Brokerages Expect Carbonite Inc (CARB) Will Announce Quarterly Sales of $80.55 Million

Equities analysts expect Carbonite Inc (NASDAQ:CARB) to report sales of $80.55 million for the current quarter, Zacks reports. Five analysts have made estimates for Carbonite’s earnings, with the highest sales estimate coming in at $82.03 million and the lowest estimate coming in at $80.00 million. Carbonite posted sales of $61.64 million in the same quarter last year, which suggests a positive year over year growth rate of 30.7%. The company is expected to issue its next earnings report on Thursday, November 1st.

On average, analysts expect that Carbonite will report full-year sales of $307.65 million for the current year, with estimates ranging from $306.60 million to $308.46 million. For the next financial year, analysts anticipate that the business will post sales of $345.97 million, with estimates ranging from $339.60 million to $350.00 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Carbonite.

Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Thursday, August 2nd. The technology company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.15. The business had revenue of $77.70 million for the quarter, compared to the consensus estimate of $78.89 million. Carbonite had a net margin of 0.39% and a return on equity of 46.67%. Carbonite’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 EPS.

A number of research analysts have recently weighed in on the stock. BidaskClub downgraded shares of Carbonite from a “hold” rating to a “sell” rating in a report on Wednesday, August 1st. Barclays raised their price target on shares of Carbonite from $38.00 to $41.00 and gave the company an “equal weight” rating in a report on Tuesday, July 24th. ValuEngine downgraded shares of Carbonite from a “strong-buy” rating to a “buy” rating in a report on Monday, July 2nd. TheStreet upgraded shares of Carbonite from a “d+” rating to a “c” rating in a report on Friday, August 3rd. Finally, MED raised their price target on shares of Carbonite from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $38.82.

Shares of Carbonite stock traded up $1.25 during midday trading on Tuesday, reaching $35.20. 623,238 shares of the company’s stock traded hands, compared to its average volume of 403,002. The company has a market capitalization of $1.20 billion, a P/E ratio of 70.40, a P/E/G ratio of 0.85 and a beta of 0.55. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 2.85. Carbonite has a 52 week low of $20.50 and a 52 week high of $43.63.

In related news, General Counsel Danielle Sheer sold 14,480 shares of the firm’s stock in a transaction on Friday, September 7th. The shares were sold at an average price of $43.19, for a total value of $625,391.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Paul S. Mellinger sold 3,524 shares of the firm’s stock in a transaction on Monday, September 24th. The shares were sold at an average price of $36.84, for a total transaction of $129,824.16. The disclosure for this sale can be found here. Insiders sold a total of 748,442 shares of company stock worth $28,188,408 over the last quarter. 9.80% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the stock. Summit Trail Advisors LLC grew its stake in Carbonite by 3,277.3% in the 1st quarter. Summit Trail Advisors LLC now owns 120,436 shares of the technology company’s stock valued at $120,000 after buying an additional 116,870 shares during the last quarter. Koch Industries Inc. acquired a new stake in Carbonite in the 1st quarter worth $201,000. WINTON GROUP Ltd acquired a new stake in Carbonite in the 1st quarter worth $213,000. NumerixS Investment Technologies Inc acquired a new stake in Carbonite in the 2nd quarter worth $221,000. Finally, BNP Paribas Arbitrage SA grew its position in Carbonite by 56.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 8,172 shares of the technology company’s stock worth $235,000 after purchasing an additional 2,943 shares during the last quarter. Institutional investors and hedge funds own 84.37% of the company’s stock.

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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