Brokers Issue Forecasts for Carbonite, Inc.’s Q1 2018 Earnings (CARB)

Carbonite, Inc. (NASDAQ:CARB) – Equities researchers at B. Riley raised their Q1 2018 EPS estimates for Carbonite in a research note issued on Wednesday. B. Riley analyst S. Sherbetchyan now forecasts that the technology company will post earnings of $0.10 per share for the quarter, up from their prior estimate of $0.07. B. Riley currently has a “Buy” rating and a $37.00 target price on the stock. B. Riley also issued estimates for Carbonite’s Q2 2018 earnings at $0.16 EPS, Q3 2018 earnings at $0.32 EPS, Q4 2018 earnings at $0.43 EPS, FY2018 earnings at $1.00 EPS and FY2019 earnings at $1.31 EPS.

Carbonite (NASDAQ:CARB) last issued its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. The business had revenue of $61.69 million for the quarter, compared to the consensus estimate of $63.72 million. Carbonite had a positive return on equity of 42.21% and a negative net margin of 1.67%.

A number of other analysts have also recently issued reports on the company. BidaskClub cut Carbonite from a “buy” rating to a “hold” rating in a research report on Thursday, January 18th. TheStreet cut Carbonite from a “c+” rating to a “d” rating in a research report on Tuesday, February 13th. Finally, Lake Street Capital reissued a “buy” rating and set a $27.00 price objective (up previously from $25.00) on shares of Carbonite in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $29.86.

Shares of Carbonite (CARB) opened at $28.60 on Monday. The stock has a market capitalization of $776.93, a price-to-earnings ratio of -190.65, a P/E/G ratio of 0.70 and a beta of 0.33. Carbonite has a 12-month low of $18.20 and a 12-month high of $30.65. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 3.12.

In other Carbonite news, CFO Anthony Folger sold 7,992 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $23.45, for a total value of $187,412.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Todd Krasnow sold 10,000 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $23.16, for a total value of $231,600.00. Following the completion of the sale, the director now directly owns 227,230 shares of the company’s stock, valued at approximately $5,262,646.80. The disclosure for this sale can be found here. Insiders sold 66,096 shares of company stock valued at $1,517,037 in the last ninety days. Insiders own 12.20% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of CARB. Alliancebernstein L.P. lifted its position in shares of Carbonite by 108.2% during the 2nd quarter. Alliancebernstein L.P. now owns 26,750 shares of the technology company’s stock worth $583,000 after purchasing an additional 13,900 shares during the last quarter. Teachers Advisors LLC lifted its position in shares of Carbonite by 53.9% during the 2nd quarter. Teachers Advisors LLC now owns 44,326 shares of the technology company’s stock worth $966,000 after purchasing an additional 15,531 shares during the last quarter. TIAA CREF Investment Management LLC lifted its position in shares of Carbonite by 16.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 66,310 shares of the technology company’s stock worth $1,446,000 after purchasing an additional 9,516 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Carbonite during the 2nd quarter worth about $1,431,000. Finally, Nationwide Fund Advisors lifted its position in shares of Carbonite by 29.8% during the 2nd quarter. Nationwide Fund Advisors now owns 14,138 shares of the technology company’s stock worth $308,000 after purchasing an additional 3,250 shares during the last quarter. 92.40% of the stock is owned by institutional investors and hedge funds.

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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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