Commvault Systems (NASDAQ:CVLT) Reaches New 1-Year High After Earnings Beat

Commvault Systems, Inc. (NASDAQ:CVLT) shares reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $143.32 and last traded at $141.88, with a volume of 84811 shares trading hands. The stock had previously closed at $123.20.

The software maker reported $0.85 earnings per share (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 business had revenue of $224.67 million for the quarter, compared to analyst estimates of $215.54 million. During the same period in the prior year, the company posted $0.29 EPS. The company’s revenue for the quarter was up 13.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Guggenheim reaffirmed a “buy” rating and set a $122.00 target price on shares of Commvault Systems in a research note on Tuesday, June 25th. KeyCorp increased their price objective on shares of Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a report on Wednesday. Piper Sandler boosted their target price 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. DA Davidson upped their price target on shares of Commvault Systems from $125.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Finally, Lake Street Capital lifted their price objective on Commvault Systems from $86.00 to $98.00 and gave the stock a “hold” rating in a report on Wednesday, May 1st. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $134.29.

Insider Activity at Commvault Systems

In other Commvault Systems news, CFO Gary Merrill sold 661 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $110.58, for a total value of $73,093.38. Following the transaction, the chief financial officer now directly owns 114,373 shares of the company’s stock, valued at approximately $12,647,366.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Vivie Lee sold 2,500 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $112.19, for a total transaction of $280,475.00. Following the completion of the sale, the director now directly owns 13,589 shares in the company, valued at $1,524,549.91. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Gary Merrill sold 661 shares of Commvault Systems stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $110.58, for a total transaction of $73,093.38. Following the transaction, the chief financial officer now directly owns 114,373 shares in the company, valued at $12,647,366.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,816 shares of company stock valued at $6,613,874. Corporate 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 made changes to their positions in CVLT. EFG Asset Management North America Corp. increased its stake in Commvault Systems by 0.5% during the second quarter. EFG Asset Management North America Corp. now owns 21,699 shares of the software maker’s stock worth $2,637,000 after acquiring an additional 103 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Commvault Systems by 5.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 2,701 shares of the software maker’s stock worth $328,000 after purchasing an additional 139 shares during the period. Amalgamated Bank increased its position in shares of Commvault Systems by 0.6% during the 4th quarter. Amalgamated Bank now owns 27,504 shares of the software maker’s stock worth $2,196,000 after purchasing an additional 160 shares during the last quarter. Signaturefd LLC raised its holdings in Commvault Systems by 70.8% in the 2nd quarter. Signaturefd LLC now owns 410 shares of the software maker’s stock valued at $50,000 after buying an additional 170 shares during the period. Finally, Legacy Advisors LLC lifted its position in Commvault Systems by 1.6% in the second quarter. Legacy Advisors LLC now owns 12,309 shares of the software maker’s stock valued at $1,496,000 after buying an additional 191 shares during the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

Commvault Systems Price Performance

The company has a market cap of $6.69 billion, a PE ratio of 40.65 and a beta of 0.61. The company’s 50 day simple moving average is $119.77 and its two-hundred day simple moving average is $104.83.

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.