Commvault Systems, Inc. (NASDAQ:CVLT) is Wedge Capital Management L L P NC's 9th Largest Position

Wedge Capital Management L L P NC lifted its holdings in Commvault Systems, Inc. (NASDAQ:CVLT - Free Report) by 1,936.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 360,355 shares of the software maker's stock after acquiring an additional 342,656 shares during the period. Commvault Systems accounts for 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 approximately 0.82% of Commvault Systems worth $56,850,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CVLT. Strategic Financial Concepts LLC bought a new position in shares of Commvault Systems during the 4th quarter valued at about $6,901,000. Sumitomo Mitsui Trust Group Inc. raised its stake in Commvault Systems by 8.2% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,208 shares of the software maker's stock valued at $1,239,000 after purchasing an additional 620 shares in the last quarter. Advisors Preferred LLC bought a new position in Commvault Systems during the fourth quarter valued at $799,000. WCM Investment Management LLC bought a new position in Commvault Systems during the fourth quarter valued at $10,303,000. Finally, JSF Financial LLC purchased a new position in shares of Commvault Systems in the 4th quarter worth $739,000. Hedge funds and other institutional investors own 93.50% of the company's stock.

Commvault Systems Stock Performance

NASDAQ CVLT traded up $1.13 on Wednesday, reaching $188.29. 410,217 shares of the stock traded hands, compared to its average volume of 424,940. Commvault Systems, Inc. has a 12 month low of $112.58 and a 12 month high of $191.76. The company has a market cap of $8.31 billion, a price-to-earnings ratio of 49.42 and a beta of 0.75. The company has a fifty day moving average price of $167.95 and a 200-day moving average price of $165.95.

Commvault Systems (NASDAQ:CVLT - Get Free Report) last released 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. Commvault Systems had a return on equity of 28.69% and a net margin of 18.14%. The firm had revenue of $275.04 million during the quarter, compared to the consensus estimate of $262.52 million. During the same period in the previous year, the company posted $0.79 earnings per share. The firm's quarterly revenue was up 23.2% on a year-over-year basis. As a group, research analysts anticipate that Commvault Systems, Inc. will post 1.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Commvault Systems news, insider Gary Merrill sold 1,748 shares of the firm'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 value of $305,742.68. Following the transaction, the insider now directly owns 89,923 shares of the company's stock, valued at $15,728,431.93. This trade represents a 1.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mirchandani sold 1,709 shares of Commvault Systems 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 now directly owns 469,648 shares in the company, valued at approximately $82,188,400. The trade was a 0.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,957 shares of company stock worth $859,428 over the last 90 days. Company insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

CVLT has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on Commvault Systems from $180.00 to $190.00 and gave the company an "overweight" rating in a research note on Wednesday, April 30th. Royal Bank of Canada increased their target price on shares of Commvault Systems from $175.00 to $185.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 30th. Wall Street Zen upgraded shares of Commvault Systems from a "hold" rating to a "buy" rating in a report on Thursday, May 1st. Guggenheim reiterated a "neutral" rating on shares of Commvault Systems in a report on Wednesday, April 23rd. Finally, KeyCorp reduced their price objective on shares of Commvault Systems from $195.00 to $185.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Commvault Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $175.25.

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.