Commvault Systems (NASDAQ:CVLT) Shares Gap Down – Here’s What Happened

Commvault Systems, Inc. (NASDAQ:CVLT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $163.91, but opened at $157.90. Commvault Systems shares last traded at $146.42, with a volume of 207,799 shares.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Royal Bank of Canada upped their target price on shares of Commvault Systems from $121.00 to $152.00 and gave the company a “sector perform” rating in a report on Wednesday, July 31st. Piper Sandler raised their price target on shares of Commvault Systems from $107.00 to $123.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. KeyCorp lifted their price objective on shares of Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. DA Davidson lifted their price target on shares of Commvault Systems from $170.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, StockNews.com downgraded shares of Commvault Systems from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 31st. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $140.00.

Commvault Systems Trading Down 9.1 %

The company has a market capitalization of $6.52 billion, a P/E ratio of 39.26 and a beta of 0.60. The stock has a 50 day moving average price of $150.98 and a 200 day moving average price of $126.43.

Commvault Systems (NASDAQ:CVLT) last posted its earnings results on Tuesday, July 30th. The software maker reported $0.85 EPS for the quarter, topping the consensus estimate of $0.73 by $0.12. Commvault Systems had a net margin of 20.19% and a return on equity of 32.16%. The firm had revenue of $224.67 million for the quarter, compared to analysts’ expectations of $215.54 million. During the same quarter last year, the firm earned $0.29 EPS. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, research analysts predict that Commvault Systems, Inc. will post 1.66 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVLT. National Bank of Canada FI purchased a new position in shares of Commvault Systems during the 2nd quarter valued at approximately $30,000. Hexagon Capital Partners LLC lifted its holdings in Commvault Systems by 124.8% in the second quarter. Hexagon Capital Partners LLC now owns 353 shares of the software maker’s stock valued at $43,000 after buying an additional 196 shares during the period. Signaturefd LLC increased its position in shares of Commvault Systems by 70.8% during the second quarter. Signaturefd LLC now owns 410 shares of the software maker’s stock worth $50,000 after acquiring an additional 170 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Commvault Systems during the 2nd quarter worth about $56,000. Finally, GAMMA Investing LLC raised its holdings in Commvault Systems by 140.5% in the 2nd quarter. GAMMA Investing LLC now owns 529 shares of the software maker’s stock valued at $64,000 after acquiring an additional 309 shares during the period. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

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.