KeyCorp Begins Coverage on Commvault Systems (NASDAQ:CVLT)

KeyCorp began coverage on shares of Commvault Systems (NASDAQ:CVLT) in a research note published on Thursday morning, MarketBeat.com reports. The brokerage issued an overweight rating and a $192.00 price objective on the software maker’s stock.

CVLT has been the topic of several other reports. Royal Bank of Canada lifted their price target on Commvault Systems from $164.00 to $182.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 30th. Oppenheimer assumed coverage on shares of Commvault Systems in a report on Wednesday, November 13th. They issued an “outperform” rating and a $200.00 target price on the stock. Guggenheim downgraded Commvault Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 15th. Finally, StockNews.com cut Commvault Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday. Five 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, the company presently has an average rating of “Moderate Buy” and a consensus target price of $154.56.

Commvault Systems Stock Performance

NASDAQ:CVLT opened at $161.28 on Thursday. Commvault Systems has a 1 year low of $77.56 and a 1 year high of $178.72. The business has a fifty day moving average of $164.92 and a 200-day moving average of $151.89. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of 40.83 and a beta of 0.65.

Commvault Systems (NASDAQ:CVLT) last released its quarterly earnings results on Tuesday, October 29th. The software maker reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. The company had revenue of $233.28 million for the quarter, compared to the consensus estimate of $220.76 million. Commvault Systems had a net margin of 19.75% and a return on equity of 31.62%. Commvault Systems’s revenue was up 16.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 EPS. On average, equities research analysts predict that Commvault Systems will post 1.66 EPS for the current year.

Insider Buying and Selling at Commvault Systems

In related news, CEO Sanjay Mirchandani sold 10,775 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $165.30, for a total value of $1,781,107.50. Following the completion of the sale, the chief executive officer now directly owns 459,969 shares in the company, valued at approximately $76,032,875.70. This represents a 2.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Gary Merrill sold 1,523 shares of the firm’s 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 transaction, the insider now owns 93,007 shares in the company, valued at approximately $15,335,924.23. This trade represents a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,530 shares of company stock worth $2,244,755. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of Commvault Systems

Large investors have recently made changes to their positions in the stock. Summit Partners Public Asset Management LLC acquired a new stake in Commvault Systems in the 3rd quarter worth approximately $67,722,000. AQR Capital Management LLC boosted its holdings in Commvault Systems by 33.5% during the second quarter. AQR Capital Management LLC now owns 648,858 shares of the software maker’s stock valued at $78,882,000 after acquiring an additional 162,722 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Commvault Systems by 25.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 586,795 shares of the software maker’s stock valued at $90,278,000 after purchasing an additional 120,779 shares during the last quarter. Congress Asset Management Co. increased its stake in shares of 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 purchasing an additional 111,715 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Commvault Systems during the 3rd quarter worth about $15,264,000. 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.