Commvault (NASDAQ:CVLT) Upgraded by Zacks Investment Research to Hold

Commvault (NASDAQ:CVLT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday, March 9th.

According to Zacks, “CommVault provides Unified Data Management solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. The CommVault QiNetix platform, based on CommVault’s Common Technology Engine, integrates Galaxy backup and recovery, snapshot management and recovery, remote replication, active data migration and archiving, e-mail compliance, enterprise service level management and reporting and storage resource management software solutions. The QiNetix unified approach is designed to allow customers to add integrate QiNetix components, at a fraction of the time, effort and money required by separate point products. “

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CVLT has been the topic of several other research reports. BidaskClub upgraded shares of Commvault from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 4th. Wells Fargo started coverage on shares of Commvault in a research report on Tuesday, November 14th. They issued an “outperform” rating and a $64.00 target price on the stock. Mizuho restated a “buy” rating and issued a $75.00 target price on shares of Commvault in a research report on Wednesday, January 17th. Finally, Lake Street Capital restated a “buy” rating and issued a $58.00 target price (down previously from $60.00) on shares of Commvault in a research report on Thursday, January 25th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Commvault has an average rating of “Buy” and a consensus price target of $72.44.

Shares of NASDAQ CVLT traded up $1.75 during trading hours on Friday, hitting $65.15. 1,582,187 shares of the stock were exchanged, compared to its average volume of 659,547. The firm has a market capitalization of $2,570.70, a price-to-earnings ratio of 1,303.00, a P/E/G ratio of 91.52 and a beta of 1.15. Commvault has a 1-year low of $48.35 and a 1-year high of $66.00.

Commvault (NASDAQ:CVLT) last posted its quarterly earnings results on Wednesday, January 24th. The software maker reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.01). The firm had revenue of $180.37 million for the quarter, compared to analyst estimates of $182.01 million. Commvault had a positive return on equity of 0.32% and a negative net margin of 8.30%. The business’s revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.28 EPS. equities research analysts predict that Commvault will post 0.03 earnings per share for the current year.

Commvault declared that its board has initiated a stock buyback plan on Wednesday, January 24th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the software maker to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

In other news, Director Armando Geday sold 7,500 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $52.59, for a total transaction of $394,425.00. Following the completion of the transaction, the director now owns 79,546 shares of the company’s stock, valued at $4,183,324.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Al Bunte sold 70,000 shares of the firm’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $50.74, for a total transaction of $3,551,800.00. The disclosure for this sale can be found here. Insiders have sold 289,737 shares of company stock valued at $14,770,440 in the last ninety days. Insiders own 13.40% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Commvault by 2.2% during the fourth quarter. BlackRock Inc. now owns 4,424,276 shares of the software maker’s stock valued at $232,274,000 after acquiring an additional 96,629 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Commvault by 9.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,951,363 shares of the software maker’s stock worth $102,446,000 after buying an additional 172,195 shares during the last quarter. Champlain Investment Partners LLC raised its stake in Commvault by 7.8% during the fourth quarter. Champlain Investment Partners LLC now owns 1,496,415 shares of the software maker’s stock worth $78,562,000 after buying an additional 108,140 shares during the last quarter. Mackenzie Financial Corp raised its stake in Commvault by 7.3% during the fourth quarter. Mackenzie Financial Corp now owns 1,459,688 shares of the software maker’s stock worth $76,634,000 after buying an additional 99,800 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Commvault by 21.1% during the fourth quarter. Victory Capital Management Inc. now owns 819,388 shares of the software maker’s stock worth $43,018,000 after buying an additional 142,611 shares during the last quarter. 90.07% of the stock is owned by hedge funds and other institutional investors.

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Commvault Company Profile

Commvault Systems, Inc provides data and information management software applications and related services in the United States and internationally. The company's software suite contains solutions that are built on a single unified code base and platform to protect, manage, and access data and information.

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