Lake Street Capital Raises Commvault Systems (NASDAQ:CVLT) Price Target to $98.00

Commvault Systems (NASDAQ:CVLT) had its target price boosted by Lake Street Capital from $86.00 to $98.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a hold rating on the software maker’s stock.

A number of other brokerages have also weighed in on CVLT. KeyCorp increased their target price on Commvault Systems from $109.00 to $122.00 and gave the stock an overweight rating in a research note on Wednesday. Royal Bank of Canada lifted their target price on Commvault Systems from $97.00 to $112.00 and gave the stock a sector perform rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $114.25.

Commvault Systems Stock Performance

NASDAQ CVLT opened at $107.43 on Wednesday. The stock has a market cap of $4.69 billion, a PE ratio of 28.57 and a beta of 0.64. The firm has a 50-day moving average of $98.47 and a 200-day moving average of $85.11. Commvault Systems has a 52-week low of $60.43 and a 52-week high of $109.25.

Insider Buying and Selling

In other Commvault Systems news, Director Allison Pickens sold 990 shares of Commvault Systems stock in a transaction on Monday, February 26th. The stock was sold at an average price of $94.73, for a total value of $93,782.70. Following the completion of the transaction, the director now directly owns 7,206 shares of the company’s stock, valued at approximately $682,624.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Commvault Systems news, Director Allison Pickens sold 990 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $94.73, for a total transaction of $93,782.70. Following the sale, the director now directly owns 7,206 shares in the company, valued at $682,624.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sanjay Mirchandani sold 21,494 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $97.82, for a total transaction of $2,102,543.08. Following the completion of the transaction, the chief executive officer now directly owns 399,356 shares in the company, valued at $39,065,003.92. The disclosure for this sale can be found here. Insiders have sold 23,306 shares of company stock valued at $2,276,265 over the last 90 days. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Commvault Systems by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 5,488,370 shares of the software maker’s stock valued at $438,246,000 after purchasing an additional 61,556 shares during the last quarter. Mackenzie Financial Corp grew its position in Commvault Systems by 0.3% in the third quarter. Mackenzie Financial Corp now owns 1,917,009 shares of the software maker’s stock valued at $128,593,000 after acquiring an additional 6,130 shares during the last quarter. Invesco Ltd. raised its stake in Commvault Systems by 50.9% during the third quarter. Invesco Ltd. now owns 629,282 shares of the software maker’s stock worth $42,546,000 after acquiring an additional 212,325 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Commvault Systems by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 472,291 shares of the software maker’s stock worth $37,712,000 after acquiring an additional 12,624 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Commvault Systems by 14.9% in the 3rd quarter. AQR Capital Management LLC now owns 345,628 shares of the software maker’s stock valued at $23,368,000 after purchasing an additional 44,816 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Commvault Systems Company 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.