Renaissance Technologies LLC Sells 27,335 Shares of CommVault Systems, Inc. $CVLT

Key Points

• Renaissance Technologies reduced its CommVault Systems stake by 2.4% in the first quarter, selling 27,335 shares but still holding 1.1 million shares worth about $85.5 million. Institutional investors remain heavily involved, owning 93.5% of the stock.
• Several analysts turned more bullish on CVLT, with target prices raised by KeyCorp, Oppenheimer, and Stephens. The stock now carries a Moderate Buy consensus and an average price target of $145.47.
• CommVault posted better-than-expected quarterly results, earning $1.28 per share on revenue of $311.69 million, while revenue rose 13.3% year over year. However, recent insider selling by the CEO and CFO also stood out in the report.

Renaissance Technologies LLC cut its holdings in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 2.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,097,663 shares of the software maker's stock after selling 27,335 shares during the period. Renaissance Technologies LLC owned approximately 2.66% of CommVault Systems worth $85,497,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. State of Wyoming bought a new stake in shares of CommVault Systems in the second quarter worth $35,000. FNY Investment Advisers LLC purchased a new position in CommVault Systems in the fourth quarter worth about $36,000. Banque Cantonale Vaudoise bought a new stake in shares of CommVault Systems during the 3rd quarter valued at about $39,000. Assetmark Inc. increased its position in shares of CommVault Systems by 33.6% during the 4th quarter. Assetmark Inc. now owns 326 shares of the software maker's stock valued at $41,000 after purchasing an additional 82 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of CommVault Systems by 188.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker's stock worth $47,000 after purchasing an additional 177 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CVLT has been the subject of a number of research reports. KeyCorp upped their target price on shares of CommVault Systems from $125.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Wolfe Research began coverage on CommVault Systems in a research note on Friday, May 1st. They issued a "peer perform" rating for the company. Oppenheimer upped their price objective on CommVault Systems from $150.00 to $175.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Stephens raised their target price on CommVault Systems from $135.00 to $155.00 and gave the stock an "overweight" rating in a report on Tuesday, June 16th. Finally, Jefferies Financial Group started coverage on CommVault Systems in a report on Monday, April 27th. They set a "hold" rating and a $105.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $145.47.

Insider Buying and Selling

In related news, CEO Sanjay Mirchandani sold 19,396 shares of the company's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $105.49, for a total transaction of $2,046,084.04. Following the transaction, the chief executive officer directly owned 315,377 shares in the company, valued at approximately $33,269,119.73. This represents a 5.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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, CFO Gary Merrill sold 4,560 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $105.10, for a total transaction of $479,256.00. Following the completion of the sale, the chief financial officer directly owned 72,507 shares in the company, valued at $7,620,485.70. This trade represents a 5.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last ninety days, insiders sold 55,279 shares of company stock valued at $5,786,557. Company insiders own 0.86% of the company's stock.

CommVault Systems Stock Up 0.8%

Shares of CVLT stock opened at $142.31 on Friday. The stock has a market cap of $5.89 billion, a P/E ratio of 89.50 and a beta of 0.79. CommVault Systems, Inc. has a 52 week low of $71.75 and a 52 week high of $200.68. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 117.54. The company's fifty day simple moving average is $130.92 and its two-hundred day simple moving average is $107.03.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.19. The company 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%. CommVault Systems's quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.03 earnings per share. Analysts predict that CommVault Systems, Inc. will post 2.88 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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