Commvault Systems (NASDAQ:CVLT) Sets New 12-Month High After Analyst Upgrade

Commvault Systems, Inc. (NASDAQ:CVLT) shares hit a new 52-week high on Wednesday after Royal Bank of Canada raised their price target on the stock from $164.00 to $182.00. Royal Bank of Canada currently has a sector perform rating on the stock. Commvault Systems traded as high as $175.00 and last traded at $175.00, with a volume of 732 shares trading hands. The stock had previously closed at $169.79.

A number of other equities analysts also recently issued reports on the company. Piper Sandler increased their price objective on Commvault Systems from $107.00 to $123.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. DA Davidson upped their price objective on shares of Commvault Systems from $170.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, September 6th. StockNews.com raised shares of Commvault Systems from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 24th. Guggenheim cut Commvault Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 15th. Finally, KeyCorp raised their price objective on Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Commvault Systems has an average rating of “Moderate Buy” and an average price target of $144.29.

Insider Transactions at Commvault Systems

In related news, Director Allison Pickens sold 1,232 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $153.89, for a total transaction of $189,592.48. Following the sale, the director now directly owns 7,131 shares of the company’s stock, valued at $1,097,389.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Allison Pickens sold 1,232 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $153.89, for a total transaction of $189,592.48. Following the transaction, the director now directly owns 7,131 shares of the company’s stock, valued at $1,097,389.59. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gary Merrill sold 17,388 shares of Commvault Systems stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $150.76, for a total value of $2,621,414.88. Following the completion of the sale, the insider now directly owns 94,530 shares of the company’s stock, valued at $14,251,342.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Institutional Trading of Commvault Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVLT. Champlain Investment Partners LLC grew its position in shares of Commvault Systems by 58.5% during the 1st quarter. Champlain Investment Partners LLC now owns 825,236 shares of the software maker’s stock valued at $83,704,000 after acquiring an additional 304,459 shares during the period. Acadian Asset Management LLC grew its holdings in Commvault Systems by 16.3% during the first quarter. Acadian Asset Management LLC now owns 1,596,635 shares of the software maker’s stock valued at $161,914,000 after purchasing an additional 223,347 shares during the period. AQR Capital Management LLC increased its position in Commvault Systems by 33.5% in the second quarter. AQR Capital Management LLC now owns 648,858 shares of the software maker’s stock worth $78,882,000 after buying an additional 162,722 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Commvault Systems by 7.5% in the second quarter. Renaissance Technologies LLC now owns 1,813,487 shares of the software maker’s stock worth $220,466,000 after buying an additional 126,800 shares during the period. Finally, Congress Asset Management Co. lifted its position in shares of Commvault Systems by 29.4% during the 3rd quarter. Congress Asset Management Co. now owns 492,162 shares of the software maker’s stock valued at $75,719,000 after buying an additional 111,715 shares in the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Commvault Systems Trading Down 3.7 %

The stock has a 50 day moving average of $149.87 and a 200-day moving average of $130.15. The company has a market capitalization of $6.83 billion, a P/E ratio of 39.54 and a beta of 0.60.

Commvault Systems (NASDAQ:CVLT) last posted its quarterly earnings results on Tuesday, July 30th. The software maker reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.12. The business had revenue of $224.67 million during the quarter, compared to analyst estimates of $215.54 million. Commvault Systems had a net margin of 20.19% and a return on equity of 32.16%. The company’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 earnings per share. As a group, sell-side analysts expect that Commvault Systems, Inc. will post 1.66 EPS for the current fiscal year.

About Commvault Systems

Commvault Systems, Inc provides data protection platform that helps customers to secure, defend, and recover their data in the United States and internationally. The company offers Commvault Backup and Recovery, a backup and recovery solution; Commvault Disaster Recovery, a replication and disaster recovery solution; Commvault Complete Data Protection, a data protection solution; and Metallic Data Protection as-a-service, which delivers enterprise-grade data protection as a service on a cloud platform, with advanced built-in security controls.