Commvault Systems, Inc. (NASDAQ:CVLT) Stake Cut by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Commvault Systems, Inc. (NASDAQ:CVLT) by 94.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,220 shares of the software maker’s stock after selling 261,022 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Commvault Systems were worth $2,188,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Renaissance Technologies LLC raised its holdings in shares of Commvault Systems by 7.5% during the second quarter. Renaissance Technologies LLC now owns 1,813,487 shares of the software maker’s stock worth $220,466,000 after acquiring an additional 126,800 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Commvault Systems by 0.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,601,057 shares of the software maker’s stock worth $194,606,000 after purchasing an additional 4,422 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Commvault Systems by 33.5% during the 2nd quarter. AQR Capital Management LLC now owns 648,858 shares of the software maker’s stock valued at $78,882,000 after buying an additional 162,722 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Commvault Systems by 0.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 523,474 shares of the software maker’s stock valued at $63,637,000 after buying an additional 2,633 shares in the last quarter. Finally, Congress Asset Management Co. grew its position in Commvault Systems by 29.4% in the third quarter. Congress Asset Management Co. now owns 492,162 shares of the software maker’s stock worth $75,719,000 after acquiring an additional 111,715 shares in the last quarter. Hedge funds and other institutional investors own 93.50% of the company’s stock.

Commvault Systems Stock Performance

Shares of CVLT opened at $175.60 on Tuesday. The company has a 50-day simple moving average of $156.18 and a 200-day simple moving average of $138.28. Commvault Systems, Inc. has a 52 week low of $70.72 and a 52 week high of $178.29. The firm has a market capitalization of $7.68 billion, a P/E ratio of 44.46 and a beta of 0.59.

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

Wall Street Analysts Forecast Growth

CVLT has been the subject of several recent analyst reports. Oppenheimer began coverage on Commvault Systems in a research note on Wednesday, November 13th. They set an “outperform” rating and a $200.00 price target for the company. Guggenheim downgraded shares of Commvault Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, October 15th. StockNews.com cut shares of Commvault Systems from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Royal Bank of Canada lifted their price objective on Commvault Systems from $164.00 to $182.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 30th. Finally, KeyCorp increased their target price on Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Commvault Systems has a consensus rating of “Moderate Buy” and an average target price of $151.25.

Insiders Place Their Bets

In related news, insider Gary Merrill sold 1,523 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $164.89, for a total value of $251,127.47. Following the completion of the transaction, the insider now owns 93,007 shares of the company’s stock, valued at $15,335,924.23. This represents a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sanjay Mirchandani sold 10,775 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $165.30, for a total transaction of $1,781,107.50. Following the transaction, the chief executive officer now owns 459,969 shares of the company’s stock, valued at approximately $76,032,875.70. This represents a 2.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,530 shares of company stock worth $2,221,827 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Commvault Systems Profile

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.