California State Teachers Retirement System Purchases 7,130,538 Shares of CommVault Systems, Inc. $CVLT

Key Points

• California State Teachers Retirement System increased its CommVault Systems stake by 7.13 million shares in the second quarter, bringing its ownership to approximately 17.33%, valued at $1.02 billion. Institutional investors 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 $314.13 million. Analysts forecast full-year EPS of $2.84.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $152.62, although ratings range from “Strong Buy” to “Hold.” CEO and director stock sales were conducted under pre-arranged Rule 10b5-1 plans, with the CEO’s sale primarily covering tax obligations.

California State Teachers Retirement System lifted its position in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 13,810.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,182,168 shares of the software maker's stock after buying an additional 7,130,538 shares during the period. California State Teachers Retirement System owned approximately 17.33% of CommVault Systems worth $1,017,929,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CVLT. Transamerica Financial Advisors LLC acquired a new stake in CommVault Systems in the second quarter valued at approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of CommVault Systems during the second quarter worth $27,000. State of Wyoming purchased a new stake in shares of CommVault Systems during the 2nd quarter valued at $35,000. Banque Cantonale Vaudoise purchased a new stake in shares of CommVault Systems during the 3rd quarter valued at $39,000. Finally, Silvant Capital Management LLC acquired a new stake in shares of CommVault Systems in the 2nd quarter worth $30,000. Institutional investors own 93.50% of the company's stock.

CommVault Systems Stock Performance

NASDAQ:CVLT opened at $130.07 on Friday. The stock has a market capitalization of $5.39 billion, a PE ratio of 82.85 and a beta of 0.82. CommVault Systems, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $198.18. The company has a fifty day moving average of $138.21 and a two-hundred day moving average of $114.39. The company has a debt-to-equity ratio of 16.94, a quick ratio of 2.04 and a current ratio of 2.04.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last announced its earnings results on Tuesday, July 28th. The software maker reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $310.43 million. During the same quarter in the previous year, the company posted $1.01 EPS. The firm's quarterly revenue was up 11.4% on a year-over-year basis. As a group, research analysts forecast that CommVault Systems, Inc. will post 2.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on CVLT shares. Mizuho boosted their target price on CommVault Systems from $140.00 to $175.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 15th. FBN Securities initiated coverage on CommVault Systems in a report on Thursday. They issued an "outperform" rating and a $155.00 price target for the company. Piper Sandler lowered CommVault Systems from an "overweight" rating to a "neutral" rating and set a $133.00 price target on the stock. in a research note on Tuesday, July 28th. Scotiabank restated a "sector perform" rating and set a $130.00 price objective on shares of CommVault Systems in a report on Wednesday, July 29th. Finally, KeyCorp upped their target price on CommVault Systems from $125.00 to $175.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $152.62.

Insider Activity

In related news, CEO Sanjay Mirchandani sold 12,437 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $143.98, for a total value of $1,790,679.26. Following the transaction, the chief executive officer owned 269,373 shares of the company's stock, valued at $38,784,324.54. This represents a 4.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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, Director Vivie Lee sold 595 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $134.19, for a total transaction of $79,843.05. Following the sale, the director directly owned 15,140 shares in the company, valued at approximately $2,031,636.60. The trade was a 3.78% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 29,602 shares of company stock worth $4,240,541 in the last quarter. Insiders own 0.86% of the company's stock.

About CommVault Systems

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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