Commvault Systems (NASDAQ:CVLT) Sets New 1-Year High Following Analyst Upgrade

Shares of 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 changing hands. The stock had previously closed at $121.68.

Several other equities analysts have also weighed in on CVLT. DA Davidson increased their price objective on Commvault Systems from $125.00 to $135.00 and gave the company a “buy” rating in a report on Friday, June 14th. Royal Bank of Canada increased their target price on Commvault Systems from $97.00 to $112.00 and gave the stock a “sector perform” rating in a research report on Wednesday, May 1st. Guggenheim reiterated a “buy” rating and issued a $122.00 price objective on shares of Commvault Systems in a research report on Tuesday, June 25th. Wells Fargo & Company increased their price objective on Commvault Systems from $125.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, May 16th. Finally, Lake Street Capital raised their price target on Commvault Systems from $86.00 to $98.00 and gave the company a “hold” rating in a research report on Wednesday, May 1st. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $124.50.

Insider Buying and Selling at Commvault Systems

In other news, Director Vivie Lee sold 2,500 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,524,549.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Vivie Lee sold 2,500 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,524,549.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles E. Moran sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $110.83, for a total value of $1,219,130.00. Following the completion of the sale, the director now directly owns 10,967 shares in the company, valued at $1,215,472.61. The disclosure for this sale can be found here. Insiders have sold 59,816 shares of company stock worth $6,613,874 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CVLT. UBS Group AG grew its holdings in shares of Commvault Systems by 24.6% during the 3rd quarter. UBS Group AG now owns 45,207 shares of the software maker’s stock worth $3,056,000 after acquiring an additional 8,929 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Commvault Systems by 28.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,429 shares of the software maker’s stock worth $97,000 after purchasing an additional 317 shares in the last quarter. FMR LLC boosted its position in shares of Commvault Systems by 4.2% in the 3rd quarter. FMR LLC now owns 176,503 shares of the software maker’s stock worth $11,933,000 after purchasing an additional 7,097 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Commvault Systems by 67.0% in the 3rd quarter. Hsbc Holdings PLC now owns 15,365 shares of the software maker’s stock worth $1,043,000 after purchasing an additional 6,167 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of Commvault Systems by 22.2% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 4,727 shares of the software maker’s stock worth $320,000 after purchasing an additional 860 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Commvault Systems Stock Performance

The business has a 50-day moving average price of $111.19 and a 200 day moving average price of $97.64. The stock has a market capitalization of $5.37 billion, a P/E ratio of 32.36 and a beta of 0.61.

Commvault Systems (NASDAQ:CVLT) last issued its quarterly earnings results on Tuesday, April 30th. The software maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.10. Commvault Systems had a return on equity of 31.27% and a net margin of 20.13%. The firm had revenue of $223.29 million for the quarter, compared to analysts’ expectations of $213.00 million. As a group, research analysts forecast that Commvault Systems, Inc. will post 1.7 earnings per share 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.