Commvault Systems (NASDAQ:CVLT) Hits New 52-Week High on Analyst Upgrade

Commvault Systems, Inc. (NASDAQ:CVLT) hit a new 52-week high 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.

CVLT has been the topic of several other research reports. Lake Street Capital increased their price objective on Commvault Systems from $86.00 to $98.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. Wells Fargo & Company lifted their price objective on shares of Commvault Systems from $125.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Royal Bank of Canada increased their target price on shares of Commvault Systems from $97.00 to $112.00 and gave the stock a “sector perform” rating in a research report on Wednesday, May 1st. DA Davidson lifted their price target 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. Finally, Guggenheim reissued a “buy” rating and set a $122.00 price target on shares of Commvault Systems in a research report on Tuesday, June 25th. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Commvault Systems currently has a consensus rating of “Moderate Buy” and an average target price of $124.50.

Insider Transactions at Commvault Systems

In other Commvault Systems news, Director Charles E. Moran sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $110.83, for a total transaction of $1,219,130.00. Following the completion of the transaction, the director now directly owns 10,967 shares in the company, valued at $1,215,472.61. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Charles E. Moran sold 11,000 shares of the stock in a transaction that occurred 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 approximately $1,215,472.61. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Sanjay Mirchandani sold 17,949 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $110.63, for a total transaction of $1,985,697.87. Following the completion of the sale, the chief executive officer now owns 514,383 shares in the company, valued at approximately $56,906,191.29. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,816 shares of company stock valued at $6,613,874. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Amalgamated Bank increased its holdings in Commvault Systems by 0.6% in the fourth quarter. Amalgamated Bank now owns 27,504 shares of the software maker’s stock valued at $2,196,000 after purchasing an additional 160 shares during the period. State of Michigan Retirement System lifted its stake in shares of Commvault Systems by 1.9% in the first quarter. State of Michigan Retirement System now owns 10,712 shares of the software maker’s stock worth $1,087,000 after acquiring an additional 200 shares during the period. M&T Bank Corp boosted its holdings in Commvault Systems by 5.4% in the fourth quarter. M&T Bank Corp now owns 4,647 shares of the software maker’s stock valued at $371,000 after acquiring an additional 240 shares during the last quarter. Louisiana State Employees Retirement System increased its position in Commvault Systems by 2.4% during the 1st quarter. Louisiana State Employees Retirement System now owns 12,600 shares of the software maker’s stock valued at $1,278,000 after purchasing an additional 300 shares during the period. Finally, Quantedge Capital Pte Ltd raised its holdings in Commvault Systems by 0.6% during the 4th quarter. Quantedge Capital Pte Ltd now owns 53,800 shares of the software maker’s stock worth $4,296,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 93.50% of the company’s stock.

Commvault Systems Trading Up 3.4 %

The stock’s 50-day moving average price is $111.76 and its 200-day moving average price is $97.98. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 33.45 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, beating analysts’ consensus estimates of $0.32 by $0.10. Commvault Systems had a net margin of 20.13% and a return on equity of 31.27%. The business had revenue of $223.29 million for the quarter, compared to analysts’ expectations of $213.00 million. As a group, analysts predict that Commvault Systems, Inc. will post 1.7 earnings per share for the current 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.