Lake Street Capital Boosts Commvault Systems (NASDAQ:CVLT) Price Target to $98.00

Commvault Systems (NASDAQ:CVLT) had its price target raised by Lake Street Capital from $86.00 to $98.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

Several other research analysts have also weighed in on CVLT. KeyCorp upped their target price on Commvault Systems from $109.00 to $122.00 and gave the stock an overweight rating in a research report on Wednesday. Royal Bank of Canada increased their price objective on Commvault Systems from $97.00 to $112.00 and gave the stock a sector perform rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $114.25.

Commvault Systems Stock Performance

CVLT stock opened at $107.43 on Wednesday. The firm has a 50 day simple moving average of $98.47 and a 200 day simple moving average of $84.99. Commvault Systems has a 52 week low of $60.43 and a 52 week high of $109.25. The stock has a market cap of $4.70 billion, a P/E ratio of 28.57 and a beta of 0.64.

Commvault Systems (NASDAQ:CVLT) last issued its earnings results on Tuesday, January 30th. The software maker reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.05. Commvault Systems had a net margin of 20.13% and a return on equity of 31.27%. The company had revenue of $216.81 million during the quarter, compared to analyst estimates of $208.01 million. During the same quarter last year, the business posted $0.17 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts predict that Commvault Systems will post 1.43 EPS for the current year.

Insider Transactions at Commvault Systems

In related news, CEO Sanjay Mirchandani sold 21,494 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $97.82, for a total value of $2,102,543.08. Following the transaction, the chief executive officer now directly owns 399,356 shares of the company’s stock, valued at approximately $39,065,003.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Sanjay Mirchandani sold 21,494 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $97.82, for a total value of $2,102,543.08. Following the transaction, the chief executive officer now directly owns 399,356 shares in the company, valued at approximately $39,065,003.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Allison Pickens sold 990 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $94.73, for a total transaction of $93,782.70. Following the transaction, the director now directly owns 7,206 shares of the company’s stock, valued at approximately $682,624.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,306 shares of company stock worth $2,276,265. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of Commvault Systems

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Commvault Systems by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 5,488,370 shares of the software maker’s stock worth $438,246,000 after buying an additional 61,556 shares during the last quarter. Mackenzie Financial Corp increased its position in Commvault Systems by 0.3% during the third quarter. Mackenzie Financial Corp now owns 1,917,009 shares of the software maker’s stock worth $128,593,000 after acquiring an additional 6,130 shares during the period. Invesco Ltd. increased its position in Commvault Systems by 50.9% during the third quarter. Invesco Ltd. now owns 629,282 shares of the software maker’s stock worth $42,546,000 after acquiring an additional 212,325 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Commvault Systems by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 472,291 shares of the software maker’s stock valued at $37,712,000 after purchasing an additional 12,624 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Commvault Systems by 14.9% in the 3rd quarter. AQR Capital Management LLC now owns 345,628 shares of the software maker’s stock valued at $23,368,000 after purchasing an additional 44,816 shares during the period. Institutional investors own 93.50% of the company’s stock.

Commvault Systems Company Profile

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.