Commvault Systems (NASDAQ:CVLT) Coverage Initiated at Oppenheimer

Oppenheimer began coverage on shares of Commvault Systems (NASDAQ:CVLT) in a research note published on Wednesday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $200.00 price objective on the software maker’s stock.

CVLT has been the topic of a number of other reports. Guggenheim cut Commvault Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 15th. StockNews.com cut Commvault Systems from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st. DA Davidson raised their price target on Commvault Systems from $170.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, September 6th. KeyCorp raised their price target on Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Royal Bank of Canada raised their price target on Commvault Systems from $164.00 to $182.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $151.25.

Commvault Systems Trading Down 1.5 %

Shares of NASDAQ CVLT opened at $168.53 on Wednesday. The stock has a market cap of $7.37 billion, a P/E ratio of 42.67 and a beta of 0.59. Commvault Systems has a 12-month low of $68.02 and a 12-month high of $178.29. The business’s fifty day simple moving average is $153.68 and its 200-day simple moving average is $135.62.

Commvault Systems (NASDAQ:CVLT) last announced its quarterly earnings data on Tuesday, October 29th. The software maker reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.07. Commvault Systems had a return on equity of 31.62% and a net margin of 19.75%. The business had revenue of $233.28 million for the quarter, compared to analysts’ expectations of $220.76 million. During the same period last year, the firm earned $0.30 earnings per share. The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. On average, equities analysts forecast that Commvault Systems will post 1.66 EPS for the current fiscal year.

Insider Transactions at Commvault Systems

In related news, insider Gary Merrill sold 17,388 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $150.76, for a total transaction of $2,621,414.88. Following the transaction, the insider now owns 94,530 shares of the company’s stock, valued at $14,251,342.80. This trade represents a 15.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Allison Pickens sold 1,232 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $153.89, for a total value of $189,592.48. Following the transaction, the director now directly owns 7,131 shares in the company, valued at approximately $1,097,389.59. This represents a 14.73 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Commvault Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in CVLT. Swiss National Bank grew its holdings in shares of Commvault Systems by 5.1% during the first quarter. Swiss National Bank now owns 86,400 shares of the software maker’s stock worth $8,764,000 after buying an additional 4,200 shares during the last quarter. Sei Investments Co. boosted its holdings in Commvault Systems by 0.4% in the 1st quarter. Sei Investments Co. now owns 89,427 shares of the software maker’s stock valued at $9,071,000 after purchasing an additional 323 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Commvault Systems by 11.5% in the 1st quarter. Russell Investments Group Ltd. now owns 128,268 shares of the software maker’s stock valued at $12,996,000 after purchasing an additional 13,207 shares in the last quarter. ProShare Advisors LLC boosted its holdings in Commvault Systems by 9.3% in the 1st quarter. ProShare Advisors LLC now owns 13,327 shares of the software maker’s stock valued at $1,352,000 after purchasing an additional 1,133 shares in the last quarter. Finally, Entropy Technologies LP purchased a new stake in Commvault Systems in the 1st quarter valued at approximately $535,000. Hedge funds and other institutional investors own 93.50% of the company’s stock.

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.