Commvault Systems (NASDAQ:CVLT) PT Raised to $152.00 at Royal Bank of Canada

Commvault Systems (NASDAQ:CVLT) had its price target hoisted by research analysts at Royal Bank of Canada from $121.00 to $152.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the software maker’s stock. Royal Bank of Canada’s target price suggests a potential upside of 3.23% from the stock’s current price.

Other equities research analysts have also issued reports about the company. KeyCorp upped their price target on Commvault Systems from $122.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Guggenheim restated a “buy” rating and issued a $122.00 price target on shares of Commvault Systems in a research report on Tuesday, June 25th. Lake Street Capital lifted their price target on shares of Commvault Systems from $86.00 to $98.00 and gave the company a “hold” rating in a report on Wednesday, May 1st. Wells Fargo & Company increased their price objective on shares of Commvault Systems from $125.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Finally, Piper Sandler lifted their target price on Commvault Systems from $107.00 to $123.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $134.29.

Commvault Systems Price Performance

Shares of CVLT stock opened at $147.25 on Wednesday. The firm has a fifty day moving average of $120.51 and a two-hundred day moving average of $105.12. The firm has a market cap of $6.45 billion, a P/E ratio of 39.16 and a beta of 0.61. Commvault Systems has a 1-year low of $63.70 and a 1-year high of $155.33.

Commvault Systems (NASDAQ:CVLT) last posted its quarterly earnings results on Tuesday, July 30th. The software maker reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.12. The business had revenue of $224.67 million during the quarter, compared to the consensus estimate of $215.54 million. Commvault Systems had a return on equity of 32.16% and a net margin of 20.19%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the firm earned $0.29 earnings per share. On average, sell-side analysts expect that Commvault Systems will post 1.71 EPS for the current year.

Insider Buying and Selling at Commvault Systems

In other Commvault Systems news, Director Charles E. Moran sold 11,000 shares of Commvault Systems stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $110.83, for a total transaction of $1,219,130.00. Following the sale, the director now owns 10,967 shares of the company’s stock, valued at approximately $1,215,472.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Sanjay Mirchandani sold 15,975 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $110.20, for a total value of $1,760,445.00. Following the completion of the transaction, the chief executive officer now directly owns 539,465 shares in the company, valued at $59,449,043. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles E. Moran sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $110.83, for a total value of $1,219,130.00. Following the sale, the director now directly owns 10,967 shares in the company, valued at approximately $1,215,472.61. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,816 shares of company stock worth $6,613,874. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Commvault Systems

Several hedge funds have recently modified their holdings of CVLT. Vanguard Group Inc. grew its stake in shares of Commvault Systems by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 5,531,703 shares of the software maker’s stock worth $561,081,000 after purchasing an additional 43,333 shares during the last quarter. Acadian Asset Management LLC grew its position in Commvault Systems by 16.3% in the first quarter. Acadian Asset Management LLC now owns 1,596,635 shares of the software maker’s stock worth $161,914,000 after buying an additional 223,347 shares during the last quarter. Champlain Investment Partners LLC increased its holdings in shares of Commvault Systems by 58.5% in the first quarter. Champlain Investment Partners LLC now owns 825,236 shares of the software maker’s stock valued at $83,704,000 after buying an additional 304,459 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Commvault Systems by 6.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 489,101 shares of the software maker’s stock valued at $59,460,000 after acquiring an additional 31,015 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Commvault Systems by 2.7% in the 4th 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. 93.50% of the stock is currently owned by institutional investors and hedge funds.

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.