CommVault Systems (NASDAQ:CVLT) Stock Price Up 6.2% – Here’s Why

CommVault Systems, Inc. (NASDAQ:CVLT)’s stock price shot up 6.2% on Monday . The stock traded as high as $136.67 and last traded at $138.1630. Approximately 101,608 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 889,434 shares. The stock had previously closed at $130.07.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CVLT shares. Mizuho boosted their price objective on CommVault Systems from $140.00 to $175.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 15th. Truist Financial lifted their target price on CommVault Systems from $155.00 to $182.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Oppenheimer increased their price target on CommVault Systems from $150.00 to $175.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. UBS Group reissued a “neutral” rating on shares of CommVault Systems in a report on Monday, July 27th. Finally, Stephens lifted their price objective on shares of CommVault Systems from $135.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, CommVault Systems presently has an average rating of “Moderate Buy” and an average target price of $152.62.

CommVault Systems Price Performance

The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 88.36 and a beta of 0.82. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 16.94. The stock’s 50 day moving average price is $138.21 and its two-hundred day moving average price is $114.60.

CommVault Systems (NASDAQ:CVLT) last issued its quarterly earnings data on Tuesday, July 28th. The software maker reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.26. CommVault Systems had a net margin of 5.62% and a return on equity of 88.75%. The firm had revenue of $314.13 million for the quarter, compared to analyst estimates of $310.43 million. During the same quarter last year, the firm earned $1.01 earnings per share. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. Analysts anticipate that CommVault Systems, Inc. will post 2.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other CommVault Systems news, CEO Sanjay Mirchandani sold 12,437 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $143.98, for a total transaction of $1,790,679.26. Following the completion of the sale, the chief executive officer directly owned 269,373 shares in the company, valued at $38,784,324.54. This represents a 4.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Danielle Abrahamsen sold 486 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $142.80, for a total value of $69,400.80. Following the sale, the chief accounting officer owned 12,160 shares of the company’s stock, valued at approximately $1,736,448. The trade was a 3.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 29,602 shares of company stock worth $4,240,541 in the last ninety days. 0.86% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System lifted its position in CommVault Systems by 13,810.8% during the 2nd quarter. California State Teachers Retirement System now owns 7,182,168 shares of the software maker’s stock worth $1,017,929,000 after buying an additional 7,130,538 shares in the last quarter. BlackRock Inc. acquired a new position in shares of CommVault Systems during the second quarter worth approximately $855,420,000. First Trust Advisors LP grew its stake in shares of CommVault Systems by 25.5% during the fourth quarter. First Trust Advisors LP now owns 1,537,034 shares of the software maker’s stock valued at $192,683,000 after purchasing an additional 312,178 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of CommVault Systems by 36.2% during the first quarter. Pictet Asset Management Holding SA now owns 1,239,225 shares of the software maker’s stock valued at $96,447,000 after purchasing an additional 329,243 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its holdings in shares of CommVault Systems by 34.5% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,057,077 shares of the software maker’s stock valued at $132,515,000 after purchasing an additional 270,902 shares in the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

CommVault Systems Company Profile

Commvault Systems, Inc develops data protection and cyber resilience software for organizations seeking to secure, manage and recover data across on-premises, cloud and hybrid environments. Its technology is designed to help businesses protect workloads, reduce the risk of data loss and maintain operations following system failures, cyberattacks or other disruptions.

The company’s offerings include backup and recovery, disaster recovery, data security, cyber recovery and cloud data management solutions.