Commvault Systems (NASDAQ:CVLT) Shares Gap Up – Here’s Why

Commvault Systems, Inc. (NASDAQ:CVLT) gapped up prior to trading on Tuesday . The stock had previously closed at $136.97, but opened at $150.00. Commvault Systems shares last traded at $151.27, with a volume of 141,864 shares changing hands.

Analysts Set New Price Targets

Several analysts recently commented on CVLT shares. Guggenheim cut Commvault Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 15th. DA Davidson increased their target price on shares of Commvault Systems from $170.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Royal Bank of Canada boosted their price target on shares of Commvault Systems from $164.00 to $182.00 and gave the stock a “sector perform” rating in a research report on Wednesday. StockNews.com upgraded shares of Commvault Systems from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 24th. Finally, Piper Sandler boosted their target price on Commvault Systems from $107.00 to $123.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.29.

Commvault Systems Price Performance

The company has a market capitalization of $7.10 billion, a PE ratio of 43.15 and a beta of 0.60. The business’s 50 day simple moving average is $149.48 and its 200 day simple moving average is $129.74.

Commvault Systems (NASDAQ:CVLT) last posted its earnings results on Tuesday, July 30th. The software maker reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.12. Commvault Systems had a return on equity of 32.16% and a net margin of 20.19%. The company had revenue of $224.67 million during the quarter, compared to analysts’ expectations of $215.54 million. During the same quarter last year, the firm earned $0.29 earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. As a group, analysts anticipate that Commvault Systems, Inc. will post 1.66 EPS for the current year.

Insider Buying and Selling

In other Commvault Systems news, Director Allison Pickens sold 1,232 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $153.89, for a total value of $189,592.48. Following the transaction, the director now owns 7,131 shares of the company’s stock, valued at $1,097,389.59. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Commvault Systems news, Director Allison Pickens sold 1,232 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $153.89, for a total value of $189,592.48. Following the sale, the director now owns 7,131 shares of the company’s stock, valued at $1,097,389.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Gary Merrill sold 17,388 shares of the firm’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $150.76, for a total value of $2,621,414.88. Following the transaction, the insider now owns 94,530 shares of the company’s stock, valued at approximately $14,251,342.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Commvault Systems

Several hedge funds have recently made changes to their positions in CVLT. Vanguard Group Inc. lifted its holdings in Commvault Systems by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 5,531,703 shares of the software maker’s stock worth $561,081,000 after buying an additional 43,333 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Commvault Systems by 7.5% in the second quarter. Renaissance Technologies LLC now owns 1,813,487 shares of the software maker’s stock valued at $220,466,000 after purchasing an additional 126,800 shares during the period. Acadian Asset Management LLC grew its stake in 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. Champlain Investment Partners LLC increased its holdings in Commvault Systems by 58.5% during the 1st quarter. Champlain Investment Partners LLC now owns 825,236 shares of the software maker’s stock worth $83,704,000 after purchasing an additional 304,459 shares during the period. Finally, AQR Capital Management LLC raised its position in Commvault Systems by 33.5% in the 2nd quarter. AQR Capital Management LLC now owns 648,858 shares of the software maker’s stock valued at $78,882,000 after purchasing an additional 162,722 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.