Pinnacle Associates Ltd. Has $28.74 Million Position in Commvault Systems, Inc. (NASDAQ:CVLT)

Pinnacle Associates Ltd. cut its holdings in Commvault Systems, Inc. (NASDAQ:CVLT) by 1.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 236,412 shares of the software maker’s stock after selling 4,679 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Commvault Systems were worth $28,741,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of CVLT. EFG Asset Management North America Corp. grew its position in shares of Commvault Systems by 0.5% in the second quarter. EFG Asset Management North America Corp. now owns 21,699 shares of the software maker’s stock valued at $2,637,000 after purchasing an additional 103 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Commvault Systems by 0.6% in the fourth quarter. Amalgamated Bank now owns 27,504 shares of the software maker’s stock worth $2,196,000 after acquiring an additional 160 shares during the last quarter. Signaturefd LLC increased its position in Commvault Systems by 70.8% during the 2nd quarter. Signaturefd LLC now owns 410 shares of the software maker’s stock worth $50,000 after purchasing an additional 170 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in shares of Commvault Systems by 124.8% during the 2nd quarter. Hexagon Capital Partners LLC now owns 353 shares of the software maker’s stock valued at $43,000 after acquiring an additional 196 shares in the last quarter. Finally, State of Michigan Retirement System grew its position in Commvault Systems by 1.9% during the 1st quarter. State of Michigan Retirement System now owns 10,712 shares of the software maker’s stock worth $1,087,000 after acquiring an additional 200 shares during the last quarter. 93.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Commvault Systems news, insider Gary Merrill sold 17,388 shares of the business’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $150.76, for a total value of $2,621,414.88. Following the completion of the transaction, the insider now owns 94,530 shares of the company’s stock, valued at approximately $14,251,342.80. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on CVLT shares. KeyCorp lifted their price target on Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Piper Sandler boosted their target price on shares of Commvault Systems from $107.00 to $123.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Guggenheim restated a “buy” rating and set a $122.00 price target on shares of Commvault Systems in a report on Tuesday, June 25th. Royal Bank of Canada raised their price target on shares of Commvault Systems from $121.00 to $152.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 31st. Finally, DA Davidson increased their price objective 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. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Commvault Systems presently has a consensus rating of “Moderate Buy” and an average price target of $134.29.

Commvault Systems Stock Performance

NASDAQ CVLT traded up $2.78 during trading on Friday, hitting $155.40. 469,052 shares of the company’s stock traded hands, compared to its average volume of 349,535. Commvault Systems, Inc. has a 12-month low of $63.70 and a 12-month high of $156.00. The stock has a market capitalization of $6.80 billion, a price-to-earnings ratio of 41.33 and a beta of 0.61. The business has a 50 day moving average of $135.11 and a 200-day moving average of $114.25.

Commvault Systems (NASDAQ:CVLT) last posted its earnings results on Tuesday, July 30th. 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 analysts’ expectations of $215.54 million. During the same period in the prior year, the company posted $0.29 EPS. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, analysts expect that Commvault Systems, Inc. will post 1.71 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.