Commvault Systems (NASDAQ:CVLT) Reaches New 12-Month Low - Here's What Happened

Commvault Systems, Inc. (NASDAQ:CVLT - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $162.00 and last traded at $167.13, with a volume of 645292 shares changing hands. The stock had previously closed at $168.73.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CVLT shares. Royal Bank of Canada raised their price objective on shares of Commvault Systems from $175.00 to $185.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 30th. Guggenheim reissued a "neutral" rating on shares of Commvault Systems in a report on Wednesday, April 23rd. KeyCorp dropped their price objective on shares of Commvault Systems from $195.00 to $185.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. DA Davidson increased their price objective on Commvault Systems from $185.00 to $200.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, William Blair upgraded Commvault Systems from a "market perform" rating to an "outperform" rating in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $175.25.

Commvault Systems Price Performance

The business has a 50 day moving average of $158.52 and a 200 day moving average of $162.42. The firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of 44.87 and a beta of 0.71.

Commvault Systems (NASDAQ:CVLT - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The software maker reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.10. Commvault Systems had a net margin of 18.14% and a return on equity of 28.69%. The business had revenue of $275.04 million for the quarter, compared to analyst estimates of $262.52 million. During the same quarter last year, the firm earned $0.79 EPS. Commvault Systems's quarterly revenue was up 23.2% compared to the same quarter last year. As a group, equities analysts predict that Commvault Systems, Inc. will post 1.65 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Sanjay Mirchandani sold 12,318 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $185.96, for a total transaction of $2,290,655.28. Following the completion of the sale, the chief executive officer now owns 427,231 shares of the company's stock, valued at $79,447,876.76. This represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gary Merrill sold 3,287 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $186.94, for a total transaction of $614,471.78. Following the completion of the sale, the insider now directly owns 87,316 shares in the company, valued at $16,322,853.04. This represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

Institutional Trading of Commvault Systems

A number of institutional investors have recently modified their holdings of CVLT. Invesco Ltd. lifted its stake in Commvault Systems by 57.7% in the 4th quarter. Invesco Ltd. now owns 1,660,108 shares of the software maker's stock valued at $250,527,000 after acquiring an additional 607,643 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Commvault Systems by 604.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 647,525 shares of the software maker's stock valued at $98,479,000 after purchasing an additional 555,656 shares during the last quarter. Norges Bank bought a new stake in shares of Commvault Systems in the fourth quarter worth $79,619,000. Wedge Capital Management L L P NC boosted its holdings in Commvault Systems by 1,936.0% during the first quarter. Wedge Capital Management L L P NC now owns 360,355 shares of the software maker's stock worth $56,850,000 after purchasing an additional 342,656 shares during the last quarter. Finally, Polar Capital Holdings Plc grew its position in Commvault Systems by 182.5% in the fourth quarter. Polar Capital Holdings Plc now owns 362,958 shares of the software maker's stock valued at $54,774,000 after purchasing an additional 234,477 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors.

About Commvault Systems

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.