Commvault Systems (NASDAQ:CVLT) Downgraded to Buy at StockNews.com

StockNews.com lowered shares of Commvault Systems (NASDAQ:CVLT) from a strong-buy rating to a buy rating in a research report released on Wednesday.

CVLT has been the subject of several other reports. Piper Sandler lifted their price target on Commvault Systems from $107.00 to $123.00 and gave the company a neutral rating in a research report on Monday, July 15th. DA Davidson lifted their price objective on Commvault Systems from $125.00 to $135.00 and gave the stock a buy rating in a report on Friday, June 14th. 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 upped their target price on Commvault Systems from $121.00 to $152.00 and gave the stock a sector perform rating in a report on Wednesday. Finally, Wells Fargo & Company upped their price objective on Commvault Systems from $125.00 to $140.00 and gave the company an overweight rating in a research report on Thursday, May 16th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Commvault Systems has a consensus rating of Moderate Buy and a consensus target price of $134.29.

Commvault Systems Stock Down 7.2 %

Shares of CVLT stock opened at $136.68 on Wednesday. Commvault Systems has a twelve month low of $63.70 and a twelve month high of $155.33. The business has a fifty day simple moving average of $121.03 and a 200 day simple moving average of $105.53. The company has a market cap of $5.98 billion, a P/E ratio of 36.35 and a beta of 0.61.

Commvault Systems (NASDAQ:CVLT) last announced its earnings results on Tuesday, July 30th. The software maker reported $0.85 EPS for the quarter, beating the consensus estimate of $0.73 by $0.12. The company had revenue of $224.67 million for the quarter, compared to analyst estimates of $215.54 million. Commvault Systems had a return on equity of 32.16% and a net margin of 20.19%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.29 EPS. As a group, equities research analysts anticipate that Commvault Systems will post 1.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Commvault Systems

In related news, Director Vivie Lee sold 2,500 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $112.19, for a total value of $280,475.00. Following the completion of the transaction, the director now owns 13,589 shares of the company’s stock, valued at approximately $1,524,549.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Commvault Systems news, CEO Sanjay Mirchandani sold 15,975 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 539,465 shares of the company’s stock, valued at $59,449,043. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Vivie Lee sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $112.19, for a total transaction of $280,475.00. Following the transaction, the director now directly owns 13,589 shares in the company, valued at $1,524,549.91. The disclosure for this sale can be found here. Insiders sold 59,816 shares of company stock valued at $6,613,874 in the last 90 days. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Commvault Systems

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Commvault Systems by 0.8% during the first quarter. Vanguard Group Inc. now owns 5,531,703 shares of the software maker’s stock valued at $561,081,000 after buying an additional 43,333 shares during the period. Acadian Asset Management LLC grew its holdings in 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 worth $161,914,000 after purchasing an additional 223,347 shares during the last quarter. Champlain Investment Partners LLC grew its holdings in Commvault Systems by 58.5% in the first 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 during the last quarter. Bank of New York Mellon Corp grew its holdings in Commvault Systems by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 489,101 shares of the software maker’s stock worth $59,460,000 after purchasing an additional 31,015 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Commvault Systems by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 472,291 shares of the software maker’s stock worth $37,712,000 after purchasing an additional 12,624 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

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.