Canada Pension Plan Investment Board Buys New Position in CommVault Systems, Inc. $CVLT

Key Points

• Canada Pension Plan Investment Board purchased 8,800 CommVault Systems shares worth approximately $1.25 million in the second quarter. Institutional investors now own 93.5% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $152.47; several firms recently raised their targets to between $175 and $182.
• CommVault exceeded quarterly expectations, reporting $1.42 in earnings per share versus $1.16 expected and $314.13 million in revenue, up 11.4% year over year. Meanwhile, insiders sold 29,602 shares worth about $4.24 million over the past 90 days.

Canada Pension Plan Investment Board purchased a new stake in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 8,800 shares of the software maker's stock, valued at approximately $1,247,000.

Other large investors have also modified their holdings of the company. Legal & General Group Plc purchased a new position in shares of CommVault Systems in the 2nd quarter valued at approximately $32,201,000. The Manufacturers Life Insurance Company acquired a new position in CommVault Systems during the 2nd quarter valued at approximately $65,765,000. L2 Asset Management LLC purchased a new position in shares of CommVault Systems in the second quarter worth $1,589,000. Sanctuary Advisors LLC acquired a new stake in shares of CommVault Systems during the second quarter worth $256,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of CommVault Systems during the second quarter worth $9,689,000. Hedge funds and other institutional investors own 93.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CVLT shares. KeyCorp raised their target price on CommVault Systems from $125.00 to $175.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Oppenheimer increased their price objective on CommVault Systems from $150.00 to $175.00 and gave the company an "outperform" rating in a report on Friday, July 17th. Jefferies Financial Group reaffirmed a "hold" rating and set a $130.00 target price on shares of CommVault Systems in a report on Wednesday, July 29th. Guggenheim reiterated a "buy" rating on shares of CommVault Systems in a report on Tuesday, July 28th. Finally, Truist Financial lifted their price objective on shares of CommVault Systems from $155.00 to $182.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, CommVault Systems has a consensus rating of "Moderate Buy" and an average price target of $152.47.

Insider Activity

In related news, Director A Shane Sanders sold 476 shares of CommVault Systems stock in a transaction on Monday, August 10th. The shares were sold at an average price of $134.19, for a total value of $63,874.44. Following the sale, the director owned 8,696 shares of the company's stock, valued at approximately $1,166,916.24. This trade represents a 5.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sanjay Mirchandani sold 12,437 shares of the company's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $143.98, for a total transaction 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 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. Over the last ninety days, insiders have sold 29,602 shares of company stock worth $4,240,541. Insiders own 0.86% of the company's stock.

CommVault Systems Trading Up 0.8%

CVLT stock opened at $137.52 on Tuesday. CommVault Systems, Inc. has a 52-week low of $71.75 and a 52-week high of $198.18. The company has a quick ratio of 2.04, a current ratio of 2.04 and a debt-to-equity ratio of 16.94. The firm has a market cap of $5.70 billion, a P/E ratio of 87.59 and a beta of 0.81. The company's 50-day simple moving average is $139.52 and its 200-day simple moving average is $111.79.

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

About CommVault Systems

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.