Commvault Systems (NASDAQ:CVLT) Reaches New 52-Week High – Here’s What Happened

Commvault Systems, Inc. (NASDAQ:CVLT)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $174.98 and last traded at $173.38, with a volume of 22635 shares changing hands. The stock had previously closed at $173.11.

Analysts Set New Price Targets

CVLT has been the subject of a number of recent research reports. Royal Bank of Canada increased their price target on shares of Commvault Systems from $164.00 to $182.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 30th. StockNews.com downgraded shares of Commvault Systems from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. KeyCorp boosted their price target on shares of Commvault Systems from $140.00 to $170.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Piper Sandler upped their price objective on shares of Commvault Systems from $107.00 to $123.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Finally, Guggenheim downgraded Commvault Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, October 15th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.29.

Commvault Systems Stock Performance

The business has a fifty day simple moving average of $151.68 and a 200 day simple moving average of $134.09. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 43.36 and a beta of 0.59.

Commvault Systems (NASDAQ:CVLT) last announced its quarterly earnings data 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 business had revenue of $233.28 million during the quarter, compared to the consensus estimate of $220.76 million. During the same period in the prior year, the company earned $0.30 EPS. Commvault Systems’s revenue for the quarter was up 16.1% on a year-over-year basis. On average, sell-side analysts forecast that Commvault Systems, Inc. will post 1.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Commvault Systems

In other Commvault Systems news, Director Allison Pickens sold 1,232 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $153.89, for a total value of $189,592.48. Following the completion of the sale, the director now owns 7,131 shares of the company’s stock, valued at approximately $1,097,389.59. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Gary Merrill sold 17,388 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 94,530 shares in the company, valued at $14,251,342.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Allison Pickens sold 1,232 shares of Commvault Systems stock in a transaction dated Friday, August 30th. The stock was 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 approximately $1,097,389.59. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Commvault Systems

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Champlain Investment Partners LLC increased its stake in Commvault Systems by 58.5% in the 1st quarter. Champlain Investment Partners LLC now owns 825,236 shares of the software maker’s stock worth $83,704,000 after buying an additional 304,459 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Commvault Systems by 16.3% during the first quarter. Acadian Asset Management LLC now owns 1,596,635 shares of the software maker’s stock valued at $161,914,000 after purchasing an additional 223,347 shares in the last quarter. AQR Capital Management LLC grew its position in Commvault Systems by 33.5% in the second quarter. AQR Capital Management LLC now owns 648,858 shares of the software maker’s stock worth $78,882,000 after acquiring an additional 162,722 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Commvault Systems by 7.5% in the second quarter. Renaissance Technologies LLC now owns 1,813,487 shares of the software maker’s stock worth $220,466,000 after acquiring an additional 126,800 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Commvault Systems by 25.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 586,795 shares of the software maker’s stock worth $90,278,000 after acquiring an additional 120,779 shares in 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.