Skandinaviska Enskilda Banken AB publ Cuts Stock Position in CommVault Systems, Inc. (NASDAQ:CVLT)

Key Points

• Skandinaviska Enskilda Banken AB sold 13,600 shares of CommVault Systems, reducing its stake by 22.4%, leaving them with a total of 47,100 shares valued at approximately $7.43 million.
• Several institutional investors have increased their holdings in CommVault, with Prescott Group Capital Management raising theirs by 50% during the same quarter.
• CommVault reported earnings of $1.03 per share for the last quarter, surpassing analyst expectations and reflecting a 23.2% year-over-year revenue increase to $275.04 million.

Skandinaviska Enskilda Banken AB publ lessened its stake in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 22.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,100 shares of the software maker's stock after selling 13,600 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.11% of CommVault Systems worth $7,430,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in CommVault Systems by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 5,636,559 shares of the software maker's stock worth $850,613,000 after purchasing an additional 54,562 shares during the period. Renaissance Technologies LLC lifted its position in shares of CommVault Systems by 1.3% during the fourth quarter. Renaissance Technologies LLC now owns 1,909,185 shares of the software maker's stock worth $288,115,000 after purchasing an additional 24,900 shares in the last quarter. Invesco Ltd. increased its stake in CommVault Systems by 57.7% during the 4th quarter. Invesco Ltd. now owns 1,660,108 shares of the software maker's stock worth $250,527,000 after buying an additional 607,643 shares during the period. Geode Capital Management LLC increased its position in shares of CommVault Systems by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 1,288,068 shares of the software maker's stock worth $194,681,000 after acquiring an additional 43,088 shares during the last quarter. Finally, Northern Trust Corp grew its stake in CommVault Systems by 9.8% during the 4th quarter. Northern Trust Corp now owns 651,973 shares of the software maker's stock valued at $98,389,000 after purchasing an additional 58,239 shares in the last quarter. Institutional investors and hedge funds own 93.50% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CVLT. Piper Sandler boosted their target price on shares of CommVault Systems from $168.00 to $170.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. KeyCorp increased their target price on shares of CommVault Systems from $195.00 to $225.00 and gave the stock an "overweight" rating in a report on Wednesday. Royal Bank Of Canada boosted their price objective on shares of CommVault Systems from $185.00 to $217.00 and gave the company a "sector perform" rating in a research report on Wednesday. Wells Fargo & Company upped their target price on shares of CommVault Systems from $190.00 to $220.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, DA Davidson boosted their price target on shares of CommVault Systems from $200.00 to $220.00 and gave the stock a "buy" rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $205.63.

CommVault Systems Stock Performance

Shares of NASDAQ CVLT traded down $2.69 during trading hours on Thursday, hitting $190.68. 232,040 shares of the stock were exchanged, compared to its average volume of 494,883. CommVault Systems, Inc. has a 1-year low of $127.35 and a 1-year high of $200.68. The company's fifty day simple moving average is $176.62 and its two-hundred day simple moving average is $168.60. The company has a market cap of $8.49 billion, a PE ratio of 106.00 and a beta of 0.73.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The software maker reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.10. The firm had revenue of $275.04 million for the quarter, compared to analyst estimates of $262.52 million. CommVault Systems had a net margin of 7.70% and a return on equity of 30.83%. The business's quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.79 earnings per share. As a group, sell-side analysts expect that CommVault Systems, Inc. will post 1.65 EPS for the current fiscal year.

Insider Activity

In other CommVault Systems news, insider Gary Merrill sold 1,748 shares of CommVault Systems 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 completion of the transaction, the insider owned 89,923 shares of the company's stock, valued at $15,728,431.93. The trade was a 1.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Nicola Adamo sold 1,500 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $169.74, for a total transaction of $254,610.00. Following the completion of the sale, the director directly owned 16,178 shares in the company, valued at $2,746,053.72. This represents a 8.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,957 shares of company stock valued at $859,428 in the last three months. Company 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.