Abacus FCF Advisors LLC Reduces Position in Commvault Systems, Inc. (NASDAQ:CVLT)

Abacus FCF Advisors LLC trimmed its position in Commvault Systems, Inc. (NASDAQ:CVLT) by 10.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,024 shares of the software maker’s stock after selling 2,956 shares during the period. Abacus FCF Advisors LLC owned 0.06% of Commvault Systems worth $4,106,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Commvault Systems by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 5,636,559 shares of the software maker’s stock worth $850,613,000 after buying an additional 54,562 shares during the period. Renaissance Technologies LLC raised its stake in Commvault Systems by 1.3% during the 4th quarter. Renaissance Technologies LLC now owns 1,909,185 shares of the software maker’s stock valued at $288,115,000 after purchasing an additional 24,900 shares during the period. Invesco Ltd. increased its stake in shares of Commvault Systems by 57.7% in the fourth quarter. Invesco Ltd. now owns 1,660,108 shares of the software maker’s stock worth $250,527,000 after acquiring an additional 607,643 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Commvault Systems by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 1,288,068 shares of the software maker’s stock worth $194,681,000 after purchasing an additional 43,088 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Commvault Systems by 9.8% in the fourth quarter. Northern Trust Corp now owns 651,973 shares of the software maker’s stock worth $98,389,000 after purchasing an additional 58,239 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVLT has been the subject of several research reports. Wells Fargo & Company increased their target price on shares of Commvault Systems from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, April 30th. Oppenheimer boosted their price objective on shares of Commvault Systems from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 30th. Wall Street Zen raised Commvault Systems from a “hold” rating to a “buy” rating in a research note on Thursday, May 1st. Piper Sandler lowered their price objective on shares of Commvault Systems from $154.00 to $147.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Finally, Royal Bank of Canada upped their price objective on shares of Commvault Systems from $175.00 to $185.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $175.25.

Insider Buying and Selling at Commvault Systems

In other Commvault Systems news, Director Nicola Adamo sold 1,500 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $169.74, for a total value of $254,610.00. Following the transaction, the director now owns 16,178 shares in the company, valued at approximately $2,746,053.72. The trade was a 8.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gary Merrill sold 1,748 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $174.91, for a total transaction of $305,742.68. Following the sale, the insider now directly owns 89,923 shares in the company, valued at $15,728,431.93. The trade was a 1.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,957 shares of company stock valued at $859,428 in the last three months. Company insiders own 1.00% of the company’s stock.

Commvault Systems Price Performance

CVLT stock opened at $190.99 on Tuesday. The stock has a market capitalization of $8.43 billion, a PE ratio of 50.13 and a beta of 0.75. The company’s 50-day moving average is $167.27 and its 200-day moving average is $165.80. Commvault Systems, Inc. has a 1 year low of $112.58 and a 1 year high of $191.76.

Commvault Systems (NASDAQ:CVLT) last posted its quarterly earnings data on Tuesday, April 29th. The software maker reported $1.03 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $262.52 million. During the same quarter last year, the business posted $0.79 EPS. The company’s revenue for the quarter was up 23.2% on a year-over-year basis. On average, analysts anticipate that Commvault Systems, Inc. will post 1.65 earnings per share for the current fiscal year.

Commvault Systems Company Profile

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.