CommVault Systems (NASDAQ:CVLT) Sets New 52-Week High After Analyst Upgrade

Key Points

• CommVault Systems' stock reached a new 52-week high at $196.98 during trading, closing at $193.27, marking a significant rise from its previous close of $163.43.
• Multiple analysts upgraded their ratings, with Guggenheim setting a price target of $210.00 and KeyCorp raising it to $225.00, contributing to an average target price of $204.38.
• The company reported a quarterly earnings per share (EPS) of $1.03, exceeding analyst estimates and demonstrating a revenue increase of 23.2% year-over-year.

CommVault Systems, Inc. (NASDAQ:CVLT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday after Royal Bank Of Canada raised their price target on the stock from $185.00 to $217.00. Royal Bank Of Canada currently has a sector perform rating on the stock. CommVault Systems traded as high as $196.98 and last traded at $193.27, with a volume of 1586822 shares. The stock had previously closed at $163.43.

Several other analysts have also weighed in on the company. Wall Street Zen raised CommVault Systems from a "hold" rating to a "buy" rating in a report on Thursday, May 1st. Wells Fargo & Company lifted their price objective on CommVault Systems from $190.00 to $220.00 and gave the stock an "overweight" rating in a report on Wednesday. KeyCorp lifted their price objective on CommVault Systems from $195.00 to $225.00 and gave the stock an "overweight" rating in a report on Wednesday. Piper Sandler boosted their price target on CommVault Systems from $168.00 to $170.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Finally, Oppenheimer boosted their price target on CommVault Systems from $180.00 to $200.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, CommVault Systems currently has a consensus rating of "Moderate Buy" and an average target price of $205.63.

Insiders Place Their Bets

In other news, CEO Sanjay Mirchandani sold 1,709 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $299,075.00. Following the completion of the sale, the chief executive officer owned 469,648 shares in the company, valued at $82,188,400. The trade was a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gary Merrill sold 1,748 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $174.91, for a total value of $305,742.68. Following the sale, the insider owned 89,923 shares of the company's stock, valued at approximately $15,728,431.93. The trade was a 1.91% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On CommVault Systems

Institutional investors have recently made changes to their positions in the stock. Quarry LP grew its stake in CommVault Systems by 888.2% in the fourth quarter. Quarry LP now owns 168 shares of the software maker's stock valued at $25,000 after acquiring an additional 151 shares during the period. SBI Securities Co. Ltd. boosted its position in shares of CommVault Systems by 101.3% during the first quarter. SBI Securities Co. Ltd. now owns 159 shares of the software maker's stock worth $25,000 after buying an additional 80 shares during the period. Whipplewood Advisors LLC boosted its position in shares of CommVault Systems by 584.0% during the first quarter. Whipplewood Advisors LLC now owns 171 shares of the software maker's stock worth $27,000 after buying an additional 146 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of CommVault Systems during the first quarter worth about $27,000. Finally, Brooklyn Investment Group boosted its position in shares of CommVault Systems by 8,550.0% during the first quarter. Brooklyn Investment Group now owns 173 shares of the software maker's stock worth $27,000 after buying an additional 171 shares during the period. 93.50% of the stock is owned by institutional investors and hedge funds.

CommVault Systems Price Performance

The company has a market capitalization of $8.00 billion, a price-to-earnings ratio of 99.85 and a beta of 0.73. The firm has a 50-day moving average price of $176.91 and a two-hundred day moving average price of $168.83.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last released its earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.10. CommVault Systems had a return on equity of 30.83% and a net margin of 7.70%. The business had revenue of $275.04 million for the quarter, compared to analyst estimates of $262.52 million. During the same quarter in the prior year, the company posted $0.79 earnings per share. CommVault Systems's revenue was up 23.2% on a year-over-year basis. On average, equities analysts predict that CommVault Systems, Inc. will post 1.65 EPS for the current year.

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.