Pinnacle Associates Ltd. Grows Position in CommVault Systems, Inc. $CVLT

Key Points

• Pinnacle Associates Ltd. increased its CommVault Systems stake by 13.7% in the fourth quarter, ending with 137,544 shares valued at about $17.2 million.
• Several institutional investors also boosted positions, with hedge funds and other institutions now owning 93.5% of the stock, while insiders hold about 1.0%.
• CommVault beat quarterly earnings expectations, reporting $1.28 EPS on revenue of $311.69 million, though analysts have been trimming price targets and the average rating remains Moderate Buy.

Pinnacle Associates Ltd. grew its holdings in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 13.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 137,544 shares of the software maker's stock after buying an additional 16,605 shares during the quarter. Pinnacle Associates Ltd. owned 0.31% of CommVault Systems worth $17,243,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CVLT. Tudor Investment Corp ET AL purchased a new stake in CommVault Systems during the third quarter worth approximately $1,887,800,000. First Trust Advisors LP grew its stake in CommVault Systems by 1,335.8% during the third quarter. First Trust Advisors LP now owns 1,224,856 shares of the software maker's stock worth $231,228,000 after buying an additional 1,139,547 shares during the period. M&T Bank Corp grew its stake in CommVault Systems by 22,133.9% during the fourth quarter. M&T Bank Corp now owns 610,098 shares of the software maker's stock worth $76,482,000 after buying an additional 607,354 shares during the period. Westfield Capital Management Co. LP grew its stake in CommVault Systems by 135.6% during the third quarter. Westfield Capital Management Co. LP now owns 786,175 shares of the software maker's stock worth $148,414,000 after buying an additional 452,422 shares during the period. Finally, AQR Capital Management LLC grew its stake in CommVault Systems by 60.8% during the second quarter. AQR Capital Management LLC now owns 893,385 shares of the software maker's stock worth $155,744,000 after buying an additional 337,830 shares during the period. 93.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CVLT. Oppenheimer decreased their price objective on shares of CommVault Systems from $180.00 to $150.00 and set an "outperform" rating for the company in a research note on Wednesday, January 28th. Robert W. Baird decreased their price objective on shares of CommVault Systems from $185.00 to $160.00 and set an "outperform" rating for the company in a research note on Monday, April 13th. Guggenheim decreased their price objective on shares of CommVault Systems from $200.00 to $175.00 and set a "buy" rating for the company in a research note on Wednesday, January 28th. Wall Street Zen upgraded shares of CommVault Systems from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Finally, Truist Financial restated a "buy" rating and issued a $155.00 target price (down from $175.00) on shares of CommVault Systems in a research note on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, CommVault Systems presently has an average rating of "Moderate Buy" and an average target price of $135.00.

Insiders Place Their Bets

In other CommVault Systems news, CEO Sanjay Mirchandani sold 10,052 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $80.09, for a total transaction of $805,064.68. Following the sale, the chief executive officer directly owned 332,529 shares of the company's stock, valued at approximately $26,632,247.61. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gary Merrill sold 1,892 shares of the stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $91.28, for a total transaction of $172,701.76. Following the sale, the insider directly owned 62,833 shares in the company, valued at $5,735,396.24. This trade represents a 2.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 31,355 shares of company stock worth $2,613,165 over the last three months. 1.00% of the stock is owned by corporate insiders.

CommVault Systems Trading Down 2.4%

CVLT opened at $99.81 on Thursday. The stock has a market capitalization of $4.12 billion, a PE ratio of 62.77 and a beta of 0.77. The firm's fifty day moving average price is $87.74 and its 200 day moving average price is $106.21. The company has a debt-to-equity ratio of 117.54, a current ratio of 1.95 and a quick ratio of 2.34. CommVault Systems, Inc. has a 12-month low of $71.75 and a 12-month high of $200.68.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.19. The firm had revenue of $311.69 million for the quarter, compared to analysts' expectations of $306.71 million. CommVault Systems had a net margin of 5.97% and a return on equity of 51.64%. The firm's quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share. As a group, research analysts expect that CommVault Systems, Inc. will post 2.86 EPS for the current fiscal year.

About CommVault Systems

Commvault Systems, Inc is a global provider of data protection and information management software designed to help organizations manage, protect, and activate data across on-premises and cloud environments. Founded in 1996 and headquartered in Tinton Falls, New Jersey, Commvault offers a suite of integrated products and services that enable enterprises to back up, recover, archive, and analyze data. Its flagship solutions include Commvault Complete Data Protection, Commvault HyperScale, and the SaaS-based Metallic portfolio, which deliver scalable and automated data management capabilities across hybrid infrastructure environments.

Commvault's platform is built on a unified architecture that allows customers to streamline operations, reduce complexity, and ensure data resiliency.

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