Commvault Systems (NASDAQ:CVLT) Price Target Raised to $123.00 at Piper Sandler

Commvault Systems (NASDAQ:CVLT) had its price objective hoisted by Piper Sandler from $107.00 to $123.00 in a report issued on Monday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the software maker’s stock.

A number of other equities research analysts also recently issued reports on CVLT. DA Davidson upped their price target on shares of Commvault Systems from $125.00 to $135.00 and gave the company a buy rating in a research note on Friday, June 14th. Lake Street Capital lifted their price target on Commvault Systems from $86.00 to $98.00 and gave the stock a hold rating in a research report on Wednesday, May 1st. Guggenheim restated a buy rating and set a $122.00 price objective on shares of Commvault Systems in a research report on Tuesday, June 25th. 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. Finally, Wells Fargo & Company increased their price target on Commvault Systems from $125.00 to $140.00 and gave the company an overweight rating in a report on Thursday, May 16th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $124.29.

Commvault Systems Stock Down 0.6 %

NASDAQ CVLT opened at $121.18 on Monday. Commvault Systems has a twelve month low of $63.70 and a twelve month high of $126.93. The business has a 50-day moving average price of $116.09 and a 200-day moving average price of $101.16. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of 31.87 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 for the quarter, topping the consensus estimate of $0.32 by $0.10. The business had revenue of $223.29 million during the quarter, compared to the consensus estimate of $213.00 million. Commvault Systems had a return on equity of 31.27% and a net margin of 20.13%. Research analysts expect that Commvault Systems will post 1.7 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Commvault Systems

Institutional investors have recently bought and sold shares of the business. Gladius Capital Management LP lifted its holdings in Commvault Systems by 10.6% in the 2nd quarter. Gladius Capital Management LP now owns 9,064 shares of the software maker’s stock valued at $1,102,000 after purchasing an additional 867 shares in the last quarter. Ellsworth Advisors LLC purchased a new position in shares of Commvault Systems in the second quarter worth about $495,000. Quantum Private Wealth LLC acquired a new position in Commvault Systems during the second quarter worth about $212,000. Wedge Capital Management L L P NC raised its holdings in Commvault Systems by 2.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 17,822 shares of the software maker’s stock valued at $2,167,000 after acquiring an additional 502 shares during the last quarter. Finally, SteelPeak Wealth LLC purchased a new position in Commvault Systems in the 2nd quarter worth approximately $407,000. 93.50% of the stock is owned by institutional investors and hedge funds.

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.