Lazard Asset Management LLC Decreases Stake in Commvault Systems, Inc. (NASDAQ:CVLT)

Lazard Asset Management LLC cut its position in shares of Commvault Systems, Inc. (NASDAQ:CVLT - Free Report) by 12.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 43,802 shares of the software maker's stock after selling 6,486 shares during the period. Lazard Asset Management LLC owned approximately 0.10% of Commvault Systems worth $6,609,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. lifted its stake in Commvault Systems by 3.3% in the fourth quarter. Benjamin Edwards Inc. now owns 1,803 shares of the software maker's stock worth $272,000 after purchasing an additional 58 shares during the last quarter. Hancock Whitney Corp raised its holdings in shares of Commvault Systems by 1.0% in the fourth quarter. Hancock Whitney Corp now owns 5,781 shares of the software maker's stock worth $872,000 after buying an additional 60 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Commvault Systems by 3.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,960 shares of the software maker's stock worth $296,000 after buying an additional 66 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Commvault Systems by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,413 shares of the software maker's stock worth $213,000 after acquiring an additional 75 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in Commvault Systems by 4.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,439 shares of the software maker's stock valued at $368,000 after acquiring an additional 93 shares during the period. 93.50% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Commvault Systems

In other Commvault Systems news, CEO Sanjay Mirchandani sold 12,318 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $185.96, for a total value of $2,290,655.28. Following the completion of the sale, the chief executive officer now directly owns 427,231 shares in the company, valued at $79,447,876.76. This trade represents a 2.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gary Merrill sold 3,287 shares of Commvault Systems stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $186.94, for a total transaction of $614,471.78. Following the completion of the transaction, the insider now directly owns 87,316 shares in the company, valued at $16,322,853.04. This represents a 3.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,105 shares of company stock valued at $3,159,737. 1.00% of the stock is currently owned by corporate insiders.

Commvault Systems Stock Performance

Commvault Systems stock traded down $4.00 during midday trading on Friday, hitting $178.04. 442,238 shares of the company's stock were exchanged, compared to its average volume of 418,593. The company has a market cap of $7.86 billion, a PE ratio of 46.73 and a beta of 0.71. The firm has a 50-day moving average of $161.33 and a two-hundred day moving average of $164.39. Commvault Systems, Inc. has a 12 month low of $105.76 and a 12 month high of $190.11.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.10. The firm had revenue of $275.04 million for the quarter, compared to the consensus estimate of $262.52 million. Commvault Systems had a net margin of 18.14% and a return on equity of 28.69%. The company's quarterly revenue was up 23.2% on a year-over-year basis. During the same period last year, the firm earned $0.79 earnings per share. As a group, equities analysts expect that Commvault Systems, Inc. will post 1.65 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have commented on CVLT. Wells Fargo & Company upped their price objective on Commvault Systems from $180.00 to $190.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. StockNews.com upgraded shares of Commvault Systems from a "hold" rating to a "buy" rating in a report on Thursday, May 1st. William Blair upgraded shares of Commvault Systems from a "market perform" rating to an "outperform" rating in a report on Thursday, January 30th. Cantor Fitzgerald boosted their price objective on shares of Commvault Systems from $159.00 to $173.00 and gave the company a "neutral" rating in a research report on Wednesday, January 29th. Finally, Piper Sandler reduced their target price on shares of Commvault Systems from $154.00 to $147.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $175.25.

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.