Commvault Systems (NASDAQ:CVLT) Sets New 52-Week High Following Analyst Upgrade

Commvault Systems, Inc. (NASDAQ:CVLT) hit a new 52-week high during mid-day trading on Tuesday after KeyCorp raised their price target on the stock from $122.00 to $140.00. KeyCorp currently has an overweight rating on the stock. Commvault Systems traded as high as $122.60 and last traded at $122.49, with a volume of 9622 shares changing hands. The stock had previously closed at $121.68.

Several other equities analysts have also issued reports on CVLT. Guggenheim reiterated a “buy” rating and issued a $122.00 target price on shares of Commvault Systems in a research note on Tuesday, June 25th. DA Davidson increased their target price on shares of Commvault Systems from $125.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Lake Street Capital lifted their price target on shares of Commvault Systems from $86.00 to $98.00 and gave the stock a “hold” rating in a report on Wednesday, May 1st. Royal Bank of Canada increased their price objective on Commvault Systems from $97.00 to $112.00 and gave the company a “sector perform” rating in a report on Wednesday, May 1st. Finally, Wells Fargo & Company boosted their target price on Commvault Systems from $125.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $124.50.

Insider Activity

In related news, CEO Sanjay Mirchandani sold 15,975 shares of Commvault Systems stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $110.20, for a total transaction of $1,760,445.00. Following the completion of the sale, the chief executive officer now owns 539,465 shares of the company’s stock, valued at $59,449,043. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Charles E. Moran sold 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $110.83, for a total transaction of $1,219,130.00. Following the sale, the director now owns 10,967 shares of the company’s stock, valued at approximately $1,215,472.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjay Mirchandani sold 15,975 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $110.20, for a total transaction of $1,760,445.00. Following the completion of the transaction, the chief executive officer now owns 539,465 shares of the company’s stock, valued at approximately $59,449,043. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,816 shares of company stock valued at $6,613,874. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. increased its stake in Commvault Systems by 28.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,429 shares of the software maker’s stock worth $97,000 after buying an additional 317 shares in the last quarter. FMR LLC raised its stake in Commvault Systems by 4.2% in the 3rd quarter. FMR LLC now owns 176,503 shares of the software maker’s stock valued at $11,933,000 after purchasing an additional 7,097 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its holdings in Commvault Systems by 22.2% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 4,727 shares of the software maker’s stock valued at $320,000 after purchasing an additional 860 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in Commvault Systems during the 3rd quarter worth $2,974,000. Finally, Teza Capital Management LLC purchased a new stake in shares of Commvault Systems during the third quarter worth $253,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Commvault Systems Stock Down 0.5 %

The stock’s 50-day moving average price is $112.33 and its 200 day moving average price is $98.17. The firm has a market capitalization of $5.48 billion, a price-to-earnings ratio of 33.28 and a beta of 0.61.

Commvault Systems (NASDAQ:CVLT) last posted its quarterly earnings results on Tuesday, April 30th. The software maker reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.10. The business had revenue of $223.29 million during the quarter, compared to analyst estimates of $213.00 million. Commvault Systems had a return on equity of 31.27% and a net margin of 20.13%. On average, sell-side analysts anticipate that Commvault Systems, Inc. will post 1.7 earnings per share for the current 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.