Congress Asset Management Co. Trims Stock Holdings in CommVault Systems, Inc. $CVLT

Key Points

• Congress Asset Management reduced its CommVault Systems stake by 15.1% in the third quarter, selling 139,399 shares and retaining 783,667 shares valued at approximately $117.5 million. Institutional investors and hedge funds collectively own 93.5% of the company.
• Analysts maintain a positive outlook, with CommVault holding a consensus “Moderate Buy” rating and an average price target of $154.50. Recent targets range as high as $182.
• CommVault reported stronger-than-expected quarterly results, posting EPS of $1.42 versus estimates of $1.16 and revenue of $314.13 million, up 11.4% year over year. The stock recently traded at $154.98, while insiders have sold $4.2 million worth of shares over the past 90 days.

Congress Asset Management Co. cut its position in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 15.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 783,667 shares of the software maker's stock after selling 139,399 shares during the quarter. Congress Asset Management Co. owned 1.89% of CommVault Systems worth $117,487,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CVLT. Versant Capital Management Inc grew its holdings in CommVault Systems by 15.8% during the 2nd quarter. Versant Capital Management Inc now owns 595 shares of the software maker's stock worth $84,000 after acquiring an additional 81 shares during the last quarter. Transamerica Financial Advisors LLC acquired a new position in shares of CommVault Systems during the second quarter worth $25,000. HighTower Advisors LLC grew its stake in shares of CommVault Systems by 6.8% in the second quarter. HighTower Advisors LLC now owns 2,828 shares of the software maker's stock worth $401,000 after purchasing an additional 181 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in CommVault Systems in the second quarter valued at $27,000. Finally, State of Michigan Retirement System raised its position in CommVault Systems by 1.9% during the 1st quarter. State of Michigan Retirement System now owns 10,612 shares of the software maker's stock worth $827,000 after purchasing an additional 200 shares during the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CVLT shares. Truist Financial upped their price target on CommVault Systems from $155.00 to $182.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Wall Street Zen upgraded CommVault Systems from a "hold" rating to a "buy" rating in a report on Sunday, September 13th. Mizuho raised their price target on shares of CommVault Systems from $140.00 to $175.00 and gave the stock an "outperform" rating in a report on Wednesday, July 15th. KeyCorp boosted their price target on shares of CommVault Systems from $125.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, DA Davidson set a $175.00 price objective on shares of CommVault Systems in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $154.50.

CommVault Systems Trading Up 0.8%

CVLT stock traded up $1.25 during mid-day trading on Tuesday, reaching $154.98. The company's stock had a trading volume of 418,354 shares, compared to its average volume of 869,985. CommVault Systems, Inc. has a 12 month low of $71.75 and a 12 month high of $179.71. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 16.94. The business's 50 day moving average price is $138.11 and its 200 day moving average price is $121.67. The company has a market cap of $6.42 billion, a price-to-earnings ratio of 98.71 and a beta of 0.79.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The software maker reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.16 by $0.26. The firm had revenue of $314.13 million for the quarter, compared to analysts' expectations of $310.43 million. CommVault Systems had a return on equity of 88.75% and a net margin of 5.62%.The company's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 EPS. On average, equities research analysts predict that CommVault Systems, Inc. will post 2.84 EPS for the current year.

Insider Buying and Selling at CommVault Systems

In other CommVault Systems news, CEO Sanjay Mirchandani sold 12,437 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $143.98, for a total value of $1,790,679.26. Following the completion of the sale, the chief executive officer directly owned 269,373 shares in the company, valued at approximately $38,784,324.54. This trade represents a 4.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, Director Vivie Lee sold 595 shares of CommVault Systems stock in a transaction on Monday, August 10th. The shares were sold at an average price of $134.19, for a total transaction of $79,843.05. Following the completion of the sale, the director directly owned 15,140 shares of the company's stock, valued at approximately $2,031,636.60. This trade represents a 3.78% 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 sold 29,348 shares of company stock valued at $4,202,441 over the last 90 days. Insiders own 0.86% of the company's stock.

About CommVault Systems

Commvault Systems, Inc develops data protection, cyber resilience and information management software and services. Its platform helps organizations back up, recover, manage and secure data across on-premises data centers, public and private clouds, software-as-a-service applications and endpoint environments.

The company's offerings include backup and recovery, disaster recovery, cyber-recovery capabilities, ransomware protection, data governance and workload management. Commvault also provides cloud-based services through its Commvault Cloud platform, designed to help customers detect threats, protect critical workloads and restore operations following data loss or cyberattacks.

Commvault serves businesses, government organizations and other institutions worldwide through direct sales, partners and service providers.

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