Commvault Systems (NASDAQ:CVLT) Price Target Raised to $190.00

Commvault Systems (NASDAQ:CVLT) had its price objective upped by Wells Fargo & Company from $180.00 to $190.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Several other brokerages also recently issued reports on CVLT. Cantor Fitzgerald upped their price target on Commvault Systems from $159.00 to $173.00 and gave the stock a “neutral” rating in a report on Wednesday, January 29th. StockNews.com upgraded shares of Commvault Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 25th. Piper Sandler cut their price target on shares of Commvault Systems from $154.00 to $147.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Royal Bank of Canada lifted their target price on shares of Commvault Systems from $175.00 to $185.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Finally, DA Davidson upped their target price on Commvault Systems from $185.00 to $200.00 and gave the company a “buy” rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Commvault Systems currently has an average rating of “Moderate Buy” and a consensus target price of $175.25.

Commvault Systems Stock Up 3.9 %

Shares of CVLT opened at $172.55 on Wednesday. The business’s fifty day moving average is $158.48 and its 200 day moving average is $161.94. Commvault Systems has a 12-month low of $105.01 and a 12-month high of $190.11. The stock has a market cap of $7.59 billion, a P/E ratio of 45.29 and a beta of 0.68.

Commvault Systems (NASDAQ:CVLT) last issued its quarterly earnings data on Tuesday, April 29th. The software maker reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.10. Commvault Systems had a net margin of 18.14% and a return on equity of 28.69%. The firm had revenue of $275.04 million during the quarter, compared to analysts’ expectations of $262.52 million. During the same period last year, the company earned $0.79 earnings per share. The business’s revenue was up 23.2% on a year-over-year basis. On average, analysts expect that Commvault Systems will post 1.65 EPS for the current year.

Insider Activity at Commvault Systems

In other news, insider Gary Merrill sold 3,287 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $186.94, for a total value of $614,471.78. Following the sale, the insider now owns 87,316 shares of the company’s stock, valued at $16,322,853.04. The trade was a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sanjay Mirchandani sold 12,318 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $185.96, for a total transaction of $2,290,655.28. Following the completion of the transaction, the chief executive officer now directly owns 427,231 shares of the company’s stock, valued at approximately $79,447,876.76. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC purchased a new position in Commvault Systems during the third quarter valued at approximately $774,000. Tidal Investments LLC bought a new position in shares of Commvault Systems in the third quarter worth $279,000. GAMMA Investing LLC boosted its stake in Commvault Systems by 13.7% during the fourth quarter. GAMMA Investing LLC now owns 1,006 shares of the software maker’s stock valued at $152,000 after buying an additional 121 shares during the period. CWA Asset Management Group LLC grew its position in Commvault Systems by 20.4% during the fourth quarter. CWA Asset Management Group LLC now owns 7,994 shares of the software maker’s stock worth $1,206,000 after buying an additional 1,355 shares in the last quarter. Finally, Oak Ridge Investments LLC purchased a new stake in shares of Commvault Systems in the 4th quarter valued at about $2,561,000. Hedge funds and other institutional investors 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.