Commvault Systems (NASDAQ:CVLT) Upgraded to “Buy” at StockNews.com

Commvault Systems (NASDAQ:CVLT) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Thursday.

CVLT has been the topic of several other research reports. Piper Sandler cut their target price on Commvault Systems from $154.00 to $147.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Guggenheim restated a “neutral” rating on shares of Commvault Systems in a research note on Wednesday, April 23rd. Cantor Fitzgerald upped their price target on Commvault Systems from $159.00 to $173.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 29th. KeyCorp lowered their price objective on Commvault Systems from $195.00 to $185.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, Royal Bank of Canada upped their target price on Commvault Systems from $175.00 to $185.00 and gave the company a “sector perform” rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Commvault Systems currently has an average rating of “Moderate Buy” and an average price target of $175.25.

Commvault Systems Stock Performance

Shares of CVLT opened at $172.55 on Thursday. The company has a 50 day moving average price of $158.48 and a 200-day moving average price of $161.94. Commvault Systems has a fifty-two week low of $105.01 and a fifty-two week high of $190.11. The stock has a market capitalization of $7.59 billion, a PE ratio of 45.29 and a beta of 0.68.

Commvault Systems (NASDAQ:CVLT) last posted its earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.10. Commvault Systems had a return on equity of 28.69% and a net margin of 18.14%. The company had revenue of $275.04 million during the quarter, compared to analyst estimates of $262.52 million. During the same quarter in the prior year, the business earned $0.79 earnings per share. Commvault Systems’s revenue was up 23.2% on a year-over-year basis. Equities research analysts forecast that Commvault Systems will post 1.65 EPS for the current year.

Insiders Place Their Bets

In other news, insider Gary Merrill sold 3,287 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $186.94, for a total value of $614,471.78. Following the sale, the insider now directly owns 87,316 shares of the company’s stock, valued at $16,322,853.04. This represents a 3.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mirchandani sold 12,318 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $185.96, for a total transaction of $2,290,655.28. Following the transaction, the chief executive officer now directly owns 427,231 shares of the company’s stock, valued at approximately $79,447,876.76. This trade represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Commvault Systems

Several institutional investors and hedge funds have recently modified their holdings of CVLT. SBI Securities Co. Ltd. raised its position in Commvault Systems by 101.3% during the first quarter. SBI Securities Co. Ltd. now owns 159 shares of the software maker’s stock valued at $25,000 after acquiring an additional 80 shares in the last quarter. Quarry LP grew its stake in shares of Commvault Systems by 888.2% during the 4th quarter. Quarry LP now owns 168 shares of the software maker’s stock worth $25,000 after purchasing an additional 151 shares during the period. Cullen Frost Bankers Inc. purchased a new position in shares of Commvault Systems during the 1st quarter valued at approximately $27,000. Whipplewood Advisors LLC lifted its stake in shares of Commvault Systems by 584.0% in the 1st quarter. Whipplewood Advisors LLC now owns 171 shares of the software maker’s stock valued at $27,000 after purchasing an additional 146 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in Commvault Systems by 208.3% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 185 shares of the software maker’s stock worth $29,000 after buying an additional 125 shares in the last quarter. Institutional investors and hedge funds 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.