Commvault Systems (NASDAQ:CVLT) Shares Gap Up - Here's What Happened

Commvault Systems, Inc. (NASDAQ:CVLT - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $165.96, but opened at $172.99. Commvault Systems shares last traded at $167.33, with a volume of 23,152 shares traded.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. DA Davidson lifted their target price on Commvault Systems from $185.00 to $200.00 and gave the company a "buy" rating in a research note on Tuesday, April 29th. KeyCorp reduced 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 note on Thursday, April 17th. Wells Fargo & Company raised their target price on shares of Commvault Systems from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Wednesday. Cantor Fitzgerald upped their price target on Commvault Systems from $159.00 to $173.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 29th. Finally, Piper Sandler lowered their price objective on Commvault Systems from $154.00 to $147.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $175.25.

Commvault Systems Trading Up 3.9 %

The firm has a 50-day simple moving average of $158.48 and a two-hundred day simple moving average of $162.05. The company has a market capitalization of $7.59 billion, a price-to-earnings ratio of 45.29 and a beta of 0.68.

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

Insider Transactions at Commvault Systems

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. grew its stake in Commvault Systems by 57.7% during 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 grew its position 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 in the last quarter. Norges Bank purchased a new position in Commvault Systems during the fourth quarter worth approximately $79,619,000. Wedge Capital Management L L P NC boosted its stake 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 buying an additional 342,656 shares during the last quarter. Finally, Polar Capital Holdings Plc grew its holdings in Commvault Systems by 182.5% in the 4th quarter. Polar Capital Holdings Plc now owns 362,958 shares of the software maker's stock valued at $54,774,000 after buying an additional 234,477 shares in the last quarter. Hedge funds and other 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.