Commvault Systems (NASDAQ:CVLT) Sees Strong Trading Volume – Here’s What Happened

Commvault Systems, Inc. (NASDAQ:CVLT) saw an uptick in trading volume on Tuesday . 320,490 shares were traded during mid-day trading, a decline of 8% from the previous session’s volume of 350,030 shares.The stock last traded at $140.81 and had previously closed at $158.30.

Wall Street Analyst Weigh In

CVLT has been the topic of several research analyst reports. StockNews.com lowered Commvault Systems from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 16th. Guggenheim downgraded shares of Commvault Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 15th. Royal Bank of Canada increased their price target on shares of Commvault Systems from $164.00 to $182.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 30th. Oppenheimer began coverage on Commvault Systems in a research note on Wednesday, November 13th. They set an “outperform” rating and a $200.00 price objective on the stock. Finally, KeyCorp started coverage on Commvault Systems in a report on Thursday, January 16th. They issued an “overweight” rating and a $192.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $154.56.

Commvault Systems Stock Performance

The company has a market cap of $6.92 billion, a PE ratio of 39.98 and a beta of 0.65. The company has a 50 day simple moving average of $163.92 and a two-hundred day simple moving average of $153.47.

Commvault Systems (NASDAQ:CVLT) last released its quarterly earnings results on Tuesday, October 29th. The software maker reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07. The company had revenue of $233.28 million during the quarter, compared to the consensus estimate of $220.76 million. Commvault Systems had a return on equity of 31.62% and a net margin of 19.75%. The firm’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.30 EPS. As a group, analysts expect that Commvault Systems, Inc. will post 1.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Sanjay Mirchandani sold 10,775 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $165.30, for a total value of $1,781,107.50. Following the sale, the chief executive officer now owns 459,969 shares of the company’s stock, valued at $76,032,875.70. The trade was a 2.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gary Merrill sold 1,523 shares of Commvault Systems stock in a transaction on Monday, November 18th. The shares were sold at an average price of $164.89, for a total value of $251,127.47. Following the transaction, the insider now directly owns 93,007 shares of the company’s stock, valued at approximately $15,335,924.23. The trade was a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,530 shares of company stock worth $2,244,755. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Commvault Systems

A number of institutional investors have recently modified their holdings of the stock. Summit Partners Public Asset Management LLC acquired a new stake in shares of Commvault Systems in the 3rd quarter valued at $67,722,000. Charles Schwab Investment Management Inc. lifted its position in Commvault Systems by 25.9% during 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. Congress Asset Management Co. boosted its stake in shares of Commvault Systems by 29.4% in the 3rd quarter. Congress Asset Management Co. now owns 492,162 shares of the software maker’s stock valued at $75,719,000 after purchasing an additional 111,715 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Commvault Systems during the 3rd quarter worth approximately $15,264,000. Finally, FMR LLC lifted its holdings in Commvault Systems by 26.1% in the third quarter. FMR LLC now owns 466,315 shares of the software maker’s stock valued at $71,743,000 after buying an additional 96,525 shares during the period. 93.50% of the stock is owned by institutional investors.

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.