Commvault Systems (NASDAQ:CVLT) Given New $152.00 Price Target at Royal Bank of Canada

Commvault Systems (NASDAQ:CVLT) had its price objective upped by equities research analysts at Royal Bank of Canada from $121.00 to $152.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “sector perform” rating on the software maker’s stock. Royal Bank of Canada’s price target would suggest a potential downside of 0.39% from the stock’s current price.

Several other research analysts have also commented on CVLT. Lake Street Capital boosted their price objective on shares of Commvault Systems from $86.00 to $98.00 and gave the stock a “hold” rating in a research note on Wednesday, May 1st. Piper Sandler upped their price target on shares of Commvault Systems from $107.00 to $123.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Wells Fargo & Company upped their price target on shares of Commvault Systems from $125.00 to $140.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. DA Davidson upped their price target on shares of Commvault Systems from $125.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Finally, StockNews.com upgraded shares of Commvault Systems from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 11th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $130.00.

Commvault Systems Stock Up 0.8 %

Shares of NASDAQ CVLT traded up $1.24 during trading hours on Wednesday, hitting $152.59. 67,985 shares of the stock were exchanged, compared to its average volume of 337,758. The company has a market cap of $6.68 billion, a PE ratio of 40.58 and a beta of 0.61. The firm has a fifty day moving average price of $118.92 and a 200-day moving average price of $104.49. Commvault Systems has a 12 month low of $63.70 and a 12 month high of $154.14.

Commvault Systems (NASDAQ:CVLT) last posted its quarterly earnings data on Tuesday, July 30th. The software maker reported $0.85 EPS for the quarter, topping the consensus estimate of $0.73 by $0.12. The firm had revenue of $224.67 million during the quarter, compared to analyst estimates of $215.54 million. Commvault Systems had a net margin of 20.13% and a return on equity of 31.27%. Commvault Systems’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.29 EPS. As a group, equities analysts anticipate that Commvault Systems will post 1.7 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Sanjay Mirchandani sold 15,975 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $110.20, for a total transaction of $1,760,445.00. Following the completion of the sale, the chief executive officer now directly owns 539,465 shares in the company, valued at $59,449,043. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Commvault Systems news, Director Charles E. Moran sold 11,000 shares of Commvault Systems stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $110.83, for a total transaction of $1,219,130.00. Following the completion of the sale, the director now directly owns 10,967 shares in the company, valued at $1,215,472.61. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mirchandani sold 15,975 shares of Commvault Systems stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $110.20, for a total transaction of $1,760,445.00. Following the sale, the chief executive officer now owns 539,465 shares of the company’s stock, valued at $59,449,043. The disclosure for this sale can be found here. Insiders sold 59,816 shares of company stock worth $6,613,874 over the last three months. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. EFG Asset Management North America Corp. boosted its stake in shares of Commvault Systems by 0.5% in the second quarter. EFG Asset Management North America Corp. now owns 21,699 shares of the software maker’s stock valued at $2,637,000 after purchasing an additional 103 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Commvault Systems by 5.4% in the second quarter. Commonwealth Equity Services LLC now owns 2,701 shares of the software maker’s stock valued at $328,000 after purchasing an additional 139 shares during the period. Amalgamated Bank boosted its stake in shares of Commvault Systems by 0.6% in the fourth quarter. Amalgamated Bank now owns 27,504 shares of the software maker’s stock valued at $2,196,000 after purchasing an additional 160 shares during the period. Signaturefd LLC boosted its stake in shares of Commvault Systems by 70.8% in the second quarter. Signaturefd LLC now owns 410 shares of the software maker’s stock valued at $50,000 after purchasing an additional 170 shares during the period. Finally, Legacy Advisors LLC lifted its stake in Commvault Systems by 1.6% in the second quarter. Legacy Advisors LLC now owns 12,309 shares of the software maker’s stock worth $1,496,000 after acquiring an additional 191 shares during the last quarter. 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.