Carbonite (CARB) Issues Quarterly Earnings Results

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Carbonite (NASDAQ:CARB) posted its quarterly earnings results on Thursday. The technology company reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.16, Bloomberg Earnings reports. Carbonite had a return on equity of 29.57% and a net margin of 2.54%. The firm had revenue of $77.00 million during the quarter, compared to analysts’ expectations of $79.53 million. During the same quarter in the previous year, the business earned $0.30 earnings per share. The company’s revenue was up 24.8% on a year-over-year basis. Carbonite updated its Q1 2019 guidance to EPS and its FY 2019 guidance to EPS.

Carbonite stock opened at $23.85 on Friday. The firm has a market cap of $1.01 billion, a P/E ratio of 19.08, a PEG ratio of 1.19 and a beta of 0.78. Carbonite has a one year low of $20.50 and a one year high of $43.63.

In related news, SVP Norman Guadagno sold 3,750 shares of the company’s stock in a transaction on Tuesday, February 5th. The stock was sold at an average price of $28.93, for a total transaction of $108,487.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mohamad Ali sold 13,888 shares of the company’s stock in a transaction on Friday, December 14th. The shares were sold at an average price of $26.50, for a total value of $368,032.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,255 shares of company stock valued at $1,981,736. 9.80% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its position in shares of Carbonite by 3.2% in the 4th quarter. BlackRock Inc. now owns 2,309,744 shares of the technology company’s stock worth $58,344,000 after purchasing an additional 72,477 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Carbonite by 30.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 587,603 shares of the technology company’s stock worth $14,844,000 after purchasing an additional 136,052 shares in the last quarter. First Trust Advisors LP acquired a new stake in shares of Carbonite in the 4th quarter worth $2,029,000. Virginia Retirement Systems ET AL boosted its position in shares of Carbonite by 33.0% in the 4th quarter. Virginia Retirement Systems ET AL now owns 27,800 shares of the technology company’s stock worth $702,000 after purchasing an additional 6,900 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH boosted its position in shares of Carbonite by 30.0% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 673,533 shares of the technology company’s stock worth $17,013,000 after purchasing an additional 155,586 shares in the last quarter.

Several research firms have recently weighed in on CARB. BidaskClub upgraded Carbonite from a “sell” rating to a “hold” rating in a research note on Wednesday, October 17th. Oppenheimer restated a “market perform” rating on shares of Carbonite in a research note on Friday, November 2nd. cut Carbonite from an “outperform” rating to a “market perform” rating in a research note on Friday, November 2nd. Jefferies Financial Group began coverage on Carbonite in a research note on Friday, October 12th. They issued a “buy” rating and a $45.00 price target for the company. Finally, Zacks Investment Research upgraded Carbonite from a “hold” rating to a “strong-buy” rating and set a $33.00 price target for the company in a research note on Tuesday, November 6th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $36.50.

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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.

Featured Story: Price to Earnings Ratio (PE)

Earnings History for Carbonite (NASDAQ:CARB)

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