Royal Bank Of Canada Boosts CommVault Systems (NASDAQ:CVLT) Price Target to $217.00

Key Points

• Royal Bank of Canada increased its price target for CommVault Systems from $185.00 to $217.00, indicating an expected upside of 11.74% from the previous close.
• Other firms, including Wells Fargo and KeyCorp, have also raised their price targets for CommVault, reflecting strong bullish sentiment with multiple ratings of "overweight" and "buy".
• CommVault Systems reported better-than-expected earnings, with $1.03 EPS, exceeding analysts' estimates and showing a 23.2% increase in quarterly revenue compared to the previous year.

CommVault Systems (NASDAQ:CVLT - Get Free Report) had its price target boosted by research analysts at Royal Bank Of Canada from $185.00 to $217.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the software maker's stock. Royal Bank Of Canada's target price points to a potential upside of 18.60% from the company's current price.

CVLT has been the topic of a number of other research reports. KeyCorp upped their target price on shares of CommVault Systems from $195.00 to $225.00 and gave the company an "overweight" rating in a research report on Wednesday. Oppenheimer raised their target price on CommVault Systems from $180.00 to $200.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Wall Street Zen upgraded CommVault Systems from a "hold" rating to a "buy" rating in a research report on Thursday, May 1st. DA Davidson lifted their price target on CommVault Systems from $200.00 to $220.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Piper Sandler boosted their target price on CommVault Systems from $168.00 to $170.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $205.63.

CommVault Systems Trading Down 3.7%

NASDAQ CVLT traded down $6.99 during trading hours on Wednesday, hitting $182.96. 98,382 shares of the company's stock traded hands, compared to its average volume of 495,209. CommVault Systems has a 52 week low of $127.35 and a 52 week high of $200.68. The firm has a market capitalization of $8.15 billion, a P/E ratio of 101.48 and a beta of 0.73. The business's fifty day moving average price is $176.91 and its two-hundred day moving average price is $168.83.

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

Insider Activity

In other CommVault Systems news, insider Gary Merrill sold 1,748 shares of CommVault Systems 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 completion of the transaction, the insider directly owned 89,923 shares of the company's stock, valued at $15,728,431.93. The trade was a 1.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mirchandani sold 1,709 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $299,075.00. Following the completion of the sale, the chief executive officer directly owned 469,648 shares in the company, valued at $82,188,400. This trade represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CommVault Systems

Several institutional investors and hedge funds have recently made changes to their positions in CVLT. SBI Securities Co. Ltd. increased 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 valued at $25,000 after acquiring an additional 80 shares during the last quarter. Quarry LP grew its position in shares of CommVault Systems by 888.2% during the fourth quarter. Quarry LP now owns 168 shares of the software maker's stock valued at $25,000 after purchasing an additional 151 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in CommVault Systems in the first quarter worth approximately $27,000. Whipplewood Advisors LLC lifted its position in CommVault Systems by 584.0% during the first quarter. Whipplewood Advisors LLC now owns 171 shares of the software maker's stock valued at $27,000 after purchasing an additional 146 shares during the period. Finally, Brooklyn Investment Group grew its stake in CommVault Systems by 8,550.0% during the 1st quarter. Brooklyn Investment Group now owns 173 shares of the software maker's stock valued at $27,000 after acquiring an additional 171 shares in the last quarter. Institutional investors own 93.50% of the company's stock.

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.