Convergence Investment Partners LLC Sells 6,865 Shares of CommVault Systems, Inc. (NASDAQ:CVLT)

Convergence Investment Partners LLC decreased its position in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 57.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,124 shares of the software maker's stock after selling 6,865 shares during the quarter. Convergence Investment Partners LLC's holdings in CommVault Systems were worth $808,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of CVLT. Invesco Ltd. boosted its holdings in shares of 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 acquiring an additional 607,643 shares during the period. Norges Bank acquired a new position in shares of CommVault Systems during the fourth quarter valued at $79,619,000. Wedge Capital Management L L P NC lifted its holdings in CommVault Systems by 1,936.0% in the first quarter. Wedge Capital Management L L P NC now owns 360,355 shares of the software maker's stock worth $56,850,000 after purchasing an additional 342,656 shares during the period. Polar Capital Holdings Plc lifted its holdings in 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 purchasing an additional 234,477 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in CommVault Systems by 20,945.1% in the first quarter. GAMMA Investing LLC now owns 211,714 shares of the software maker's stock worth $33,400,000 after purchasing an additional 210,708 shares during the period. Institutional investors and hedge funds own 93.50% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CVLT shares. KeyCorp reduced their price objective on shares of CommVault Systems from $195.00 to $185.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. DA Davidson reduced their price objective on shares of CommVault Systems from $215.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Oppenheimer boosted their price target on shares of CommVault Systems from $180.00 to $200.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 30th. Guggenheim upgraded shares of CommVault Systems from a "neutral" rating to a "buy" rating and set a $210.00 price target on the stock in a research report on Wednesday, July 16th. Finally, Wall Street Zen upgraded shares of CommVault Systems from a "hold" rating to a "buy" rating in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $189.13.

CommVault Systems Price Performance

NASDAQ CVLT traded down $1.62 on Friday, hitting $164.35. 463,502 shares of the company were exchanged, compared to its average volume of 386,145. The company's 50 day moving average price is $176.26 and its 200-day moving average price is $168.04. The firm has a market capitalization of $7.32 billion, a P/E ratio of 97.25 and a beta of 0.73. CommVault Systems, Inc. has a twelve month low of $121.78 and a twelve month high of $192.01.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.10. The company had revenue of $275.04 million for the quarter, compared to the consensus estimate of $262.52 million. CommVault Systems had a return on equity of 32.31% and a net margin of 7.64%. The firm's quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. As a group, equities analysts expect that CommVault Systems, Inc. will post 1.65 EPS for the current year.

Insider Activity at CommVault Systems

In related news, Director Nicola Adamo sold 1,500 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $169.74, for a total value of $254,610.00. Following the completion of the sale, the director owned 16,178 shares of the company's stock, valued at approximately $2,746,053.72. The trade was a 8.49% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sanjay Mirchandani sold 1,709 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $299,075.00. Following the completion of the sale, the chief executive officer directly owned 469,648 shares of the company's stock, valued at approximately $82,188,400. The trade was a 0.36% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,957 shares of company stock valued at $859,428. 1.00% of the stock is owned by corporate insiders.

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.