Scotiabank Forecasts Strong Price Appreciation for CommVault Systems (NASDAQ:CVLT) Stock

Key Points

• Scotiabank raised CommVault Systems’ price target from $130 to $160 while maintaining a “sector perform” rating. The broader analyst consensus is “Moderate Buy,” with an average target of $154.50.
• CVLT shares rose 2.4% to $153.89, supported by strong quarterly results: adjusted earnings of $1.42 per share beat estimates by $0.26, while revenue increased 11.4% year over year to $314.13 million.
• Institutional investors own 93.5% of the company, while insiders sold approximately $4.2 million of stock over the past 90 days, with the reported transactions conducted under pre-arranged Rule 10b5-1 plans.

CommVault Systems (NASDAQ:CVLT - Get Free Report) had its price objective increased by investment analysts at Scotiabank from $130.00 to $160.00 in a report issued on Monday, Benzinga reports. The firm currently has a "sector perform" rating on the software maker's stock. Scotiabank's price target suggests a potential upside of 3.97% from the stock's previous close.

A number of other research analysts have also recently commented on CVLT. Oppenheimer boosted their target price on shares of CommVault Systems from $150.00 to $175.00 and gave the stock an "outperform" rating in a research report on Friday, July 17th. DA Davidson set a $175.00 price target on shares of CommVault Systems in a research note on Wednesday, July 29th. Mizuho boosted their price objective on shares of CommVault Systems from $140.00 to $175.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. FBN Securities started coverage on shares of CommVault Systems in a research report on Thursday, September 10th. They issued an "outperform" rating and a $155.00 price objective for the company. Finally, UBS Group reaffirmed a "neutral" rating on shares of CommVault Systems in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, CommVault Systems presently has a consensus rating of "Moderate Buy" and an average price target of $154.50.

CommVault Systems Stock Up 2.4%

NASDAQ:CVLT traded up $3.61 during mid-day trading on Monday, hitting $153.89. The company had a trading volume of 195,270 shares, compared to its average volume of 870,512. The business has a fifty day simple moving average of $138.03 and a 200-day simple moving average of $121.15. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 97.94 and a beta of 0.79. CommVault Systems has a 1 year low of $71.75 and a 1 year high of $182.83. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 16.94.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The software maker reported $1.42 EPS for the quarter, topping the consensus estimate of $1.16 by $0.26. The firm had revenue of $314.13 million for the quarter, compared to analyst estimates of $310.43 million. CommVault Systems had a return on equity of 88.75% and a net margin of 5.62%.CommVault Systems's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 EPS. Equities analysts forecast that CommVault Systems will post 2.84 earnings per share for the current fiscal year.

Insider Activity

In other CommVault Systems news, Director Vivie Lee sold 595 shares of the firm's stock in a transaction 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 sale, the director directly owned 15,140 shares in the company, valued at approximately $2,031,636.60. This trade represents a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director A. Shane Sanders sold 476 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $134.19, for a total transaction of $63,874.44. Following the transaction, the director owned 8,696 shares of the company's stock, valued at $1,166,916.24. This represents a 5.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 29,348 shares of company stock worth $4,202,441 over the last 90 days. Insiders own 0.86% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CVLT. Sequoia Financial Advisors LLC acquired a new stake in CommVault Systems in the second quarter worth about $537,000. Tidal Investments LLC increased its stake in CommVault Systems by 38.3% during the 2nd quarter. Tidal Investments LLC now owns 59,661 shares of the software maker's stock valued at $8,456,000 after buying an additional 16,523 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of CommVault Systems during the 2nd quarter worth about $371,000. NewEdge Advisors LLC bought a new stake in shares of CommVault Systems during the 2nd quarter worth about $215,000. Finally, Allworth Financial LP lifted its stake in shares of CommVault Systems by 190.6% in the 2nd 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. Institutional investors own 93.50% of the company's stock.

CommVault Systems Company Profile

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.

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