Pinnacle Associates Ltd. Has $25.97 Million Holdings in CommVault Systems, Inc. (NASDAQ:CVLT)

Pinnacle Associates Ltd. lessened its holdings in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 18.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 164,588 shares of the software maker's stock after selling 37,934 shares during the period. Pinnacle Associates Ltd. owned approximately 0.37% of CommVault Systems worth $25,965,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CVLT. Quarry LP grew its stake in CommVault Systems by 888.2% during the 4th quarter. Quarry LP now owns 168 shares of the software maker's stock worth $25,000 after buying an additional 151 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in CommVault Systems by 101.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 159 shares of the software maker's stock worth $25,000 after acquiring an additional 80 shares during the period. Whipplewood Advisors LLC lifted its position in CommVault Systems by 584.0% during the 1st quarter. Whipplewood Advisors LLC now owns 171 shares of the software maker's stock worth $27,000 after acquiring an additional 146 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in CommVault Systems during the 1st quarter worth approximately $27,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in CommVault Systems by 208.3% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 185 shares of the software maker's stock worth $29,000 after acquiring an additional 125 shares during the period. Institutional investors and hedge funds own 93.50% of the company's stock.

CommVault Systems Stock Performance

Shares of NASDAQ:CVLT traded down $1.62 during midday trading on Friday, hitting $164.35. 463,502 shares of the stock were exchanged, compared to its average volume of 386,145. CommVault Systems, Inc. has a 52-week low of $121.78 and a 52-week high of $192.01. The business's fifty day simple moving average is $176.26 and its two-hundred day simple moving average is $168.04. The company has a market capitalization of $7.32 billion, a PE ratio of 97.25 and a beta of 0.73.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last released its earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.10. The business had revenue of $275.04 million for the quarter, compared to the consensus estimate of $262.52 million. CommVault Systems had a return on equity of 32.31% and a net margin of 7.64%. The firm's revenue for the quarter was up 23.2% compared to the same quarter last year. During the same period last year, the business earned $0.79 earnings per share. As a group, 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, insider Gary Merrill sold 1,748 shares of CommVault Systems stock in a transaction that occurred on 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 of the company's stock, valued at approximately $15,728,431.93. The trade was a 1.91% 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, Director Nicola Adamo sold 1,500 shares of CommVault Systems stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $169.74, for a total value of $254,610.00. Following the sale, the director directly owned 16,178 shares in the company, valued at $2,746,053.72. The trade was a 8.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,957 shares of company stock valued at $859,428. 1.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CVLT has been the subject of several research reports. Piper Sandler lifted their price objective on CommVault Systems from $168.00 to $170.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Guggenheim raised CommVault Systems from a "neutral" rating to a "buy" rating and set a $210.00 price objective for the company in a report on Wednesday, July 16th. Oppenheimer lifted their price objective on CommVault Systems from $180.00 to $200.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Wall Street Zen raised CommVault Systems from a "hold" rating to a "buy" rating in a report on Thursday, May 1st. Finally, DA Davidson reduced their price objective on CommVault Systems from $215.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $189.13.

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.