The Manufacturers Life Insurance Company Sells 43,718 Shares of Commvault Systems, Inc. (NASDAQ:CVLT)

The Manufacturers Life Insurance Company reduced its stake in Commvault Systems, Inc. (NASDAQ:CVLT) by 12.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 318,041 shares of the software maker’s stock after selling 43,718 shares during the period. The Manufacturers Life Insurance Company owned 0.73% of Commvault Systems worth $48,931,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVLT. Bayesian Capital Management LP bought a new stake in Commvault Systems in the first quarter valued at $351,000. Comerica Bank increased its stake in Commvault Systems by 23.7% in the first quarter. Comerica Bank now owns 22,028 shares of the software maker’s stock valued at $2,234,000 after purchasing an additional 4,224 shares in the last quarter. GAMMA Investing LLC increased its stake in Commvault Systems by 140.5% in the second quarter. GAMMA Investing LLC now owns 529 shares of the software maker’s stock valued at $64,000 after purchasing an additional 309 shares in the last quarter. OLD National Bancorp IN bought a new stake in Commvault Systems in the second quarter valued at $275,000. Finally, SG Americas Securities LLC grew its holdings in shares of Commvault Systems by 504.6% during the second quarter. SG Americas Securities LLC now owns 13,016 shares of the software maker’s stock valued at $1,582,000 after buying an additional 10,863 shares during the last quarter. 93.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CVLT. Guggenheim cut shares of Commvault Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, October 15th. Oppenheimer began coverage on shares of Commvault Systems in a report on Wednesday, November 13th. They set an “outperform” rating and a $200.00 price objective for the company. StockNews.com cut shares of Commvault Systems from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. DA Davidson lifted their price objective on shares of Commvault Systems from $170.00 to $175.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Royal Bank of Canada lifted their price objective on shares of Commvault Systems from $164.00 to $182.00 and gave the company a “sector perform” rating in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Commvault Systems has an average rating of “Moderate Buy” and an average price target of $151.25.

Commvault Systems Stock Performance

Commvault Systems stock opened at $171.63 on Friday. Commvault Systems, Inc. has a fifty-two week low of $72.20 and a fifty-two week high of $178.72. The stock has a market cap of $7.51 billion, a PE ratio of 43.45 and a beta of 0.59. The firm’s 50-day simple moving average is $158.09 and its 200 day simple moving average is $139.65.

Commvault Systems (NASDAQ:CVLT) last released its quarterly earnings results on Tuesday, October 29th. The software maker reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.76 by $0.07. The business had revenue of $233.28 million for the quarter, compared to analysts’ expectations of $220.76 million. Commvault Systems had a net margin of 19.75% and a return on equity of 31.62%. The firm’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.30 earnings per share. As a group, analysts predict that Commvault Systems, Inc. will post 1.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Commvault Systems news, insider Gary Merrill sold 1,523 shares of Commvault Systems stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $164.89, for a total value of $251,127.47. Following the sale, the insider now owns 93,007 shares of the company’s stock, valued at approximately $15,335,924.23. The trade was a 1.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sanjay Mirchandani sold 10,775 shares of Commvault Systems stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $165.30, for a total transaction of $1,781,107.50. Following the completion of the sale, the chief executive officer now directly owns 459,969 shares in the company, valued at approximately $76,032,875.70. This represents a 2.29 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% 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.