Vanguard Group Inc. Sells 231,704 Shares of CommVault Systems, Inc. (NASDAQ:CVLT)

Key Points

• Vanguard Group Inc. sold 231,704 shares of CommVault Systems, reducing its stake by 4.1% to approximately 5.4 million shares, valued at $852.67 million.
• Several analysts have raised their price targets for CommVault shares, with KeyCorp increasing its target from $195 to $225, reflecting growing confidence in the company's performance.
• The company’s stock is currently rated "Moderate Buy" with a consensus target price of $205.63, following recent evaluations by various analysts.

Vanguard Group Inc. cut its holdings in shares of CommVault Systems, Inc. (NASDAQ:CVLT - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,404,855 shares of the software maker's stock after selling 231,704 shares during the period. Vanguard Group Inc. owned approximately 12.28% of CommVault Systems worth $852,670,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVLT. Wells Fargo & Company MN increased its position in shares of CommVault Systems by 56.5% during the fourth quarter. Wells Fargo & Company MN now owns 32,998 shares of the software maker's stock worth $4,980,000 after acquiring an additional 11,914 shares in the last quarter. Bank of Montreal Can increased its position in shares of CommVault Systems by 83.6% during the fourth quarter. Bank of Montreal Can now owns 10,304 shares of the software maker's stock worth $1,555,000 after acquiring an additional 4,691 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of CommVault Systems during the fourth quarter worth about $2,815,000. Capital Fund Management S.A. bought a new stake in shares of CommVault Systems during the fourth quarter worth about $1,709,000. Finally, Townsquare Capital LLC increased its position in shares of CommVault Systems by 14.4% during the fourth quarter. Townsquare Capital LLC now owns 43,185 shares of the software maker's stock worth $6,517,000 after acquiring an additional 5,420 shares in the last quarter. 93.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Sanjay Mirchandani sold 1,709 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were 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 approximately $82,188,400. This represents a 0.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Gary Merrill sold 1,748 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $174.91, for a total transaction of $305,742.68. Following the sale, the insider owned 89,923 shares in the company, valued at $15,728,431.93. The trade was a 1.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company's stock.

CommVault Systems Stock Performance

CVLT traded down $3.47 during midday trading on Friday, reaching $179.88. The company had a trading volume of 147,459 shares, compared to its average volume of 495,442. The stock has a market cap of $8.00 billion, a PE ratio of 99.71 and a beta of 0.70. CommVault Systems, Inc. has a 12-month low of $128.07 and a 12-month high of $200.68. The business has a 50-day moving average price of $177.98 and a two-hundred day moving average price of $170.52.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last released its earnings results on Tuesday, July 29th. The software maker reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.97 by $0.04. The firm had revenue of $281.98 million for the quarter, compared to analysts' expectations of $267.83 million. CommVault Systems had a net margin of 7.70% and a return on equity of 30.83%. CommVault Systems's revenue was up 26% on a year-over-year basis. On average, research analysts anticipate that CommVault Systems, Inc. will post 1.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CVLT shares. DA Davidson boosted their target price on shares of CommVault Systems from $200.00 to $220.00 and gave the stock a "buy" rating in a research report on Wednesday, July 30th. Wells Fargo & Company upped their price objective on shares of CommVault Systems from $190.00 to $220.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Guggenheim set a $220.00 price objective on shares of CommVault Systems in a research report on Tuesday, July 29th. Wall Street Zen downgraded shares of CommVault Systems from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, KeyCorp upped their price objective on shares of CommVault Systems from $195.00 to $225.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $205.63.

CommVault Systems Company 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.