Carbonite Inc (CARB) Expected to Announce Quarterly Sales of $80.47 Million

Equities research analysts expect Carbonite Inc (NASDAQ:CARB) to report $80.47 million in sales for the current quarter, Zacks reports. Six analysts have issued estimates for Carbonite’s earnings, with the lowest sales estimate coming in at $80.00 million and the highest estimate coming in at $82.03 million. Carbonite reported sales of $61.64 million in the same quarter last year, which indicates a positive year-over-year growth rate of 30.5%. The company is scheduled to report its next quarterly earnings results after the market closes on Thursday, November 1st.

On average, analysts expect that Carbonite will report full-year sales of $307.63 million for the current fiscal year, with estimates ranging from $306.60 million to $308.46 million. For the next fiscal year, analysts expect that the company will post sales of $345.15 million, with estimates ranging from $339.60 million to $350.00 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Carbonite.

Carbonite (NASDAQ:CARB) last announced its quarterly earnings results 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. The company had revenue of $77.70 million during the quarter, compared to analysts’ expectations of $78.89 million. Carbonite had a return on equity of 46.67% and a net margin of 0.39%. Carbonite’s quarterly revenue was up 31.7% on a year-over-year basis. During the same period last year, the business earned $0.15 earnings per share.

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

Shares of CARB stock opened at $35.97 on Friday. The company has a debt-to-equity ratio of 2.85, a current ratio of 0.73 and a quick ratio of 0.73. The company has a market cap of $1.20 billion, a P/E ratio of 71.94, a P/E/G ratio of 0.85 and a beta of 0.55. Carbonite has a twelve month low of $20.50 and a twelve month high of $43.63.

In other news, SVP Paul S. Mellinger sold 3,524 shares of the business’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $36.84, for a total value of $129,824.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Friend sold 698,080 shares of the business’s stock in a transaction that occurred on Monday, July 23rd. The shares were sold at an average price of $37.50, for a total value of $26,178,000.00. Following the completion of the sale, the director now owns 51,880 shares of the company’s stock, valued at $1,945,500. The disclosure for this sale can be found here. Insiders sold 748,442 shares of company stock valued at $28,188,408 over the last 90 days. Company insiders own 9.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Carbonite by 10.9% in the second quarter. BlackRock Inc. now owns 1,820,014 shares of the technology company’s stock valued at $63,521,000 after buying an additional 179,098 shares in the last quarter. Portolan Capital Management LLC increased its position in shares of Carbonite by 7.7% in the second quarter. Portolan Capital Management LLC now owns 1,484,309 shares of the technology company’s stock valued at $51,802,000 after buying an additional 106,638 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Carbonite by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,135,741 shares of the technology company’s stock valued at $39,637,000 after buying an additional 3,349 shares in the last quarter. Granahan Investment Management Inc. MA increased its position in shares of Carbonite by 6.5% in the second quarter. Granahan Investment Management Inc. MA now owns 611,739 shares of the technology company’s stock valued at $21,350,000 after buying an additional 37,599 shares in the last quarter. Finally, Summit Creek Advisors LLC increased 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 valued at $19,284,000 after buying an additional 80,020 shares in the last quarter. Institutional investors and hedge funds own 84.37% of the company’s stock.

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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