Bank of America Corp DE Invests $51.71 Million in CommVault Systems, Inc. $CVLT

Key Points

• Bank of America acquired 364,843 CommVault shares worth approximately $51.7 million in the second quarter, giving it a 0.88% stake.
• Institutional ownership remains high at 93.5%, with BlackRock and several other firms also establishing or expanding positions in CommVault.
• CommVault exceeded quarterly earnings and revenue estimates, while analysts maintain a “Moderate Buy” consensus with an average price target of $152.62.

Bank of America Corp DE acquired a new position in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 364,843 shares of the software maker's stock, valued at approximately $51,709,000. Bank of America Corp DE owned about 0.88% of CommVault Systems as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of CommVault Systems in the second quarter valued at approximately $855,420,000. Westfield Capital Management Co. LP boosted its holdings in CommVault Systems by 34.5% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,057,077 shares of the software maker's stock worth $132,515,000 after buying an additional 270,902 shares during the period. Pictet Asset Management Holding SA grew its stake in CommVault Systems by 36.2% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,239,225 shares of the software maker's stock valued at $96,447,000 after buying an additional 329,243 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in CommVault Systems in the 2nd quarter valued at approximately $65,765,000. Finally, American Capital Management Inc. bought a new stake in CommVault Systems during the 2nd quarter valued at $62,493,000. 93.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on CVLT. Piper Sandler downgraded CommVault Systems from an "overweight" rating to a "neutral" rating and set a $133.00 target price for the company. in a research note on Tuesday, July 28th. UBS Group reiterated a "neutral" rating on shares of CommVault Systems in a research report on Monday, July 27th. Jefferies Financial Group reissued a "hold" rating and issued a $130.00 price target on shares of CommVault Systems in a report on Wednesday, July 29th. Cantor Fitzgerald restated a "neutral" rating and issued a $132.00 price objective on shares of CommVault Systems in a research report on Monday, July 27th. Finally, Mizuho upped their target price on shares of CommVault Systems from $140.00 to $175.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, CommVault Systems presently has an average rating of "Moderate Buy" and a consensus price target of $152.62.

CommVault Systems Price Performance

CVLT stock opened at $144.54 on Monday. The company has a debt-to-equity ratio of 16.94, a current ratio of 2.04 and a quick ratio of 2.04. CommVault Systems, Inc. has a one year low of $71.75 and a one year high of $196.88. The stock has a market cap of $5.99 billion, a PE ratio of 92.06 and a beta of 0.82. The firm has a 50 day simple moving average of $137.59 and a two-hundred day simple moving average of $116.62.

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

Insider Buying and Selling at CommVault Systems

In related news, CEO Sanjay Mirchandani sold 6,857 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $142.80, for a total value of $979,179.60. Following the completion of the sale, the chief executive officer owned 257,676 shares in the company, valued at $36,796,132.80. The trade was a 2.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available 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 1,293 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $142.80, for a total value of $184,640.40. Following the completion of the sale, the chief financial officer directly owned 69,628 shares of the company's stock, valued at approximately $9,942,878.40. This represents a 1.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last ninety days, insiders have sold 29,602 shares of company stock valued at $4,240,541. 0.86% of the stock is currently owned by company insiders.

CommVault Systems Company Profile

Commvault Systems, Inc develops data protection and cyber resilience software for organizations seeking to secure, manage and recover data across on-premises, cloud and hybrid environments. Its technology is designed to help businesses protect workloads, reduce the risk of data loss and maintain operations following system failures, cyberattacks or other disruptions.

The company's offerings include backup and recovery, disaster recovery, data security, cyber recovery and cloud data management solutions.

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