Commvault Systems (NASDAQ:CVLT) Hits New 1-Year High on Analyst Upgrade

Shares of Commvault Systems, Inc. (NASDAQ:CVLT) hit a new 52-week high on Monday after DA Davidson raised their price target on the stock from $125.00 to $135.00. DA Davidson currently has a buy rating on the stock. Commvault Systems traded as high as $119.72 and last traded at $118.87, with a volume of 229055 shares changing hands. The stock had previously closed at $116.54.

A number of other research analysts have also weighed in on the company. KeyCorp raised their price objective on Commvault Systems from $109.00 to $122.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Royal Bank of Canada lifted their target price on Commvault Systems from $97.00 to $112.00 and gave the stock a “sector perform” rating in a report on Wednesday, May 1st. Wells Fargo & Company lifted their target price on Commvault Systems from $125.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Finally, Lake Street Capital raised their price target on Commvault Systems from $86.00 to $98.00 and gave the stock a “hold” rating in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $121.40.

Insider Transactions at Commvault Systems

In other 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 value of $1,760,445.00. Following the sale, the chief executive officer now directly owns 539,465 shares of the company’s stock, valued at $59,449,043. The sale was disclosed in a legal 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 company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $110.83, for a total transaction of $1,219,130.00. Following the transaction, the director now owns 10,967 shares of the company’s stock, valued at $1,215,472.61. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sanjay Mirchandani sold 15,975 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $110.20, for a total value of $1,760,445.00. Following the transaction, the chief executive officer now directly owns 539,465 shares in the company, 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. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Champlain Investment Partners LLC boosted its holdings in shares of Commvault Systems by 58.5% in the first quarter. Champlain Investment Partners LLC now owns 825,236 shares of the software maker’s stock valued at $83,704,000 after purchasing an additional 304,459 shares during the period. Norges Bank purchased a new stake in shares of Commvault Systems in the fourth quarter valued at approximately $24,134,000. Acadian Asset Management LLC boosted its holdings in shares of Commvault Systems by 16.3% in 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. Invesco Ltd. boosted its holdings in shares of Commvault Systems by 50.9% in the third quarter. Invesco Ltd. now owns 629,282 shares of the software maker’s stock valued at $42,546,000 after purchasing an additional 212,325 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Commvault Systems by 2.7% in the third quarter. Vanguard Group Inc. now owns 5,426,814 shares of the software maker’s stock valued at $366,907,000 after purchasing an additional 144,625 shares during the period. Institutional investors own 93.50% of the company’s stock.

Commvault Systems Price Performance

The stock has a market cap of $5.13 billion, a PE ratio of 30.99 and a beta of 0.60. The business has a fifty day moving average of $106.04 and a 200-day moving average of $94.25.

Commvault Systems (NASDAQ:CVLT) last posted its earnings results on Tuesday, April 30th. The software maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.10. The company 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%. As a group, equities research analysts predict that Commvault Systems, Inc. will post 1.7 EPS for the current year.

Commvault Systems Company Profile

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.