Carbonite Inc (CARB) Expected to Post Earnings of $0.47 Per Share

Brokerages forecast that Carbonite Inc (NASDAQ:CARB) will report earnings per share of $0.47 for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Carbonite’s earnings, with estimates ranging from $0.43 to $0.50. Carbonite posted earnings of $0.45 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.4%. The business is scheduled to announce its next earnings results on Thursday, August 1st.

On average, analysts expect that Carbonite will report full year earnings of $1.83 per share for the current fiscal year, with EPS estimates ranging from $1.73 to $1.91. For the next fiscal year, analysts forecast that the business will post earnings of $2.13 per share, with EPS estimates ranging from $1.92 to $2.28. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Carbonite.

Carbonite (NASDAQ:CARB) last released its quarterly earnings data on Thursday, May 2nd. The technology company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.18. The firm had revenue of $81.20 million for the quarter, compared to analyst estimates of $77.36 million. Carbonite had a negative net margin of 0.76% and a positive return on equity of 21.93%. The company’s revenue for the quarter was up 26.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.27 EPS.

CARB has been the topic of several research reports. BidaskClub upgraded shares of Carbonite from a “hold” rating to a “buy” rating in a research note on Wednesday, March 27th. Zacks Investment Research lowered shares of Carbonite from a “buy” rating to a “hold” rating in a research note on Monday, February 11th. Stifel Nicolaus lowered shares of Carbonite from a “buy” rating to a “hold” rating and dropped their price objective for the company from $44.00 to $25.00 in a research note on Friday, February 8th. Jefferies Financial Group dropped their price objective on shares of Carbonite from $41.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, February 8th. Finally, Lake Street Capital upped their price objective on shares of Carbonite to $39.00 and gave the company a “buy” rating in a research note on Friday, February 8th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Carbonite presently has an average rating of “Hold” and a consensus price target of $37.83.

Carbonite stock traded up $0.42 during trading hours on Tuesday, hitting $25.23. The company had a trading volume of 708,097 shares, compared to its average volume of 728,846. The firm has a market cap of $869.10 million, a PE ratio of 20.18, a P/E/G ratio of 0.89 and a beta of 0.70. The company has a debt-to-equity ratio of 2.65, a quick ratio of 1.59 and a current ratio of 0.88. Carbonite has a fifty-two week low of $21.83 and a fifty-two week high of $43.63.

In other news, CFO Anthony Folger sold 1,611 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $23.08, for a total transaction of $37,181.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Norman Guadagno sold 1,800 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $22.53, for a total transaction of $40,554.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,490 shares of company stock worth $348,369. 8.00% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. ArrowMark Colorado Holdings LLC boosted its holdings in shares of Carbonite by 13.2% during the 1st quarter. ArrowMark Colorado Holdings LLC now owns 4,910,190 shares of the technology company’s stock worth $121,822,000 after buying an additional 571,567 shares during the period. BlackRock Inc. boosted its holdings in shares of Carbonite by 3.2% during the 4th quarter. BlackRock Inc. now owns 2,309,744 shares of the technology company’s stock worth $58,344,000 after buying an additional 72,477 shares during the period. ETF Managers Group LLC boosted its holdings in shares of Carbonite by 12.6% during the 1st quarter. ETF Managers Group LLC now owns 2,187,396 shares of the technology company’s stock worth $54,269,000 after buying an additional 244,871 shares during the period. Vanguard Group Inc boosted its holdings in shares of Carbonite by 30.4% during the 3rd quarter. Vanguard Group Inc now owns 1,866,217 shares of the technology company’s stock worth $66,531,000 after buying an additional 435,554 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Carbonite by 30.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,866,217 shares of the technology company’s stock worth $66,531,000 after buying an additional 435,554 shares during the period.

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, 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.

Further Reading: Trading signals using Bollinger bands

Get a free copy of the Zacks research report on Carbonite (CARB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Carbonite (NASDAQ:CARB)

Receive News & Ratings for Carbonite Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Carbonite and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit