Commvault Systems (NASDAQ:CVLT) Price Target Cut to $85.00 by Analysts at Needham & Company LLC

Commvault Systems (NASDAQ:CVLT) had its price target trimmed by Needham & Company LLC from $95.00 to $85.00 in a research report sent to investors on Wednesday, The Fly reports. The brokerage currently has a buy rating on the software maker’s stock.

CVLT has been the topic of a number of other research reports. William Blair downgraded Commvault Systems from an outperform rating to a market perform rating in a research report on Tuesday. Summit Insights increased their price target on Commvault Systems from $80.00 to $90.00 and gave the stock a buy rating in a research report on Wednesday, July 28th. Zacks Investment Research downgraded Commvault Systems from a hold rating to a sell rating in a research report on Tuesday, September 28th. KeyCorp increased their price target on Commvault Systems from $85.00 to $90.00 and gave the stock an overweight rating in a research report on Thursday, July 22nd. Finally, Royal Bank of Canada reduced their price target on Commvault Systems from $75.00 to $66.00 and set a sector perform rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $78.75.

Commvault Systems stock opened at $61.01 on Wednesday. Commvault Systems has a 12 month low of $39.20 and a 12 month high of $84.22. The stock’s 50 day moving average is $77.05 and its 200-day moving average is $75.30. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of -138.66, a PEG ratio of 6.51 and a beta of 0.68.

Commvault Systems (NASDAQ:CVLT) last posted its earnings results on Monday, October 25th. The software maker reported $0.48 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.09). Commvault Systems had a negative net margin of 2.64% and a positive return on equity of 10.41%. The firm had revenue of $177.80 million during the quarter, compared to analyst estimates of $184.79 million. During the same period in the previous year, the company posted $0.02 EPS. Commvault Systems’s revenue for the quarter was up 3.9% compared to the same quarter last year. Sell-side analysts predict that Commvault Systems will post 1.2 EPS for the current year.

In other news, Director Gary B. Smith sold 18,500 shares of the stock in a transaction on Thursday, August 5th. The stock was sold at an average price of $76.26, for a total value of $1,410,810.00. Following the completion of the transaction, the director now directly owns 56,707 shares in the company, valued at approximately $4,324,475.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gary Merrill sold 3,991 shares of the stock in a transaction on Tuesday, August 17th. The shares were sold at an average price of $74.93, for a total value of $299,045.63. The disclosure for this sale can be found here. 0.99% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of CVLT. Atlanta Capital Management Co. L L C acquired a new stake in Commvault Systems in the second quarter valued at $29,272,000. Arrowstreet Capital Limited Partnership increased its holdings in Commvault Systems by 343.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 409,117 shares of the software maker’s stock valued at $26,388,000 after purchasing an additional 316,948 shares during the period. Goldman Sachs Group Inc. increased its holdings in Commvault Systems by 216.2% in the first quarter. Goldman Sachs Group Inc. now owns 407,413 shares of the software maker’s stock valued at $26,278,000 after purchasing an additional 278,582 shares during the period. Schonfeld Strategic Advisors LLC acquired a new stake in Commvault Systems in the second quarter valued at $18,182,000. Finally, Factorial Partners LLC increased its holdings in Commvault Systems by 1,462.1% in the first quarter. Factorial Partners LLC now owns 199,950 shares of the software maker’s stock valued at $3,100,000 after purchasing an additional 187,150 shares during the period. Institutional investors and hedge funds own 92.95% of the company’s stock.

Commvault Systems Company Profile

Commvault Systems, Inc engages in the provision of data protection and information management software applications and related services. It products category include Data Protection, Data insights, Storage, and Metallic BaaS. The firm also offers professional, managed, support, and training services.

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