KeyCorp Issues Positive Forecast for Commvault Systems (NASDAQ:CVLT) Stock Price

Commvault Systems (NASDAQ:CVLT) had its target price boosted by KeyCorp from $192.00 to $195.00 in a research note issued to investors on Wednesday morning,Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on CVLT. Royal Bank of Canada increased their price objective on Commvault Systems from $164.00 to $182.00 and gave the company a “sector perform” rating in a report on Wednesday, October 30th. Guggenheim downgraded shares of Commvault Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 15th. Oppenheimer started coverage on shares of Commvault Systems in a report on Wednesday, November 13th. They issued an “outperform” rating and a $200.00 target price for the company. StockNews.com lowered Commvault Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 16th. Finally, Cantor Fitzgerald upped their price objective on Commvault Systems from $159.00 to $173.00 and gave the company a “neutral” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $156.44.

Commvault Systems Price Performance

NASDAQ CVLT opened at $146.82 on Wednesday. The company has a fifty day moving average of $163.11 and a two-hundred day moving average of $153.93. The company has a market capitalization of $6.42 billion, a PE ratio of 37.17 and a beta of 0.65. Commvault Systems has a 1 year low of $83.60 and a 1 year high of $178.72.

Commvault Systems (NASDAQ:CVLT) last announced its earnings results on Tuesday, October 29th. The software maker reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. The firm had revenue of $233.28 million during the quarter, compared to analysts’ expectations of $220.76 million. Commvault Systems had a return on equity of 31.62% and a net margin of 19.75%. The business’s revenue 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, research analysts expect that Commvault Systems will post 1.65 earnings per share for the current year.

Insider Buying and Selling at Commvault Systems

In related news, Director Allison Pickens sold 1,232 shares of Commvault Systems stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $172.50, for a total value of $212,520.00. Following the sale, the director now directly owns 5,899 shares in the company, valued at $1,017,577.50. The trade was a 17.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gary Merrill sold 1,523 shares of the company’s stock in a transaction on Monday, November 18th. The stock was 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 in the company, valued at $15,335,924.23. This represents a 1.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,530 shares of company stock valued at $2,244,755. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Commvault Systems

Several hedge funds and other institutional investors have recently made changes to their positions in CVLT. State Street Corp increased its holdings in Commvault Systems by 1.6% in the third quarter. State Street Corp now owns 1,594,045 shares of the software maker’s stock valued at $245,244,000 after buying an additional 25,082 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Commvault Systems by 604.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 647,525 shares of the software maker’s stock worth $98,479,000 after acquiring an additional 555,656 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Commvault Systems by 25.9% in 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 in the last quarter. Congress Asset Management Co. raised its holdings in Commvault Systems by 29.4% during the third quarter. Congress Asset Management Co. now owns 492,162 shares of the software maker’s stock worth $75,719,000 after purchasing an additional 111,715 shares during the last quarter. Finally, FMR LLC boosted its position in Commvault Systems by 26.1% during the third quarter. FMR LLC now owns 466,315 shares of the software maker’s stock worth $71,743,000 after purchasing an additional 96,525 shares in the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.

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.