Victory Capital Management Inc. Reduces Position in Commvault Systems, Inc. (NASDAQ:CVLT)

Victory Capital Management Inc. lessened its stake in shares of Commvault Systems, Inc. (NASDAQ:CVLT) by 32.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 119,875 shares of the software maker’s stock after selling 58,154 shares during the period. Victory Capital Management Inc. owned approximately 0.27% of Commvault Systems worth $18,443,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Commvault Systems during the 3rd quarter worth approximately $1,167,000. Versor Investments LP boosted its holdings in shares of Commvault Systems by 168.3% in the 3rd quarter. Versor Investments LP now owns 5,730 shares of the software maker’s stock valued at $882,000 after acquiring an additional 3,594 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Commvault Systems by 31.3% in the 3rd quarter. Los Angeles Capital Management LLC now owns 27,709 shares of the software maker’s stock valued at $4,263,000 after acquiring an additional 6,598 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Commvault Systems by 17.5% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 3,227 shares of the software maker’s stock valued at $497,000 after acquiring an additional 480 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Commvault Systems by 46.8% in the 3rd quarter. Covestor Ltd now owns 1,681 shares of the software maker’s stock valued at $259,000 after acquiring an additional 536 shares during the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Analysts Set New Price Targets

CVLT has been the topic of several recent research reports. Guggenheim downgraded shares of Commvault Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, October 15th. KeyCorp upped their price objective on shares of Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Oppenheimer initiated coverage on shares of Commvault Systems in a report on Wednesday, November 13th. They issued an “outperform” rating and a $200.00 price objective on the stock. Royal Bank of Canada upped their price objective on shares of Commvault Systems from $164.00 to $182.00 and gave the company a “sector perform” rating in a report on Wednesday, October 30th. Finally, DA Davidson increased their price target on shares of Commvault Systems from $170.00 to $175.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $151.25.

Commvault Systems Stock Performance

NASDAQ:CVLT opened at $166.12 on Tuesday. The company has a fifty day moving average of $153.68 and a two-hundred day moving average of $136.09. The stock has a market capitalization of $7.26 billion, a PE ratio of 43.57 and a beta of 0.59. Commvault Systems, Inc. has a fifty-two week low of $69.10 and a fifty-two week high of $178.29.

Commvault Systems (NASDAQ:CVLT) last posted its quarterly earnings data on Tuesday, October 29th. The software maker reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The company had revenue of $233.28 million during the quarter, compared to analysts’ expectations of $220.76 million. Commvault Systems had a net margin of 19.75% and a return on equity of 31.62%. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 earnings per share. Research analysts forecast that Commvault Systems, Inc. will post 1.66 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Gary Merrill sold 17,388 shares of the stock in a transaction dated 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 sale, the insider now directly owns 94,530 shares in the company, valued at $14,251,342.80. This represents a 15.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Allison Pickens sold 1,232 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $153.89, for a total transaction of $189,592.48. Following the completion of the sale, the director now owns 7,131 shares of the company’s stock, valued at $1,097,389.59. This trade represents a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

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.