CommVault Systems, Inc. $CVLT Stock: Pinnacle Associates Ltd. Boosts Holdings

Key Points

• Pinnacle Associates increased its CommVault stake by 5.5% in the third quarter, bringing its holdings to 134,577 shares valued at approximately $20.2 million. Institutional investors collectively own 93.5% of the company.
• CommVault insiders sold 29,348 shares worth about $4.2 million during the last quarter, though the disclosed director sales were conducted under pre-arranged Rule 10b5-1 plans.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $158.25. The company recently beat quarterly earnings estimates, reporting $1.42 in EPS and $314.13 million in revenue, up 11.4% year over year.

Pinnacle Associates Ltd. grew its stake in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 5.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 134,577 shares of the software maker's stock after purchasing an additional 7,020 shares during the period. Pinnacle Associates Ltd. owned about 0.32% of CommVault Systems worth $20,176,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Madison Asset Management LLC lifted its stake in CommVault Systems by 39.7% in the 1st quarter. Madison Asset Management LLC now owns 33,459 shares of the software maker's stock valued at $2,606,000 after purchasing an additional 9,512 shares during the last quarter. Fort Washington Investment Advisors Inc. OH boosted its position in CommVault Systems by 64.3% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 273,206 shares of the software maker's stock valued at $21,280,000 after buying an additional 106,970 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of CommVault Systems by 36.2% during the first quarter. Pictet Asset Management Holding SA now owns 1,239,225 shares of the software maker's stock worth $96,447,000 after buying an additional 329,243 shares during the last quarter. Boston Trust Walden Corp grew its stake in shares of CommVault Systems by 9.8% during the first quarter. Boston Trust Walden Corp now owns 270,027 shares of the software maker's stock worth $21,032,000 after buying an additional 24,094 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in shares of CommVault Systems during the first quarter worth $997,000. 93.50% of the stock is owned by institutional investors.

Insider Activity at CommVault Systems

In related news, Director Vivie Lee sold 595 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $134.19, for a total value of $79,843.05. Following the sale, the director owned 15,140 shares of the company's stock, valued at $2,031,636.60. The trade was a 3.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director A. Shane Sanders sold 476 shares of the 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 completion of the sale, the director owned 8,696 shares of the company's stock, valued at $1,166,916.24. The trade was a 5.19% decrease in their ownership of the stock. 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. Insiders have sold 29,348 shares of company stock valued at $4,202,441 in the last quarter. Insiders own 0.86% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CVLT shares. Guggenheim reiterated a "buy" rating on shares of CommVault Systems in a research note on Tuesday, July 28th. Royal Bank Of Canada raised their price objective on CommVault Systems from $150.00 to $160.00 and gave the company a "sector perform" rating in a report on Monday, October 12th. Cantor Fitzgerald restated a "neutral" rating and set a $132.00 price objective on shares of CommVault Systems in a research report on Monday, July 27th. DA Davidson set a $175.00 target price on CommVault Systems in a report on Wednesday, July 29th. Finally, Truist Financial upped their target price on CommVault Systems from $155.00 to $182.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. One investment 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. Based on data from MarketBeat.com, CommVault Systems has a consensus rating of "Moderate Buy" and an average target price of $158.25.

CommVault Systems Stock Up 2.0%

NASDAQ:CVLT opened at $155.85 on Wednesday. The firm's 50 day simple moving average is $143.84 and its 200 day simple moving average is $127.53. The company has a debt-to-equity ratio of 16.94, a current ratio of 2.04 and a quick ratio of 2.04. CommVault Systems, Inc. has a one year low of $71.75 and a one year high of $177.81. The company has a market cap of $6.46 billion, a PE ratio of 61.12 and a beta of 0.79.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last posted 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 firm had revenue of $314.13 million for the quarter, compared to analyst estimates of $310.43 million. During the same period in the previous year, the firm posted $1.01 EPS. The company's revenue for the quarter was up 11.4% compared to the same quarter last year. On average, research analysts anticipate that CommVault Systems, Inc. will post 2.84 earnings per share for the current year.

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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