Commvault Systems, Inc. (NASDAQ:CVLT) Stake Boosted by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC grew its holdings in shares of Commvault Systems, Inc. (NASDAQ:CVLT - Free Report) by 1,936.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 360,355 shares of the software maker's stock after purchasing an additional 342,656 shares during the period. Commvault Systems makes up about 1.1% of Wedge Capital Management L L P NC's portfolio, making the stock its 9th biggest holding. Wedge Capital Management L L P NC owned about 0.82% of Commvault Systems worth $56,850,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Invesco Ltd. raised its stake in Commvault Systems by 57.7% in the fourth quarter. Invesco Ltd. now owns 1,660,108 shares of the software maker's stock valued at $250,527,000 after buying an additional 607,643 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Commvault Systems by 604.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 647,525 shares of the software maker's stock valued at $98,479,000 after acquiring an additional 555,656 shares in the last quarter. Norges Bank acquired a new position in shares of Commvault Systems during the fourth quarter valued at about $79,619,000. Polar Capital Holdings Plc boosted its stake in Commvault Systems by 182.5% in the 4th quarter. Polar Capital Holdings Plc now owns 362,958 shares of the software maker's stock worth $54,774,000 after purchasing an additional 234,477 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Commvault Systems by 20,945.1% in the 1st quarter. GAMMA Investing LLC now owns 211,714 shares of the software maker's stock worth $33,400,000 after purchasing an additional 210,708 shares in the last quarter. Institutional investors and hedge funds own 93.50% of the company's stock.

Insider Activity

In related news, CEO Sanjay Mirchandani sold 1,709 shares of Commvault Systems stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $175.00, for a total value of $299,075.00. Following the sale, the chief executive officer now owns 469,648 shares of the company's stock, valued at approximately $82,188,400. This trade represents a 0.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gary Merrill sold 1,748 shares of the stock in a transaction 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 transaction, the insider now directly owns 89,923 shares in the company, valued at approximately $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. Insiders have sold 4,957 shares of company stock worth $859,428 in the last ninety days. Company insiders own 1.00% of the company's stock.

Commvault Systems Price Performance

NASDAQ:CVLT traded up $1.40 during trading hours on Friday, reaching $188.57. The company had a trading volume of 291,810 shares, compared to its average volume of 424,561. Commvault Systems, Inc. has a 1-year low of $112.58 and a 1-year high of $190.11. The business's 50 day moving average price is $166.78 and its 200-day moving average price is $165.76. The firm has a market cap of $8.32 billion, a PE ratio of 49.49 and a beta of 0.75.

Commvault Systems (NASDAQ:CVLT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.10. Commvault Systems had a net margin of 18.14% and a return on equity of 28.69%. The firm had revenue of $275.04 million during the quarter, compared to analysts' expectations of $262.52 million. During the same period in the previous year, the business posted $0.79 EPS. The business's revenue was up 23.2% compared to the same quarter last year. On average, analysts expect that Commvault Systems, Inc. will post 1.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CVLT shares. KeyCorp cut their price target on shares of Commvault Systems from $195.00 to $185.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Oppenheimer boosted their price objective on shares of Commvault Systems from $180.00 to $200.00 and gave the company an "outperform" rating in a report on Wednesday, April 30th. Piper Sandler reduced their target price on Commvault Systems from $154.00 to $147.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Guggenheim reaffirmed a "neutral" rating on shares of Commvault Systems in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company boosted their price target on Commvault Systems from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $175.25.

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.