Brokerages Expect Carbonite, Inc. (CARB) to Announce $0.21 Earnings Per Share

Brokerages forecast that Carbonite, Inc. (NASDAQ:CARB) will report earnings of $0.21 per share for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Carbonite’s earnings. The lowest EPS estimate is $0.20 and the highest is $0.24. Carbonite reported earnings of $0.14 per share in the same quarter last year, which indicates a positive year over year growth rate of 50%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Thursday, November 2nd.

On average, analysts expect that Carbonite will report full-year earnings of $0.77 per share for the current fiscal year, with EPS estimates ranging from $0.75 to $0.78. For the next year, analysts forecast that the business will report earnings of $1.00 per share, with EPS estimates ranging from $0.95 to $1.05. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that cover Carbonite.

Carbonite (NASDAQ:CARB) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Carbonite had a net margin of 0.29% and a return on equity of 36.43%. The business had revenue of $59.00 million during the quarter, compared to the consensus estimate of $59.97 million. During the same quarter last year, the company earned $0.19 earnings per share. The business’s quarterly revenue was up 10.5% compared to the same quarter last year.

A number of research firms have recently issued reports on CARB. B. Riley restated a “buy” rating and set a $26.00 price objective on shares of Carbonite in a research report on Monday, August 7th. Barclays PLC reissued an “equal weight” rating and issued a $27.00 price objective (up previously from $26.00) on shares of Carbonite in a research note on Friday, August 4th. BidaskClub raised Carbonite from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Rosenblatt Securities began coverage on Carbonite in a research note on Monday, September 18th. They issued a “buy” rating and a $28.00 price objective on the stock. Finally, TheStreet raised Carbonite from a “d+” rating to a “c+” rating in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Carbonite presently has a consensus rating of “Buy” and a consensus price target of $27.71.

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Carbonite (NASDAQ:CARB) traded up 0.44% during mid-day trading on Wednesday, hitting $22.70. 199,588 shares of the stock were exchanged. The company has a 50-day moving average price of $21.33 and a 200-day moving average price of $21.02. The company has a market cap of $631.04 million, a P/E ratio of 1080.95 and a beta of 0.27. Carbonite has a one year low of $14.10 and a one year high of $24.60.

In related news, SVP Norman Guadagno sold 2,489 shares of Carbonite stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $21.65, for a total transaction of $53,886.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anthony Folger sold 12,500 shares of Carbonite stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $21.19, for a total value of $264,875.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,421 shares of company stock valued at $641,877. Insiders own 12.20% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC increased its stake in Carbonite by 6.0% during the 2nd quarter. Renaissance Technologies LLC now owns 2,317,700 shares of the technology company’s stock worth $50,526,000 after acquiring an additional 131,300 shares during the period. Vanguard Group Inc. grew its position in Carbonite by 14.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,686,093 shares of the technology company’s stock worth $36,757,000 after acquiring an additional 217,337 shares during the last quarter. Russell Investments Group Ltd. grew its position in Carbonite by 192.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,382,650 shares of the technology company’s stock worth $30,143,000 after acquiring an additional 910,533 shares during the last quarter. Crosslink Capital Inc. grew its position in Carbonite by 7.2% during the 2nd quarter. Crosslink Capital Inc. now owns 1,312,983 shares of the technology company’s stock worth $28,623,000 after acquiring an additional 87,900 shares during the last quarter. Finally, Pembroke Management LTD grew its position in Carbonite by 2.4% during the 2nd quarter. Pembroke Management LTD now owns 1,269,500 shares of the technology company’s stock worth $27,675,000 after acquiring an additional 30,000 shares during the last quarter. Hedge funds and other institutional investors own 96.08% of the company’s stock.

About Carbonite

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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