11th. Lake Street Capital raised their target price on Carbonite to $39.00 and gave the stock a “buy” rating in a research report on Friday, February 8th. Finally, Stifel Nicolaus downgraded Carbonite from a “buy” rating to a “hold” rating and decreased their target price for the stock from $44.00 to $25.00 in a research report on Friday, February 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $37.83.

NASDAQ:CARB opened at $22.50 on Friday. The company has a debt-to-equity ratio of 2.65, a current ratio of 0.88 and a quick ratio of 0.88. Carbonite has a 1 year low of $21.83 and a 1 year high of $43.63. The firm has a market capitalization of $775.06 million, a price-to-earnings ratio of 18.00, a PEG ratio of 0.81 and a beta of 0.69.

In other news, CFO Anthony Folger sold 1,611 shares of Carbonite stock in a transaction on Friday, March 15th. The stock was sold at an average price of $24.58, for a total value of $39,598.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Mohamad Ali sold 4,000 shares of Carbonite stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $24.45, for a total value of $97,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 49,556 shares of company stock valued at $1,154,424. 8.00% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in CARB. Quantamental Technologies LLC grew its position in shares of Carbonite by 2,085.9% in the first quarter. Quantamental Technologies LLC now owns 2,951 shares of the technology company’s stock valued at $73,000 after purchasing an additional 2,816 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in Carbonite by 73.2% during the fourth quarter. Advisors Asset Management Inc. now owns 3,147 shares of the technology company’s stock valued at $79,000 after buying an additional 1,330 shares during the period. Advisor Group Inc. boosted its stake in Carbonite by 21.7% during the fourth quarter. Advisor Group Inc. now owns 3,195 shares of the technology company’s stock valued at $82,000 after buying an additional 570 shares during the period. Great West Life Assurance Co. Can boosted its stake in Carbonite by 97.3% during the fourth quarter. Great West Life Assurance Co. Can now owns 4,143 shares of the technology company’s stock valued at $101,000 after buying an additional 2,043 shares during the period. Finally, Legal & General Group Plc boosted its stake in Carbonite by 13.7% during the fourth quarter. Legal & General Group Plc now owns 5,685 shares of the technology company’s stock valued at $144,000 after buying an additional 687 shares during the period.

Carbonite Company Profile

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, a cloud backup solution for individuals and businesses that protects customer data from accidental deletions, crashes, ransomware, viruses, and other common threats; and Carbonite Endpoint that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.

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Earnings History and Estimates for Carbonite (NASDAQ:CARB)

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