Commvault Systems (NASDAQ:CVLT) Sets New 12-Month High – Here’s What Happened

Commvault Systems, Inc. (NASDAQ:CVLT) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $178.72 and last traded at $177.79, with a volume of 133140 shares changing hands. The stock had previously closed at $175.60.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CVLT. Oppenheimer assumed coverage on shares of Commvault Systems in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $200.00 price target on the stock. KeyCorp increased their price objective on Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Guggenheim cut shares of Commvault Systems from a “buy” rating to a “neutral” rating in a research note 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. Finally, StockNews.com lowered shares of Commvault Systems from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Commvault Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $151.25.

Commvault Systems Stock Up 0.9 %

The firm has a 50-day moving average of $156.68 and a two-hundred day moving average of $138.74. The company has a market capitalization of $7.75 billion, a PE ratio of 44.46 and a beta of 0.59.

Commvault Systems (NASDAQ:CVLT) last issued its quarterly earnings data on Tuesday, October 29th. The software maker reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $233.28 million for the quarter, compared to analyst estimates 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 expect that Commvault Systems, Inc. will post 1.66 EPS for the current year.

Insider Buying and Selling at Commvault Systems

In other Commvault Systems news, insider Gary Merrill sold 1,523 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $164.89, for a total value of $251,127.47. Following the sale, the insider now owns 93,007 shares of the company’s stock, valued at $15,335,924.23. This trade represents a 1.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Allison Pickens sold 1,232 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $153.89, for a total value of $189,592.48. Following the transaction, the director now directly owns 7,131 shares of the company’s stock, valued at approximately $1,097,389.59. This represents a 14.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,530 shares of company stock valued at $2,221,827 over the last quarter. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Commvault Systems

A number of institutional investors and hedge funds have recently modified their holdings of CVLT. Summit Partners Public Asset Management LLC purchased a new stake in Commvault Systems during the third quarter worth approximately $67,722,000. AQR Capital Management LLC boosted its stake in Commvault Systems by 33.5% in 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 in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Commvault Systems by 7.5% in the 2nd 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 last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Commvault Systems by 25.9% in the 3rd 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 period. Finally, Congress Asset Management Co. grew its stake in Commvault Systems by 29.4% during the 3rd quarter. Congress Asset Management Co. now owns 492,162 shares of the software maker’s stock worth $75,719,000 after buying an additional 111,715 shares during 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.