Pacer Advisors Inc. Sells 9,291 Shares of CommVault Systems, Inc. (NASDAQ:CVLT)

Key Points

• Pacer Advisors Inc. significantly reduced its stake in CommVault Systems by 90.1%, selling 9,291 shares and now holding only 1,024 shares valued at approximately $162,000.
• Multiple analysts have raised their price targets for CommVault, with DA Davidson increasing it from $200 to $220 and KeyCorp raising it from $195 to $225, reflecting a positive outlook on the stock.
• Insiders at CommVault, including CEO Sanjay Mirchandani, sold shares recently, indicating a slight decrease in their holdings amidst a backdrop of active institutional investor engagement.

Pacer Advisors Inc. cut its stake in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 90.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,024 shares of the software maker's stock after selling 9,291 shares during the quarter. Pacer Advisors Inc.'s holdings in CommVault Systems were worth $162,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Quarry LP grew its position in shares of 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 purchasing an additional 151 shares during the period. SBI Securities Co. Ltd. grew its position 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 valued at $25,000 after purchasing an additional 80 shares during the period. Whipplewood Advisors LLC grew its position 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 valued at $27,000 after purchasing an additional 146 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of CommVault Systems in the 1st quarter valued at approximately $27,000. Finally, MassMutual Private Wealth & Trust FSB grew its position 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 valued at $29,000 after purchasing an additional 125 shares during the period. 93.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CVLT shares. Piper Sandler boosted their price objective on 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 boosted their price objective on CommVault Systems from $200.00 to $220.00 and gave the company a "buy" rating in a research report on Wednesday. Royal Bank Of Canada boosted their price objective on CommVault Systems from $185.00 to $217.00 and gave the company a "sector perform" rating in a research report on Wednesday. Wall Street Zen raised CommVault Systems from a "hold" rating to a "buy" rating in a research report on Thursday, May 1st. Finally, KeyCorp upped their price target on CommVault Systems from $195.00 to $225.00 and gave the stock an "overweight" rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, CommVault Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $205.63.

CommVault Systems Stock Down 5.4%

NASDAQ:CVLT opened at $179.73 on Friday. CommVault Systems, Inc. has a twelve month low of $127.35 and a twelve month high of $200.68. The business has a 50 day moving average price of $177.02 and a two-hundred day moving average price of $169.02. The company has a market cap of $7.99 billion, a P/E ratio of 99.85 and a beta of 0.70.

Insider Activity at CommVault Systems

In other news, insider Gary Merrill sold 1,748 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $174.91, for a total value of $305,742.68. Following the completion of the sale, the insider owned 89,923 shares of the company's stock, valued at approximately $15,728,431.93. This represents a 1.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sanjay Mirchandani sold 1,709 shares of the 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. Corporate insiders own 1.00% of the company's stock.

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.

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