Vestcor Inc Sells 13,384 Shares of CommVault Systems, Inc. (NASDAQ:CVLT)

Vestcor Inc lessened its holdings in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 20.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 52,766 shares of the software maker's stock after selling 13,384 shares during the quarter. Vestcor Inc owned 0.12% of CommVault Systems worth $8,324,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Invesco Ltd. lifted its position in CommVault Systems by 57.7% during the fourth quarter. Invesco Ltd. now owns 1,660,108 shares of the software maker's stock valued at $250,527,000 after purchasing an additional 607,643 shares during the period. Norges Bank acquired a new position in shares of CommVault Systems in the 4th quarter valued at about $79,619,000. Wedge Capital Management L L P NC lifted its holdings in shares of CommVault Systems by 1,936.0% in the 1st quarter. Wedge Capital Management L L P NC now owns 360,355 shares of the software maker's stock valued at $56,850,000 after buying an additional 342,656 shares during the period. Polar Capital Holdings Plc boosted its stake in shares of CommVault Systems by 182.5% in the fourth quarter. Polar Capital Holdings Plc now owns 362,958 shares of the software maker's stock worth $54,774,000 after buying an additional 234,477 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in CommVault Systems by 20,945.1% during the first quarter. GAMMA Investing LLC now owns 211,714 shares of the software maker's stock worth $33,400,000 after acquiring an additional 210,708 shares during the period. Hedge funds and other institutional investors own 93.50% of the company's stock.

Insider Buying and Selling at CommVault Systems

In other CommVault Systems news, CEO Sanjay Mirchandani sold 1,709 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $299,075.00. Following the transaction, the chief executive officer directly owned 469,648 shares of the company's stock, valued at $82,188,400. This represents a 0.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Gary Merrill sold 1,748 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $174.91, for a total value of $305,742.68. Following the completion of the sale, the insider directly owned 89,923 shares of the company's stock, valued at approximately $15,728,431.93. This represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CVLT has been the topic of several recent research reports. Wall Street Zen upgraded CommVault Systems from a "hold" rating to a "buy" rating in a research report on Thursday, May 1st. Wells Fargo & Company increased their price target on shares of CommVault Systems from $190.00 to $220.00 and gave the stock an "overweight" rating in a report on Wednesday. Piper Sandler raised their price target on shares of CommVault Systems from $168.00 to $170.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. DA Davidson upped their price objective on shares of CommVault Systems from $200.00 to $220.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Oppenheimer increased their target price on shares of CommVault Systems from $180.00 to $200.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 30th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $205.63.

CommVault Systems Stock Performance

NASDAQ:CVLT traded down $10.22 during mid-day trading on Friday, hitting $179.73. 515,257 shares of the company's stock traded hands, compared to its average volume of 501,117. The firm's 50 day simple moving average is $177.02 and its 200 day simple moving average is $168.97. The company has a market cap of $8.00 billion, a PE ratio of 99.85 and a beta of 0.73. CommVault Systems, Inc. has a 1 year low of $127.35 and a 1 year high of $200.68.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.10. The company had revenue of $275.04 million for the quarter, compared to analyst estimates of $262.52 million. CommVault Systems had a return on equity of 30.83% and a net margin of 7.70%. The business's revenue for the quarter was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.79 EPS. On average, research analysts expect that CommVault Systems, Inc. will post 1.65 earnings per share for the current fiscal year.

About CommVault Systems

Commvault Systems, Inc provides data protection platform that helps customers to secure, defend, and recover their data in the United States and internationally. The company offers Commvault Backup and Recovery, a backup and recovery solution; Commvault Disaster Recovery, a replication and disaster recovery solution; Commvault Complete Data Protection, a data protection solution; and Metallic Data Protection as-a-service, which delivers enterprise-grade data protection as a service on a cloud platform, with advanced built-in security controls.