Brokerages Expect Carbonite, Inc. (CARB) to Post $0.21 Earnings Per Share
Wall Street brokerages expect Carbonite, Inc. (NASDAQ:CARB) to report earnings per share of $0.21 for the current quarter, according to Zacks. Five analysts have made estimates for Carbonite’s earnings. The highest EPS estimate is $0.24 and the lowest is $0.20. Carbonite posted earnings of $0.14 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 50%. The business is expected to announce its next earnings report on Thursday, November 2nd.
On average, analysts expect that Carbonite will report full year earnings of $0.76 per share for the current fiscal year, with EPS estimates ranging from $0.75 to $0.78. For the next year, analysts expect that the firm will report earnings of $1.00 per share, with EPS estimates ranging from $0.95 to $1.05. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Carbonite.
Carbonite (NASDAQ:CARB) last released its earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $59.00 million during the quarter, compared to the consensus estimate of $59.97 million. Carbonite had a return on equity of 36.43% and a net margin of 0.29%. The company’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 EPS.
A number of research firms have recently commented on CARB. B. Riley reaffirmed a “buy” rating and issued a $26.00 price target on shares of Carbonite in a report on Wednesday, August 2nd. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $30.00 price objective on shares of Carbonite in a research note on Thursday, September 21st. Barclays PLC reissued an “equal weight” rating and set a $27.00 price objective (up previously from $26.00) on shares of Carbonite in a report on Friday, August 4th. TheStreet upgraded Carbonite from a “d+” rating to a “c+” rating in a research note on Friday, August 4th. Finally, BidaskClub downgraded Carbonite from a “hold” rating to a “sell” rating in a research note on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $25.88.
Carbonite (CARB) traded up 0.68% on Friday, reaching $22.15. The company had a trading volume of 124,796 shares. The stock’s 50-day moving average price is $20.38 and its 200-day moving average price is $20.70. The stock has a market capitalization of $615.75 million, a P/E ratio of 1054.76 and a beta of 0.27. Carbonite has a 12-month low of $14.10 and a 12-month high of $24.60.
In other news, VP Danielle Sheer sold 4,810 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $21.65, for a total value of $104,136.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Anthony Folger sold 12,500 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $21.19, for a total transaction of $264,875.00. The disclosure for this sale can be found here. Insiders have sold 30,421 shares of company stock valued at $641,877 in the last three months. 12.20% of the stock is owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ardsley Advisory Partners purchased a new stake in Carbonite during the second quarter valued at about $3,266,000. J.P. Marvel Investment Advisors LLC lifted its stake in Carbonite by 30.1% during the second quarter. J.P. Marvel Investment Advisors LLC now owns 199,350 shares of the technology company’s stock worth $4,346,000 after purchasing an additional 46,090 shares during the last quarter. Crosslink Capital Inc. lifted its stake in Carbonite by 7.2% during the second quarter. Crosslink Capital Inc. now owns 1,312,983 shares of the technology company’s stock worth $28,623,000 after purchasing an additional 87,900 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Carbonite by 24.8% in the 2nd quarter. California State Teachers Retirement System now owns 43,755 shares of the technology company’s stock worth $954,000 after purchasing an additional 8,700 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new position in shares of Carbonite in the 2nd quarter worth about $362,000. 94.19% of the stock is currently owned by institutional investors and hedge funds.
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Carbonite Company Profile
Carbonite, Inc provides data protection solutions, including cloud, hybrid and on-premise backup and restore, disaster recovery as a service (DRaaS) and e-mail archiving. The Company’s solutions provide enterprise-grade data protection and recovery capabilities to its customers. The Company’s small and medium-sized businesses (SMBs) plans include Carbonite Computer Backup; Carbonite Server Backup, such as Carbonite Office Power and Carbonite Office Ultimate; EVault Cloud Backup; DRaaS, and e-mail archiving.
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