40,511 CommVault Systems, Inc. $CVLT Shares Sold by Fort Washington Investment Advisors Inc. OH

Key Points

• Fort Washington Investment Advisors cut its CommVault Systems stake by 20.1% in the third quarter, selling 40,511 shares and retaining 161,308 shares valued at approximately $24.2 million. Institutional investors collectively own 93.5% of CVLT.
• CommVault shares were trading at $158.91, up 3.0%, with the company reporting quarterly revenue of $314.13 million and adjusted earnings of $1.42 per share, both exceeding analyst expectations. Revenue increased 11.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $158.25, while individual targets range as high as $185. Company insiders have sold shares recently, primarily through pre-arranged plans to cover tax obligations on vested equity awards.

Fort Washington Investment Advisors Inc. OH lessened its holdings in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 20.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,308 shares of the software maker's stock after selling 40,511 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned 0.39% of CommVault Systems worth $24,183,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVLT. BlackRock Inc. bought a new position in shares of CommVault Systems in the second quarter valued at $855,420,000. The Manufacturers Life Insurance Company acquired a new position in shares of CommVault Systems during the second quarter valued at about $65,765,000. American Capital Management Inc. acquired a new position in shares of CommVault Systems during the second quarter valued at about $62,493,000. Bank of America Corp DE acquired a new position in shares of CommVault Systems during the second quarter valued at about $51,709,000. Finally, Pictet Asset Management Holding SA increased its position in shares of CommVault Systems by 36.2% during the first quarter. Pictet Asset Management Holding SA now owns 1,239,225 shares of the software maker's stock worth $96,447,000 after acquiring an additional 329,243 shares in the last quarter. Institutional investors own 93.50% of the company's stock.

CommVault Systems Trading Up 3.0%

NASDAQ CVLT opened at $158.91 on Friday. The firm has a market capitalization of $6.59 billion, a P/E ratio of 101.22 and a beta of 0.79. The business has a fifty day simple moving average of $142.97 and a 200 day simple moving average of $125.93. CommVault Systems, Inc. has a 12 month low of $71.75 and a 12 month high of $177.81. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 16.94.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The software maker reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.26. The business had revenue of $314.13 million for the quarter, compared to analysts' expectations of $310.43 million. CommVault Systems had a return on equity of 88.75% and a net margin of 5.62%. The business's revenue was up 11.4% on a year-over-year basis. During the same period last year, the business earned $1.01 EPS. On average, analysts predict that CommVault Systems, Inc. will post 2.84 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CVLT shares. Oppenheimer upped their target price on shares of CommVault Systems from $150.00 to $175.00 and gave the stock an "outperform" rating in a report on Friday, July 17th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $130.00 price target on shares of CommVault Systems in a research report on Wednesday, July 29th. Mizuho raised their price target on shares of CommVault Systems from $175.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday. DA Davidson set a $175.00 price target on CommVault Systems in a research note on Wednesday, July 29th. Finally, KeyCorp lifted their price target on CommVault Systems from $125.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $158.25.

Insider Buying and Selling

In related news, CAO Danielle Abrahamsen sold 486 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $142.80, for a total transaction of $69,400.80. Following the transaction, the chief accounting officer directly owned 12,160 shares of the company's stock, valued at $1,736,448. This trade represents a 3.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gary Merrill sold 1,293 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $142.80, for a total transaction of $184,640.40. Following the transaction, the chief financial officer owned 69,628 shares in the company, valued at approximately $9,942,878.40. This trade represents a 1.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 29,348 shares of company stock valued at $4,202,441 over the last 90 days. 0.86% of the stock is currently owned by company insiders.

CommVault Systems Company Profile

Commvault Systems, Inc develops data protection, cyber resilience and information management software and services. Its platform helps organizations back up, recover, manage and secure data across on-premises data centers, public and private clouds, software-as-a-service applications and endpoint environments.

The company's offerings include backup and recovery, disaster recovery, cyber-recovery capabilities, ransomware protection, data governance and workload management. Commvault also provides cloud-based services through its Commvault Cloud platform, designed to help customers detect threats, protect critical workloads and restore operations following data loss or cyberattacks.

Commvault serves businesses, government organizations and other institutions worldwide through direct sales, partners and service providers.

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