CommVault Systems (NASDAQ:CVLT) Price Target Raised to $160.00

CommVault Systems (NASDAQ:CVLT) had its target price hoisted by Scotiabank from $130.00 to $160.00 in a research report report published on Monday morning,Benzinga reports. They currently have a sector perform rating on the software maker’s stock.

Other research analysts also recently issued research reports about the stock. Mizuho lifted their target price on shares of CommVault Systems from $140.00 to $175.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. KeyCorp raised their price target on CommVault Systems from $125.00 to $175.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Jefferies Financial Group reiterated a “hold” rating and issued a $130.00 price objective on shares of CommVault Systems in a research note on Wednesday, July 29th. FBN Securities initiated coverage on CommVault Systems in a research note on Thursday, September 10th. They issued an “outperform” rating and a $155.00 price objective on the stock. Finally, Wall Street Zen raised CommVault Systems from a “hold” rating to a “buy” rating in a research report on Sunday, September 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $154.50.

CommVault Systems Trading Down 3.0%

Shares of CVLT stock opened at $150.28 on Monday. CommVault Systems has a 12 month low of $71.75 and a 12 month high of $178.93. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 16.94. The business’s 50 day moving average is $139.41 and its two-hundred day moving average is $122.69. The company has a market cap of $6.23 billion, a PE ratio of 95.72 and a beta of 0.79.

CommVault Systems (NASDAQ:CVLT) last released its quarterly earnings results on Tuesday, July 28th. The software maker reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.26. The company had revenue of $314.13 million for the quarter, compared to analyst estimates of $310.43 million. CommVault Systems had a net margin of 5.62% and a return on equity of 88.75%. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.01 earnings per share. Equities analysts predict that CommVault Systems will post 2.84 EPS for the current year.

Insider Buying and Selling

In other news, Director A. Shane Sanders sold 476 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $134.19, for a total transaction of $63,874.44. Following the completion of the transaction, the director owned 8,696 shares of the company’s stock, valued at approximately $1,166,916.24. This represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Danielle Abrahamsen sold 486 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $142.80, for a total transaction of $69,400.80. Following the completion of the sale, the chief accounting officer owned 12,160 shares of the company’s stock, valued at approximately $1,736,448. The trade was a 3.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 29,348 shares of company stock worth $4,202,441. 0.86% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CommVault Systems

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of CommVault Systems in the 2nd quarter worth approximately $855,420,000. Pictet Asset Management Holding SA grew its holdings in shares of CommVault Systems by 36.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,239,225 shares of the software maker’s stock worth $96,447,000 after purchasing an additional 329,243 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of CommVault Systems during the second quarter valued at approximately $65,765,000. American Capital Management Inc. bought a new stake in shares of CommVault Systems during the second quarter valued at approximately $62,493,000. Finally, Wellington Management Group LLP increased its position in shares of CommVault Systems by 57.1% during the second quarter. Wellington Management Group LLP now owns 402,054 shares of the software maker’s stock valued at $56,983,000 after purchasing an additional 146,055 shares during the period. 93.50% of the stock is owned by institutional investors and hedge funds.

About CommVault Systems

Commvault Systems, Inc develops data protection, cyber resilience and information management software and services. Its platform helps organizations back up, recover, manage and secure data across on-premises data centers, public and private clouds, software-as-a-service applications and endpoint environments.

The company’s offerings include backup and recovery, disaster recovery, cyber-recovery capabilities, ransomware protection, data governance and workload management. Commvault also provides cloud-based services through its Commvault Cloud platform, designed to help customers detect threats, protect critical workloads and restore operations following data loss or cyberattacks.

Commvault serves businesses, government organizations and other institutions worldwide through direct sales, partners and service providers.