6,035,560 Shares in CommVault Systems, Inc. $CVLT Bought by BlackRock Inc.

Key Points

• BlackRock acquired 6.04 million CommVault shares worth approximately $855.4 million, giving it a 14.56% stake. Institutional investors and hedge funds collectively own 93.5% of the company.
• CommVault reported quarterly EPS of $1.42, beating estimates of $1.16, while revenue rose 11.4% year over year to $314.1 million.
• Analyst sentiment is positive, with a consensus “Moderate Buy” rating and an average price target of $152.47; several firms recently raised their targets to between $175 and $182.

BlackRock Inc. purchased a new stake in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 6,035,560 shares of the software maker's stock, valued at approximately $855,420,000. BlackRock Inc. owned about 14.56% of CommVault Systems as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Pallas Capital Advisors LLC purchased a new position in shares of CommVault Systems during the 2nd quarter valued at about $527,000. Deutsche Bank AG acquired a new position in shares of CommVault Systems in the 2nd quarter valued at about $14,758,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of CommVault Systems in the second quarter worth about $27,000. Global Retirement Partners LLC purchased a new stake in shares of CommVault Systems in the second quarter worth about $242,000. Finally, Bank of New York Mellon Corp acquired a new stake in CommVault Systems during the second quarter worth about $45,197,000. 93.50% of the stock is owned by institutional investors and hedge funds.

CommVault Systems Price Performance

CommVault Systems stock opened at $133.81 on Friday. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 16.94. The company has a 50-day moving average price of $138.61 and a 200 day moving average price of $109.49. CommVault Systems, Inc. has a 12-month low of $71.75 and a 12-month high of $198.18. The stock has a market cap of $5.55 billion, a P/E ratio of 85.23 and a beta of 0.81.

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

Insider Transactions at CommVault Systems

In other news, CAO Danielle Nicole Abrahamsen sold 486 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 $69,400.80. Following the completion of the transaction, the chief accounting officer directly owned 12,160 shares of the company's stock, valued at approximately $1,736,448. The trade was a 3.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 4,554 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $106.70, for a total transaction of $485,911.80. Following the transaction, the chief financial officer owned 72,775 shares of the company's stock, valued at $7,765,092.50. This trade represents a 5.89% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last ninety days, insiders have sold 34,433 shares of company stock valued at $4,756,008. 0.86% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CVLT shares. Mizuho raised their price objective on shares of CommVault Systems from $140.00 to $175.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. Weiss Ratings upgraded shares of CommVault Systems from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 16th. Scotiabank reaffirmed a "sector perform" rating and issued a $130.00 price target on shares of CommVault Systems in a report on Wednesday, July 29th. KeyCorp increased their price target on CommVault Systems from $125.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, Truist Financial raised their price objective on CommVault Systems from $155.00 to $182.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, CommVault Systems currently has a consensus rating of "Moderate Buy" and an average target price of $152.47.

CommVault Systems Company Profile

Commvault Systems, Inc is a global provider of data protection and information management software designed to help organizations manage, protect, and activate data across on-premises and cloud environments. Founded in 1996 and headquartered in Tinton Falls, New Jersey, Commvault offers a suite of integrated products and services that enable enterprises to back up, recover, archive, and analyze data. Its flagship solutions include Commvault Complete Data Protection, Commvault HyperScale, and the SaaS-based Metallic portfolio, which deliver scalable and automated data management capabilities across hybrid infrastructure environments.

Commvault's platform is built on a unified architecture that allows customers to streamline operations, reduce complexity, and ensure data resiliency.

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