CommVault Systems (NASDAQ:CVLT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Key Points

• Wells Fargo & Company has increased its price target for CommVault Systems (NASDAQ:CVLT) from $190.00 to $220.00, indicating a potential upside of 13.28% from the previous close.
• CommVault recently reported quarterly earnings of $1.03 EPS, surpassing estimates and showing a 23.2% revenue growth compared to the same quarter last year.
• Consensus ratings for CommVault stock show a "Moderate Buy" with an average target price of $204.38, supported by multiple recent upgrades from analysts.

CommVault Systems (NASDAQ:CVLT - Get Free Report) had its price objective raised by equities research analysts at Wells Fargo & Company from $190.00 to $220.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the software maker's stock. Wells Fargo & Company's target price would suggest a potential upside of 20.24% from the company's current price.

A number of other equities research analysts have also commented on the company. DA Davidson upped their target price on CommVault Systems from $200.00 to $220.00 and gave the company a "buy" rating in a research report on Wednesday. Piper Sandler increased their price target on CommVault Systems from $168.00 to $170.00 and gave the company a "neutral" rating in a research report on Monday, July 14th. Royal Bank Of Canada lifted their price objective on CommVault Systems from $175.00 to $185.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 30th. Guggenheim raised CommVault Systems from a "neutral" rating to a "buy" rating and set a $210.00 target price for the company in a research report on Wednesday, July 16th. Finally, KeyCorp increased their price objective on CommVault Systems from $195.00 to $225.00 and gave the stock an "overweight" rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $205.63.

CommVault Systems Price Performance

CommVault Systems stock traded down $6.99 during mid-day trading on Wednesday, reaching $182.96. 98,382 shares of the company traded hands, compared to its average volume of 495,209. The firm's 50 day moving average price is $176.91 and its 200 day moving average price is $168.83. The firm has a market capitalization of $8.15 billion, a price-to-earnings ratio of 101.48 and a beta of 0.73. CommVault Systems has a 52-week low of $127.35 and a 52-week high of $200.68.

CommVault Systems (NASDAQ:CVLT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The software maker reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.10. CommVault Systems had a net margin of 7.70% and a return on equity of 30.83%. The firm had revenue of $275.04 million for the quarter, compared to analysts' expectations of $262.52 million. During the same quarter in the prior year, the business earned $0.79 EPS. The business's quarterly revenue was up 23.2% on a year-over-year basis. On average, sell-side analysts anticipate that CommVault Systems will post 1.65 EPS for the current year.

Insider Buying and Selling

In other news, insider Gary Merrill sold 1,748 shares of the 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 completion of the transaction, the insider directly owned 89,923 shares of the company's stock, valued at $15,728,431.93. This represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mirchandani sold 1,709 shares of the stock in a transaction 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 transaction, 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 disclosure for this sale can be found here. Company insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On CommVault Systems

A number of hedge funds have recently modified their holdings of CVLT. Nuveen LLC bought a new position in CommVault Systems during the 1st quarter worth about $116,223,000. Invesco Ltd. boosted its position in shares of CommVault Systems by 57.7% during the 4th quarter. Invesco Ltd. now owns 1,660,108 shares of the software maker's stock valued at $250,527,000 after acquiring an additional 607,643 shares during the last quarter. Norges Bank purchased a new stake in CommVault Systems in the 4th quarter valued at about $79,619,000. Wedge Capital Management L L P NC increased its stake in CommVault Systems by 1,936.0% during the first quarter. Wedge Capital Management L L P NC now owns 360,355 shares of the software maker's stock worth $56,850,000 after purchasing an additional 342,656 shares during the period. Finally, Champlain Investment Partners LLC purchased a new stake in shares of CommVault Systems during the first quarter worth approximately $47,361,000. 93.50% of the stock is currently owned by institutional investors.

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.