KeyCorp Initiates Coverage on Commvault Systems (NASDAQ:CVLT)

KeyCorp assumed coverage on shares of Commvault Systems (NASDAQ:CVLT) in a research report report published on Thursday morning, MarketBeat reports. The brokerage issued an overweight rating and a $192.00 price target on the software maker’s stock.

A number of other equities analysts have also commented on CVLT. Guggenheim lowered Commvault Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 15th. Royal Bank of Canada increased their price target 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. Oppenheimer started coverage on shares of Commvault Systems in a report on Wednesday, November 13th. They set an “outperform” rating and a $200.00 price objective on the stock. Finally, StockNews.com cut shares of Commvault Systems from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Commvault Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $154.00.

Commvault Systems Stock Performance

CVLT stock opened at $161.71 on Thursday. The firm has a 50 day simple moving average of $165.13 and a 200 day simple moving average of $151.43. Commvault Systems has a 52 week low of $77.31 and a 52 week high of $178.72. The stock has a market cap of $7.07 billion, a P/E ratio of 40.94 and a beta of 0.65.

Commvault Systems (NASDAQ:CVLT) last issued its 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. Commvault Systems had a return on equity of 31.62% and a net margin of 19.75%. The company had revenue of $233.28 million for the quarter, compared to analyst estimates of $220.76 million. During the same period in the prior year, the firm posted $0.30 EPS. The business’s revenue was up 16.1% compared to the same quarter last year. Sell-side analysts predict that Commvault Systems will post 1.66 EPS for the current year.

Insider Transactions at Commvault Systems

In other news, insider Gary Merrill sold 1,523 shares of Commvault Systems stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $164.89, for a total value of $251,127.47. Following the completion of the transaction, the insider now owns 93,007 shares in the company, valued at approximately $15,335,924.23. The trade was a 1.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Sanjay Mirchandani sold 10,775 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $165.30, for a total value of $1,781,107.50. Following the completion of the sale, the chief executive officer now owns 459,969 shares of the company’s stock, valued at approximately $76,032,875.70. This trade represents a 2.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,530 shares of company stock valued at $2,244,755. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP acquired a new stake in shares of Commvault Systems during the third quarter worth $33,000. Point72 DIFC Ltd bought a new stake in Commvault Systems in the third quarter valued at approximately $71,000. Signaturefd LLC raised its holdings in Commvault Systems by 43.9% in the third quarter. Signaturefd LLC now owns 590 shares of the software maker’s stock worth $91,000 after purchasing an additional 180 shares during the period. TD Private Client Wealth LLC bought a new position in shares of Commvault Systems during the third quarter worth $105,000. Finally, Centaurus Financial Inc. acquired a new position in shares of Commvault Systems in the 3rd quarter valued at $126,000. 93.50% of the stock is currently owned by institutional investors and hedge funds.

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.