TD Asset Management Inc Sells 2,000 Shares of CommVault Systems, Inc. (NASDAQ:CVLT)

Key Points

• TD Asset Management Inc has reduced its stake in CommVault Systems, Inc. by 11.6%, selling 2,000 shares during the 1st quarter, which leaves them with 15,300 shares valued at approximately $2.41 million.
• Insider trading activity includes CEO Sanjay Mirchandani selling 1,709 shares at $175 each, decreasing his ownership by 0.36%, while another insider Gary Merrill also sold 1,748 shares, representing a 1.91% decrease in ownership.
• CommVault Systems has seen positive analyst ratings, with several firms increasing their price targets; the average target now stands at $205.63, indicating a "Moderate Buy" consensus.

TD Asset Management Inc cut its holdings in CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 11.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,300 shares of the software maker's stock after selling 2,000 shares during the quarter. TD Asset Management Inc's holdings in CommVault Systems were worth $2,414,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CVLT. Commonwealth Equity Services LLC lifted its holdings in shares of CommVault Systems by 8.7% in the fourth quarter. Commonwealth Equity Services LLC now owns 3,040 shares of the software maker's stock valued at $459,000 after purchasing an additional 244 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of CommVault Systems by 1.6% in the fourth quarter. American Century Companies Inc. now owns 19,873 shares of the software maker's stock valued at $2,999,000 after purchasing an additional 304 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of CommVault Systems by 13.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 6,091 shares of the software maker's stock valued at $919,000 after purchasing an additional 721 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of CommVault Systems by 19.0% in the fourth quarter. Franklin Resources Inc. now owns 50,735 shares of the software maker's stock valued at $7,656,000 after purchasing an additional 8,108 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of CommVault Systems by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 1,288,068 shares of the software maker's stock valued at $194,681,000 after purchasing an additional 43,088 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

CommVault Systems Stock Up 0.9%

Shares of CVLT stock traded up $1.74 during mid-day trading on Wednesday, reaching $184.99. The company's stock had a trading volume of 147,475 shares, compared to its average volume of 495,781. The company's 50 day simple moving average is $177.35 and its 200-day simple moving average is $169.34. CommVault Systems, Inc. has a 12-month low of $128.07 and a 12-month high of $200.68. The firm has a market capitalization of $8.22 billion, a PE ratio of 102.73 and a beta of 0.70.

Wall Street Analysts Forecast Growth

CVLT has been the topic of several recent analyst reports. Royal Bank Of Canada upped 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 note on Wednesday, July 30th. KeyCorp upped their price objective on shares of CommVault Systems from $195.00 to $225.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Oppenheimer upped their price objective on shares of CommVault Systems from $180.00 to $200.00 and gave the company an "outperform" rating in a research note on Wednesday, April 30th. Guggenheim set a $220.00 price objective on shares of CommVault Systems in a research note on Tuesday, July 29th. Finally, Piper Sandler upped their price objective on shares of CommVault Systems from $168.00 to $170.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $205.63.

Insiders Place Their Bets

In other news, insider Gary Merrill sold 1,748 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $174.91, for a total value of $305,742.68. Following the transaction, the insider owned 89,923 shares of the company's stock, valued at approximately $15,728,431.93. This trade represents a 1.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sanjay Mirchandani sold 1,709 shares of CommVault Systems stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total transaction of $299,075.00. Following the sale, the chief executive officer directly owned 469,648 shares in the company, valued at $82,188,400. This trade represents a 0.36% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company's stock.

About CommVault Systems

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.