CommVault Systems, Inc. $CVLT Shares Newly Acquired by CWA Asset Management Group LLC

Key Points

• CWA Asset Management Group acquired 8,530 CommVault Systems shares worth approximately $1.28 million in the third quarter. Institutional investors collectively own 93.5% of the company.
• CommVault reported quarterly revenue of $314.1 million, up 11.4% year over year, and earnings per share of $1.42, exceeding analyst expectations of $1.16.
• CVLT shares opened at $163.54, near their 12-month high of $175.02. Analysts have a consensus “Moderate Buy” rating and an average price target of $158.25, while recent insider sales were made under pre-arranged plans primarily to cover tax obligations.

CWA Asset Management Group LLC bought a new position in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,530 shares of the software maker's stock, valued at approximately $1,279,000.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in CommVault Systems in the 2nd quarter valued at about $855,420,000. The Manufacturers Life Insurance Company acquired a new stake in CommVault Systems in the 2nd quarter worth about $65,765,000. American Capital Management Inc. acquired a new position in shares of CommVault Systems during the second quarter valued at approximately $62,493,000. Bank of America Corp DE purchased a new position in shares of CommVault Systems in the second quarter valued at approximately $51,709,000. Finally, Pictet Asset Management Holding SA lifted its position in shares of CommVault Systems by 36.2% in the first quarter. Pictet Asset Management Holding SA now owns 1,239,225 shares of the software maker's stock valued at $96,447,000 after acquiring an additional 329,243 shares in the last quarter. Institutional investors and hedge funds own 93.50% of the company's stock.

CommVault Systems Stock Up 4.9%

Shares of NASDAQ CVLT opened at $163.54 on Thursday. The stock has a market cap of $6.78 billion, a PE ratio of 104.17 and a beta of 0.79. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 16.94. CommVault Systems, Inc. has a 12-month low of $71.75 and a 12-month high of $175.02. The company has a 50-day moving average of $144.28 and a 200 day moving average of $128.11.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last released its 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 net margin of 5.62% and a return on equity of 88.75%. The business had revenue of $314.13 million for the quarter, compared to analyst estimates of $310.43 million. During the same period last year, the company posted $1.01 EPS. The business's revenue was up 11.4% on a year-over-year basis. As a group, sell-side analysts predict that CommVault Systems, Inc. will post 2.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CVLT shares. Scotiabank lifted their price target on CommVault Systems from $130.00 to $160.00 and gave the stock a "sector perform" rating in a research note on Monday, October 5th. Cantor Fitzgerald reissued a "neutral" rating and issued a $132.00 price objective on shares of CommVault Systems in a research note on Monday, July 27th. Jefferies Financial Group restated a "hold" rating and issued a $130.00 price objective on shares of CommVault Systems in a report on Wednesday, July 29th. Weiss Ratings restated a "hold (c)" rating on shares of CommVault Systems in a report on Friday, September 11th. Finally, Oppenheimer lifted their target price on shares of CommVault Systems from $150.00 to $175.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $158.25.

Insiders Place Their Bets

In related news, CFO Gary Merrill sold 1,293 shares of CommVault Systems stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $142.80, for a total transaction of $184,640.40. Following the transaction, the chief financial officer owned 69,628 shares in the company, valued at approximately $9,942,878.40. This trade represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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, CAO Danielle Abrahamsen sold 486 shares of CommVault Systems 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 $69,400.80. Following the transaction, the chief accounting officer owned 12,160 shares in the company, valued at approximately $1,736,448. The trade was a 3.84% 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 sold 29,348 shares of company stock valued at $4,202,441. Insiders own 0.86% of the company's stock.

CommVault Systems Profile

Commvault Systems, Inc develops data protection and cyber resilience software and services for businesses, government organizations and other institutions. Its platform is designed to help customers back up, recover, manage and secure data across on-premises infrastructure, private and public clouds, software-as-a-service applications and other distributed IT environments.

The company's offerings include backup and recovery, disaster recovery, data security, ransomware protection, cyber-recovery capabilities and data management tools.

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