Oak Ridge Investments LLC Boosts Stake in CommVault Systems, Inc. (NASDAQ:CVLT)

Key Points

• Oak Ridge Investments LLC significantly increased its stake in CommVault Systems, purchasing an additional 28,503 shares, bringing its total ownership to 45,472 shares valued at approximately $7.17 million.
• Several analysts have raised their target prices for CommVault Systems, with ratings ranging from "outperform" to "buy," and an average target price now set at $205.63.
• The company reported a 26% year-on-year revenue increase for its latest quarter, achieving $281.98 million, and beat analyst earnings estimates with $1.01 earnings per share.

Oak Ridge Investments LLC lifted its stake in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 168.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,472 shares of the software maker's stock after purchasing an additional 28,503 shares during the quarter. Oak Ridge Investments LLC owned about 0.10% of CommVault Systems worth $7,174,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP lifted its position in CommVault Systems by 888.2% in the 4th quarter. Quarry LP now owns 168 shares of the software maker's stock valued at $25,000 after acquiring an additional 151 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in shares of CommVault Systems by 101.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 159 shares of the software maker's stock worth $25,000 after buying an additional 80 shares during the last quarter. Whipplewood Advisors LLC boosted its stake in shares of CommVault Systems by 584.0% in the 1st quarter. Whipplewood Advisors LLC now owns 171 shares of the software maker's stock worth $27,000 after buying an additional 146 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new position in shares of CommVault Systems in the 1st quarter worth $27,000. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in shares of CommVault Systems by 208.3% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 185 shares of the software maker's stock worth $29,000 after buying an additional 125 shares during the last quarter. 93.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on CVLT. Wells Fargo & Company raised their price target on CommVault Systems from $190.00 to $220.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. DA Davidson lifted their target price on CommVault Systems from $200.00 to $220.00 and gave the company a "buy" rating in a research report on Wednesday, July 30th. Wall Street Zen downgraded CommVault Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Oppenheimer lifted their target price on CommVault Systems from $180.00 to $200.00 and gave the company an "outperform" rating in a research report on Wednesday, April 30th. Finally, Piper Sandler lifted their target price on CommVault Systems from $168.00 to $170.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $205.63.

CommVault Systems Trading Down 1.8%

Shares of CVLT stock traded down $3.33 during trading hours on Friday, reaching $180.02. 326,962 shares of the company's stock were exchanged, compared to its average volume of 576,104. The stock's 50 day moving average is $177.81 and its 200-day moving average is $170.83. The company has a market cap of $8.00 billion, a price-to-earnings ratio of 100.01 and a beta of 0.70. CommVault Systems, Inc. has a fifty-two week low of $128.07 and a fifty-two week high of $200.68.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last released its earnings results on Tuesday, July 29th. The software maker reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.04. CommVault Systems had a return on equity of 30.83% and a net margin of 7.70%. The firm had revenue of $281.98 million for the quarter, compared to the consensus estimate of $267.83 million. The firm's revenue was up 26% on a year-over-year basis. Equities analysts anticipate that CommVault Systems, Inc. will post 1.65 EPS for the current year.

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 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 sale, the chief executive officer directly owned 469,648 shares of the company's stock, valued at approximately $82,188,400. This represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gary Merrill sold 1,748 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $174.91, for a total transaction of $305,742.68. Following the sale, the insider directly owned 89,923 shares in the company, valued at approximately $15,728,431.93. The trade was 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.

CommVault Systems Profile

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.