Carbonite Inc (CARB) Expected to Post Earnings of $0.41 Per Share

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Equities analysts expect Carbonite Inc (NASDAQ:CARB) to announce $0.41 earnings per share for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Carbonite’s earnings, with the lowest EPS estimate coming in at $0.40 and the highest estimate coming in at $0.41. Carbonite reported earnings of $0.25 per share during the same quarter last year, which would indicate a positive year over year growth rate of 64%. The firm is expected to announce its next quarterly earnings results after the market closes on Thursday, November 1st.

On average, analysts expect that Carbonite will report full year earnings of $1.55 per share for the current financial year, with EPS estimates ranging from $1.53 to $1.56. For the next year, analysts expect that the company will report earnings of $1.81 per share, with EPS estimates ranging from $1.79 to $1.84. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Carbonite.

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

Several brokerages have weighed in on CARB. BidaskClub raised Carbonite from a “sell” rating to a “hold” rating in a report on Wednesday. Barclays increased their price objective on Carbonite from $38.00 to $41.00 and gave the company an “equal weight” rating in a report on Tuesday, July 24th. Jefferies Financial Group began coverage on Carbonite in a report on Friday, October 12th. They set a “buy” rating and a $45.00 price objective for the company. ValuEngine lowered Carbonite from a “strong-buy” rating to a “buy” rating in a report on Monday, July 2nd. Finally, TheStreet raised Carbonite from a “d+” rating to a “c” rating in a report on Friday, August 3rd. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $39.33.

In other news, General Counsel Danielle Sheer sold 7,474 shares of the firm’s stock in a transaction on Wednesday, October 17th. The stock was sold at an average price of $35.59, for a total value of $265,999.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was sold at an average price of $36.84, for a total value of $129,824.16. The disclosure for this sale can be found here. Insiders sold 755,916 shares of company stock valued at $28,454,407 over the last ninety days. Corporate insiders own 9.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. NJ State Employees Deferred Compensation Plan bought a new position in shares of Carbonite in the third quarter worth $285,000. Summit Creek Advisors LLC raised its position in shares of Carbonite by 17.4% in the third quarter. Summit Creek Advisors LLC now owns 540,933 shares of the technology company’s stock worth $19,284,000 after buying an additional 80,020 shares in the last quarter. United Services Automobile Association raised its position in shares of Carbonite by 8.0% in the second quarter. United Services Automobile Association now owns 44,802 shares of the technology company’s stock worth $1,564,000 after buying an additional 3,300 shares in the last quarter. Northern Trust Corp raised its position in shares of Carbonite by 5.0% in the second quarter. Northern Trust Corp now owns 352,548 shares of the technology company’s stock worth $12,304,000 after buying an additional 16,857 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Carbonite by 41.4% in the second quarter. Bank of New York Mellon Corp now owns 338,067 shares of the technology company’s stock worth $11,798,000 after buying an additional 99,018 shares in the last quarter. 84.37% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ CARB opened at $35.03 on Wednesday. Carbonite has a 1-year low of $20.50 and a 1-year high of $43.63. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 70.06, a PEG ratio of 0.85 and a beta of 0.55. The company has a debt-to-equity ratio of 2.85, a current ratio of 0.73 and a quick ratio of 0.73.

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 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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