CommVault Systems (NASDAQ:CVLT) Shares Down 6.2% - Here's What Happened

CommVault Systems, Inc. (NASDAQ:CVLT - Get Free Report)'s stock price was down 6.2% during mid-day trading on Thursday . The company traded as low as $167.32 and last traded at $165.24. Approximately 62,118 shares were traded during trading, a decline of 87% from the average daily volume of 484,939 shares. The stock had previously closed at $176.16.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CVLT shares. Wells Fargo & Company boosted their price target on CommVault Systems from $180.00 to $190.00 and gave the company an "overweight" rating in a report on Wednesday, April 30th. Wall Street Zen upgraded CommVault Systems from a "hold" rating to a "buy" rating in a report on Thursday, May 1st. Guggenheim reiterated a "neutral" rating on shares of CommVault Systems in a report on Wednesday, April 23rd. KeyCorp reduced their target price on CommVault Systems from $195.00 to $185.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, DA Davidson upped their target price on CommVault Systems from $185.00 to $200.00 and gave the stock a "buy" rating in a report on Tuesday, April 29th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $182.86.

CommVault Systems Trading Down 3.5%

The company has a market cap of $7.57 billion, a PE ratio of 100.63 and a beta of 0.73. The firm has a 50 day moving average of $178.06 and a two-hundred day moving average of $167.06.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $275.04 million for the quarter, compared to the consensus estimate of $262.52 million. CommVault Systems had a return on equity of 32.31% and a net margin of 7.64%. The firm's quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.79 EPS. On average, research analysts forecast that CommVault Systems, Inc. will post 1.65 EPS for the current year.

Insider Buying and Selling

In related news, Director Nicola Adamo sold 1,500 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $169.74, for a total value of $254,610.00. Following the sale, the director owned 16,178 shares in the company, valued at $2,746,053.72. This represents a 8.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Gary Merrill sold 1,748 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were 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 in the company, valued at $15,728,431.93. This trade represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,957 shares of company stock worth $859,428 in the last 90 days. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On CommVault Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVLT. Quarry LP lifted its position in CommVault Systems by 888.2% in the 4th quarter. Quarry LP now owns 168 shares of the software maker's stock valued at $25,000 after acquiring an additional 151 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in CommVault Systems by 101.3% in the 1st 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 in the last quarter. Whipplewood Advisors LLC lifted its position in CommVault Systems by 584.0% in the 1st quarter. Whipplewood Advisors LLC now owns 171 shares of the software maker's stock valued at $27,000 after acquiring an additional 146 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in CommVault Systems in the 1st quarter valued at approximately $27,000. Finally, Brooklyn Investment Group lifted its position in CommVault Systems by 8,550.0% in 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. 93.50% of the stock is owned by institutional investors.

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.