Commvault Systems (NASDAQ:CVLT) Shares Gap Down – What’s Next?

Commvault Systems, Inc. (NASDAQ:CVLT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $163.91, but opened at $157.90. Commvault Systems shares last traded at $146.42, with a volume of 207,799 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently commented on CVLT shares. StockNews.com downgraded Commvault Systems from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 31st. Royal Bank of Canada raised their target price on Commvault Systems from $121.00 to $152.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 31st. Guggenheim downgraded Commvault Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday. KeyCorp raised their target price on Commvault Systems from $140.00 to $170.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Piper Sandler raised their target price on Commvault Systems from $107.00 to $123.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Commvault Systems presently has a consensus rating of “Moderate Buy” and an average target price of $140.00.

Commvault Systems Stock Down 1.1 %

The company has a market capitalization of $6.40 billion, a PE ratio of 38.89 and a beta of 0.60. The company has a 50-day moving average price of $151.19 and a two-hundred day moving average price of $126.89.

Commvault Systems (NASDAQ:CVLT) last announced its quarterly earnings results on Tuesday, July 30th. The software maker reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.12. The company had revenue of $224.67 million during the quarter, compared to analysts’ expectations of $215.54 million. Commvault Systems had a return on equity of 32.16% and a net margin of 20.19%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.29 earnings per share. As a group, equities analysts anticipate that Commvault Systems, Inc. will post 1.66 EPS for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Commvault Systems

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted 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 purchasing an additional 43,333 shares during the last quarter. Renaissance Technologies LLC lifted 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 purchasing an additional 126,800 shares during the last quarter. Acadian Asset Management LLC lifted 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 purchasing an additional 4,422 shares during the last quarter. Champlain Investment Partners LLC lifted 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 purchasing an additional 304,459 shares during the last quarter. Finally, AQR Capital Management LLC lifted 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 purchasing an additional 162,722 shares during the last quarter. 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.