Insider Selling: CommVault Systems (NASDAQ:CVLT) CEO Sells $1,790,679.26 in Stock

Key Points

• CEO Sanjay Mirchandani sold 12,437 CommVault shares for approximately $1.79 million under a pre-arranged Rule 10b5-1 plan to cover tax withholding from vested equity awards. He retained 269,373 shares, and also made additional sales on August 18 and 19.
• CommVault shares fell to $137.32, while the company reported stronger-than-expected quarterly results: EPS of $1.42 versus a $1.16 estimate and revenue of $314.13 million, up 11.4% year over year.
• Analyst sentiment remains moderately bullish, with a consensus “Moderate Buy” rating and a $152.47 target price, although several firms maintain “Hold” or “Neutral” ratings.

CommVault Systems, Inc. (NASDAQ:CVLT - Get Free Report) CEO Sanjay Mirchandani sold 12,437 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $143.98, for a total value of $1,790,679.26. Following the transaction, the chief executive officer directly owned 269,373 shares in the company, valued at approximately $38,784,324.54. The trade was a 4.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Sanjay Mirchandani also recently made the following trade(s):

• On Wednesday, August 19th, Sanjay Mirchandani sold 6,857 shares of CommVault Systems stock. The stock was sold at an average price of $142.80, for a total transaction of $979,179.60.
• On Tuesday, August 18th, Sanjay Mirchandani sold 4,840 shares of CommVault Systems stock. The stock was sold at an average price of $143.64, for a total transaction of $695,217.60.

CommVault Systems Stock Performance

NASDAQ:CVLT traded down $5.49 during trading hours on Wednesday, reaching $137.32. The company had a trading volume of 449,257 shares, compared to its average volume of 935,905. The firm has a market cap of $5.69 billion, a price-to-earnings ratio of 87.46 and a beta of 0.81. The company has a current ratio of 2.04, a quick ratio of 2.04 and a debt-to-equity ratio of 16.94. The firm's 50 day moving average price is $138.16 and its 200-day moving average price is $108.64. CommVault Systems, Inc. has a 52 week low of $71.75 and a 52 week high of $198.18.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The software maker reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.26. CommVault Systems had a return on equity of 88.75% and a net margin of 5.62%.The firm had revenue of $314.13 million for the quarter, compared to analysts' expectations of $310.43 million. During the same period in the prior year, the firm earned $1.01 EPS. The company's revenue was up 11.4% compared to the same quarter last year. On average, analysts forecast that CommVault Systems, Inc. will post 2.84 EPS for the current year.

Hedge Funds Weigh In On CommVault Systems

Several institutional investors have recently bought and sold shares of CVLT. Transamerica Financial Advisors LLC bought a new position in shares of CommVault Systems during the 2nd quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in CommVault Systems in the 2nd quarter worth approximately $27,000. Silvant Capital Management LLC purchased a new stake in shares of CommVault Systems during the 2nd quarter worth approximately $30,000. State of Wyoming bought a new position in shares of CommVault Systems during the 2nd quarter valued at approximately $35,000. Finally, Essential Partners LLC boosted its position in shares of CommVault Systems by 9,920.0% during the 1st quarter. Essential Partners LLC now owns 501 shares of the software maker's stock valued at $39,000 after acquiring an additional 496 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVLT has been the subject of a number of recent research reports. Scotiabank restated a "sector perform" rating and set a $130.00 price target on shares of CommVault Systems in a research note on Wednesday, July 29th. Oppenheimer increased their price objective on shares of CommVault Systems from $150.00 to $175.00 and gave the stock an "outperform" rating in a research note on Friday, July 17th. Wall Street Zen downgraded shares of CommVault Systems from a "buy" rating to a "hold" rating in a report on Saturday. UBS Group restated a "neutral" rating on shares of CommVault Systems in a research report on Monday, July 27th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $130.00 target price on shares of CommVault Systems in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $152.47.

CommVault Systems Company Profile

Commvault Systems, Inc is a global provider of data protection and information management software designed to help organizations manage, protect, and activate data across on-premises and cloud environments. Founded in 1996 and headquartered in Tinton Falls, New Jersey, Commvault offers a suite of integrated products and services that enable enterprises to back up, recover, archive, and analyze data. Its flagship solutions include Commvault Complete Data Protection, Commvault HyperScale, and the SaaS-based Metallic portfolio, which deliver scalable and automated data management capabilities across hybrid infrastructure environments.

Commvault's platform is built on a unified architecture that allows customers to streamline operations, reduce complexity, and ensure data resiliency.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source