Commvault Systems (NASDAQ:CVLT) Stock Price Up 2.1% After Analyst Upgrade

Jun 15, 2024
commvault-systems-(nasdaq:cvlt)-stock-price-up-2.1%-after-analyst-upgrade

Posted by on Jun 15th, 2024

Commvault Systems logoCommvault Systems, Inc. (NASDAQ:CVLTGet Free Report)’s stock price shot up 2.1% during trading on Friday after DA Davidson raised their price target on the stock from $125.00 to $135.00. DA Davidson currently has a buy rating on the stock. Commvault Systems traded as high as $116.91 and last traded at $116.91. 37,263 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 320,154 shares. The stock had previously closed at $114.46.

CVLT has been the topic of several other reports. Royal Bank of Canada lifted their price objective on Commvault Systems from $97.00 to $112.00 and gave the company a “sector perform” rating in a research report on Wednesday, May 1st. KeyCorp lifted their price target on Commvault Systems from $109.00 to $122.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Lake Street Capital increased their price objective on Commvault Systems from $86.00 to $98.00 and gave the stock a “hold” rating in a report on Wednesday, May 1st. Finally, Wells Fargo & Company boosted their target price on shares of Commvault Systems from $125.00 to $140.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.40.

Get Our Latest Report on Commvault Systems

Insider Activity at Commvault Systems

In other news, Director Vivie Lee sold 2,500 shares of Commvault Systems stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $112.19, for a total value of $280,475.00. Following the completion of the transaction, the director now owns 13,589 shares of the company’s stock, valued at approximately $1,524,549.91. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Vivie Lee sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $112.19, for a total value of $280,475.00. Following the transaction, the director now directly owns 13,589 shares of the company’s stock, valued at approximately $1,524,549.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles E. Moran sold 11,000 shares of Commvault Systems stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $110.83, for a total value of $1,219,130.00. Following the completion of the sale, the director now directly owns 10,967 shares of the company’s stock, valued at approximately $1,215,472.61. The disclosure for this sale can be found here. Insiders sold a total of 59,816 shares of company stock valued at $6,613,874 in the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CVLT. Headlands Technologies LLC bought a new position in shares of Commvault Systems during the 4th quarter valued at $67,000. Daiwa Securities Group Inc. boosted its position in Commvault Systems by 700.0% in the first quarter. Daiwa Securities Group Inc. now owns 800 shares of the software maker’s stock worth $81,000 after purchasing an additional 700 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Commvault Systems by 28.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,429 shares of the software maker’s stock valued at $97,000 after purchasing an additional 317 shares during the period. EntryPoint Capital LLC lifted its stake in shares of Commvault Systems by 123.9% in the 1st quarter. EntryPoint Capital LLC now owns 1,263 shares of the software maker’s stock worth $128,000 after purchasing an additional 699 shares during the period. Finally, Ulland Investment Advisors LLC purchased a new position in shares of Commvault Systems in the first quarter worth approximately $180,000. 93.50% of the stock is owned by hedge funds and other institutional investors.

Commvault Systems Stock Up 1.8 %

The stock’s fifty day simple moving average is $106.04 and its 200 day simple moving average is $93.95. The firm has a market capitalization of $5.06 billion, a PE ratio of 30.99 and a beta of 0.60.

Commvault Systems (NASDAQ:CVLTGet Free Report) last released its earnings results on Tuesday, April 30th. The software maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.10. Commvault Systems had a return on equity of 31.27% and a net margin of 20.13%. The company had revenue of $223.29 million for the quarter, compared to the consensus estimate of $213.00 million. On average, analysts predict that Commvault Systems, Inc. will post 1.7 EPS for the current year.

Commvault Systems Company Profile

(Get Free Report)

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.

Further Reading

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