Comerica Bank Sells 58,248 Shares of CommVault Systems, Inc. $CVLT

Key Points

• Comerica Bank slashed its stake in CommVault Systems by 84.4% in the fourth quarter, selling 58,248 shares and leaving it with 10,802 shares worth about $1.35 million.
• CommVault reported strong quarterly results, posting EPS of $1.28 versus the $1.09 consensus and revenue of $311.69 million, up 13.3% from a year earlier.
• Despite some insider selling and a mixed analyst backdrop, Wall Street’s overall view remains Moderate Buy, with a consensus price target of $135 per share.

Comerica Bank reduced its holdings in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 84.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,802 shares of the software maker's stock after selling 58,248 shares during the period. Comerica Bank's holdings in CommVault Systems were worth $1,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Pictet Asset Management Holding SA increased its position in CommVault Systems by 17.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 909,982 shares of the software maker's stock valued at $114,124,000 after buying an additional 138,091 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in CommVault Systems by 5.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 23,950 shares of the software maker's stock valued at $3,003,000 after purchasing an additional 1,132 shares during the last quarter. Vanguard Group Inc. grew its stake in CommVault Systems by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 5,675,590 shares of the software maker's stock valued at $711,492,000 after purchasing an additional 240,093 shares during the last quarter. Boston Trust Walden Corp purchased a new stake in CommVault Systems during the 4th quarter valued at about $30,830,000. Finally, M&T Bank Corp grew its stake in CommVault Systems by 22,133.9% during the 4th quarter. M&T Bank Corp now owns 610,098 shares of the software maker's stock valued at $76,482,000 after purchasing an additional 607,354 shares during the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at CommVault Systems

In related news, insider Gary Merrill sold 1,892 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $91.28, for a total value of $172,701.76. Following the completion of the sale, the insider owned 62,833 shares of the company's stock, valued at approximately $5,735,396.24. This trade represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sanjay Mirchandani sold 10,052 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $80.09, for a total value of $805,064.68. Following the completion of the sale, the chief executive officer directly owned 332,529 shares of the company's stock, valued at approximately $26,632,247.61. This represents a 2.93% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 31,355 shares of company stock valued at $2,613,165. Insiders own 1.00% of the company's stock.

CommVault Systems Stock Performance

NASDAQ CVLT opened at $105.09 on Friday. The company has a market cap of $4.62 billion, a PE ratio of 66.09 and a beta of 0.77. The stock's 50 day simple moving average is $86.42 and its 200-day simple moving average is $108.17. CommVault Systems, Inc. has a 1-year low of $71.75 and a 1-year high of $200.68. The company has a debt-to-equity ratio of 117.54, a current ratio of 1.95 and a quick ratio of 2.34.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last released its earnings results on Tuesday, April 28th. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.19. CommVault Systems had a return on equity of 51.64% and a net margin of 5.97%.The business had revenue of $311.69 million for the quarter, compared to the consensus estimate of $306.71 million. During the same quarter last year, the business posted $1.03 earnings per share. The business's quarterly revenue was up 13.3% compared to the same quarter last year. As a group, equities research analysts anticipate that CommVault Systems, Inc. will post 2.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on CVLT. Wells Fargo & Company dropped their target price on CommVault Systems from $190.00 to $155.00 and set an "overweight" rating on the stock in a report on Wednesday, January 28th. Wall Street Zen raised CommVault Systems from a "hold" rating to a "buy" rating in a report on Saturday, May 2nd. Scotiabank raised their target price on CommVault Systems from $105.00 to $110.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 29th. KeyCorp raised their target price on CommVault Systems from $108.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, April 29th. Finally, Truist Financial reaffirmed a "buy" rating and set a $155.00 target price (down from $175.00) on shares of CommVault Systems in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $135.00.

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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