Commvault Systems (NASDAQ:CVLT) Sets New 12-Month High Following Analyst Upgrade

Commvault Systems, Inc. (NASDAQ:CVLT) reached a new 52-week high during mid-day trading on Tuesday after KeyCorp raised their price target on the stock from $122.00 to $140.00. KeyCorp currently has an overweight rating on the stock. Commvault Systems traded as high as $122.60 and last traded at $122.49, with a volume of 9622 shares. The stock had previously closed at $121.68.

Several other research firms have also issued reports on CVLT. Lake Street Capital lifted their price objective on Commvault Systems from $86.00 to $98.00 and gave the company a “hold” rating in a research note on Wednesday, May 1st. Wells Fargo & Company boosted their price objective on Commvault Systems from $125.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, May 16th. Guggenheim reaffirmed a “buy” rating and issued a $122.00 target price on shares of Commvault Systems in a research note on Tuesday, June 25th. Royal Bank of Canada lifted their target price on shares of Commvault Systems from $97.00 to $112.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 1st. Finally, DA Davidson raised their price objective on shares of Commvault Systems from $125.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Two equities research 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 has a consensus rating of “Moderate Buy” and a consensus target price of $124.50.

Insider Activity

In related news, CEO Sanjay Mirchandani sold 15,975 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $110.20, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Vivie Lee sold 2,500 shares of Commvault Systems stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $112.19, for a total value of $280,475.00. Following the sale, the director now directly owns 13,589 shares in the company, valued at approximately $1,524,549.91. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sanjay Mirchandani sold 15,975 shares of the business’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 $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

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Commvault Systems by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 5,531,703 shares of the software maker’s stock worth $561,081,000 after acquiring an additional 43,333 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Commvault Systems by 16.3% during 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 last quarter. Champlain Investment Partners LLC boosted its position in shares of Commvault Systems by 58.5% in the 1st quarter. Champlain Investment Partners LLC now owns 825,236 shares of the software maker’s stock worth $83,704,000 after purchasing an additional 304,459 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Commvault Systems by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 472,291 shares of the software maker’s stock worth $37,712,000 after buying an additional 12,624 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in Commvault Systems by 14.9% during the 3rd quarter. AQR Capital Management LLC now owns 345,628 shares of the software maker’s stock valued at $23,368,000 after buying an additional 44,816 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Commvault Systems Price Performance

The firm has a market cap of $5.48 billion, a PE ratio of 33.28 and a beta of 0.61. The stock has a 50 day simple moving average of $112.33 and a 200-day simple moving average of $98.17.

Commvault Systems (NASDAQ:CVLT) last announced its quarterly earnings data on Tuesday, April 30th. The software maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.32 by $0.10. Commvault Systems had a net margin of 20.13% and a return on equity of 31.27%. The company had revenue of $223.29 million for the quarter, compared to the consensus estimate of $213.00 million. As a group, equities analysts predict that Commvault Systems, Inc. will post 1.7 EPS for the current fiscal year.

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.