Commvault Systems (NASDAQ:CVLT) Downgraded by StockNews.com to Buy

StockNews.com downgraded shares of Commvault Systems (NASDAQ:CVLT) from a strong-buy rating to a buy rating in a research report sent to investors on Friday.

Several other research firms have also recently issued reports on CVLT. Guggenheim cut shares of Commvault Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 15th. DA Davidson upped their price objective on shares of Commvault Systems from $170.00 to $175.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Piper Sandler upped their price objective on shares of Commvault Systems from $107.00 to $123.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Royal Bank of Canada upped their price objective 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. Finally, KeyCorp upped their price objective on shares of Commvault Systems from $140.00 to $170.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Commvault Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.29.

Commvault Systems Price Performance

NASDAQ:CVLT traded down $0.50 during trading hours on Friday, hitting $155.69. 437,408 shares of the company were exchanged, compared to its average volume of 354,680. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of 39.42 and a beta of 0.60. Commvault Systems has a 52-week low of $65.43 and a 52-week high of $171.26. The company’s 50 day moving average price is $149.93 and its 200-day moving average price is $130.57.

Commvault Systems (NASDAQ:CVLT) last released its quarterly earnings data on Tuesday, October 29th. The software maker reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. The business had revenue of $233.28 million for the quarter, compared to the consensus estimate of $220.76 million. Commvault Systems had a net margin of 19.75% and a return on equity of 31.62%. The business’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.30 EPS. On average, equities analysts predict that Commvault Systems will post 1.68 earnings per share for the current year.

Insider Transactions at Commvault Systems

In other news, Director Allison Pickens sold 1,232 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $153.89, for a total transaction of $189,592.48. Following the completion of the sale, the director now owns 7,131 shares of the company’s stock, valued at $1,097,389.59. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Allison Pickens sold 1,232 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $153.89, for a total transaction of $189,592.48. Following the completion of the sale, the director now owns 7,131 shares of the company’s stock, valued at $1,097,389.59. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gary Merrill sold 17,388 shares of the company’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $150.76, for a total transaction of $2,621,414.88. Following the completion of the sale, the insider now directly owns 94,530 shares of the company’s stock, valued at $14,251,342.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Commvault Systems

A number of hedge funds have recently modified their holdings of CVLT. Vanguard Group Inc. boosted its stake in Commvault Systems by 0.8% during the first quarter. Vanguard Group Inc. now owns 5,531,703 shares of the software maker’s stock worth $561,081,000 after buying an additional 43,333 shares during the period. Renaissance Technologies LLC boosted its stake in Commvault Systems by 7.5% during the second quarter. Renaissance Technologies LLC now owns 1,813,487 shares of the software maker’s stock worth $220,466,000 after buying an additional 126,800 shares during the period. Acadian Asset Management LLC boosted its stake in Commvault Systems by 0.3% during the second quarter. Acadian Asset Management LLC now owns 1,601,057 shares of the software maker’s stock worth $194,606,000 after buying an additional 4,422 shares during the period. Champlain Investment Partners LLC boosted its stake in Commvault Systems by 58.5% during the first quarter. Champlain Investment Partners LLC now owns 825,236 shares of the software maker’s stock worth $83,704,000 after buying an additional 304,459 shares during the period. Finally, AQR Capital Management LLC boosted its stake in Commvault Systems by 33.5% during the second quarter. AQR Capital Management LLC now owns 648,858 shares of the software maker’s stock worth $78,882,000 after buying an additional 162,722 shares during the period. 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.