Engineers Gate Manager LP Cuts Position in CommVault Systems, Inc. $CVLT

Key Points

• Engineers Gate Manager LP cut its CommVault Systems position by 89% in the second quarter, selling 69,673 shares and retaining 8,639 shares valued at approximately $1.22 million. Institutional investors collectively own 93.5% of the company.
• CommVault reported quarterly earnings of $1.42 per share, beating estimates of $1.16, while revenue rose 11.4% year over year to $314.13 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $152.62.
• CommVault shares opened at $144.54, down 2.9%, while company insiders sold shares worth about $4.24 million over the past three months. The disclosed CFO and CAO sales were conducted under pre-arranged plans to cover tax obligations.

Engineers Gate Manager LP trimmed its position in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 89.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,639 shares of the software maker's stock after selling 69,673 shares during the period. Engineers Gate Manager LP's holdings in CommVault Systems were worth $1,224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVLT. Integrated Wealth Concepts LLC bought a new position in shares of CommVault Systems during the 2nd quarter valued at approximately $371,000. NewEdge Advisors LLC purchased a new stake in CommVault Systems during the 2nd quarter valued at $215,000. Allworth Financial LP lifted its position in CommVault Systems by 190.6% in the second quarter. Allworth Financial LP now owns 2,095 shares of the software maker's stock worth $297,000 after buying an additional 1,374 shares during the last quarter. Waverly Advisors LLC purchased a new position in CommVault Systems during the second quarter worth $318,000. Finally, Nykredit A S purchased a new position in CommVault Systems during the second quarter worth $285,000. 93.50% of the stock is currently owned by institutional investors.

CommVault Systems Stock Down 2.9%

CommVault Systems stock opened at $144.54 on Friday. The business's 50-day simple moving average is $137.59 and its two-hundred day simple moving average is $116.41. The company has a debt-to-equity ratio of 16.94, a quick ratio of 2.04 and a current ratio of 2.04. The company has a market cap of $5.99 billion, a PE ratio of 92.06 and a beta of 0.82. CommVault Systems, Inc. has a fifty-two week low of $71.75 and a fifty-two week high of $196.88.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last released its earnings results on Tuesday, July 28th. The software maker reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.16 by $0.26. The firm had revenue of $314.13 million during the quarter, compared to the consensus estimate 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 was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 earnings per share. Equities analysts anticipate that CommVault Systems, Inc. will post 2.84 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVLT. DA Davidson set a $175.00 target price on shares of CommVault Systems in a research note on Wednesday, July 29th. Stephens increased their price objective on shares of CommVault Systems from $135.00 to $155.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 16th. Guggenheim reissued a "buy" rating on shares of CommVault Systems in a research note on Tuesday, July 28th. Wall Street Zen upgraded CommVault Systems from a "hold" rating to a "buy" rating in a research report on Sunday, September 13th. Finally, Mizuho upped their target price on CommVault Systems from $140.00 to $175.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $152.62.

Insider Activity at CommVault Systems

In other news, CFO Gary Merrill sold 1,293 shares of the company's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $142.80, for a total value of $184,640.40. Following the sale, the chief financial officer owned 69,628 shares in the company, valued at $9,942,878.40. This represents a 1.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $142.80, for a total value of $69,400.80. Following the sale, the chief accounting officer directly owned 12,160 shares in the company, valued at approximately $1,736,448. This trade represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold 29,602 shares of company stock worth $4,240,541 in the last three months. Company insiders own 0.86% of the company's stock.

About CommVault Systems

Commvault Systems, Inc develops data protection and cyber resilience software for organizations seeking to secure, manage and recover data across on-premises, cloud and hybrid environments. Its technology is designed to help businesses protect workloads, reduce the risk of data loss and maintain operations following system failures, cyberattacks or other disruptions.

The company's offerings include backup and recovery, disaster recovery, data security, cyber recovery and cloud data management solutions.

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