Beacon Harbor Wealth Advisors Inc. Makes New $5.88 Million Investment in CommVault Systems, Inc. (NASDAQ:CVLT)

Key Points

• Beacon Harbor Wealth Advisors Inc. invested approximately $5.88 million in CommVault Systems by acquiring 37,276 shares, representing 0.08% of the company's total shares.
• Several hedge funds significantly increased their holdings in CommVault Systems, with Quarry LP raising its stake by 888.2% last quarter.
• Analysts have raised their price targets for CommVault Systems, with DA Davidson and Wells Fargo increasing their target to $220.00, signaling strong market confidence in the stock's performance.

Beacon Harbor Wealth Advisors Inc. purchased a new stake in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 37,276 shares of the software maker's stock, valued at approximately $5,881,000. Beacon Harbor Wealth Advisors Inc. owned approximately 0.08% of CommVault Systems at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Franklin Resources Inc. increased its position in shares of CommVault Systems by 19.0% during the fourth quarter. Franklin Resources Inc. now owns 50,735 shares of the software maker's stock worth $7,656,000 after purchasing an additional 8,108 shares in the last quarter. Prudential PLC acquired a new stake in shares of CommVault Systems during the fourth quarter worth about $286,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of CommVault Systems during the fourth quarter worth about $1,200,000. Wells Fargo & Company MN increased its position in shares of CommVault Systems by 56.5% during the fourth quarter. Wells Fargo & Company MN now owns 32,998 shares of the software maker's stock worth $4,980,000 after purchasing an additional 11,914 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of CommVault Systems by 14.3% during the fourth quarter. Russell Investments Group Ltd. now owns 181,143 shares of the software maker's stock worth $27,361,000 after purchasing an additional 22,653 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

CommVault Systems Trading Up 2.5%

Shares of NASDAQ:CVLT traded up $4.67 during trading on Monday, hitting $188.20. 178,029 shares of the stock were exchanged, compared to its average volume of 493,660. The company has a fifty day moving average price of $177.71 and a two-hundred day moving average price of $169.87. The company has a market cap of $8.37 billion, a PE ratio of 104.56 and a beta of 0.70. CommVault Systems, Inc. has a 12-month low of $128.07 and a 12-month high of $200.68.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wells Fargo & Company boosted their price target on CommVault Systems from $190.00 to $220.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Piper Sandler boosted their price target on CommVault Systems from $168.00 to $170.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Oppenheimer boosted their price target on CommVault Systems from $180.00 to $200.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. KeyCorp boosted their price target on CommVault Systems from $195.00 to $225.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Finally, Wall Street Zen cut CommVault Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, CommVault Systems has an average rating of "Moderate Buy" and a consensus price target of $205.63.

Insider Activity at CommVault Systems

In other news, CEO Sanjay Mirchandani sold 1,709 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $299,075.00. Following the sale, the chief executive officer owned 469,648 shares of the company's stock, valued at $82,188,400. The trade was a 0.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gary Merrill sold 1,748 shares of the business's stock in a transaction that occurred 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 sale, 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 position. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

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.