CommVault Systems (NASDAQ:CVLT) Stock Price Expected to Rise, Scotiabank Analyst Says

CommVault Systems (NASDAQ:CVLT) had its price target increased by stock analysts at Scotiabank from $130.00 to $160.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the software maker’s stock. Scotiabank’s target price would suggest a potential upside of 3.97% from the company’s current price.

CVLT has been the topic of several other reports. Oppenheimer boosted their target price on CommVault Systems from $150.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Guggenheim reaffirmed a “buy” rating on shares of CommVault Systems in a research note on Tuesday, July 28th. FBN Securities assumed coverage on CommVault Systems in a research report on Thursday, September 10th. They set an “outperform” rating and a $155.00 price target on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $132.00 price target on shares of CommVault Systems in a report on Monday, July 27th. Finally, KeyCorp upped their target price on CommVault Systems from $125.00 to $175.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $154.50.

CommVault Systems Stock Up 2.4%

Shares of NASDAQ:CVLT traded up $3.61 during midday trading on Monday, hitting $153.89. 195,270 shares of the stock were exchanged, compared to its average volume of 870,512. The company has a market capitalization of $6.38 billion, a PE ratio of 97.94 and a beta of 0.79. The business’s fifty day simple moving average is $138.03 and its two-hundred day simple moving average is $121.15. The company has a debt-to-equity ratio of 16.94, a quick ratio of 2.04 and a current ratio of 2.04. CommVault Systems has a 52-week low of $71.75 and a 52-week high of $182.83.

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

Insider Buying and Selling at CommVault Systems

In other CommVault Systems news, Director Vivie Lee sold 595 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $134.19, for a total value of $79,843.05. Following the transaction, the director owned 15,140 shares in the company, valued at approximately $2,031,636.60. This represents a 3.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sanjay Mirchandani sold 12,437 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $143.98, for a total transaction of $1,790,679.26. Following the sale, the chief executive officer directly owned 269,373 shares of the company’s stock, valued at approximately $38,784,324.54. The trade was a 4.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 29,348 shares of company stock worth $4,202,441 in the last quarter. Company insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On CommVault Systems

A number of large investors have recently made changes to their positions in CVLT. Sequoia Financial Advisors LLC purchased a new stake in shares of CommVault Systems in the second quarter worth about $537,000. Tidal Investments LLC lifted its stake in shares of CommVault Systems by 38.3% in the 2nd quarter. Tidal Investments LLC now owns 59,661 shares of the software maker’s stock valued at $8,456,000 after acquiring an additional 16,523 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of CommVault Systems in the second quarter worth approximately $371,000. NewEdge Advisors LLC purchased a new stake in shares of CommVault Systems during the second quarter worth about $215,000. Finally, Allworth Financial LP lifted its stake in CommVault Systems by 190.6% in the second quarter. Allworth Financial LP now owns 2,095 shares of the software maker’s stock worth $297,000 after acquiring an additional 1,374 shares during the period. 93.50% of the stock is owned by institutional investors.

About CommVault Systems

Commvault Systems, Inc develops data protection, cyber resilience and information management software and services. Its platform helps organizations back up, recover, manage and secure data across on-premises data centers, public and private clouds, software-as-a-service applications and endpoint environments.

The company’s offerings include backup and recovery, disaster recovery, cyber-recovery capabilities, ransomware protection, data governance and workload management. Commvault also provides cloud-based services through its Commvault Cloud platform, designed to help customers detect threats, protect critical workloads and restore operations following data loss or cyberattacks.

Commvault serves businesses, government organizations and other institutions worldwide through direct sales, partners and service providers.