Wells Fargo & Company Issues Positive Forecast for Commvault Systems (NASDAQ:CVLT) Stock Price

Commvault Systems (NASDAQ:CVLT) had its price target lifted by Wells Fargo & Company from $180.00 to $190.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

CVLT has been the subject of several other reports. KeyCorp lowered their price target on shares of Commvault Systems from $195.00 to $185.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. StockNews.com raised Commvault Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, February 25th. Royal Bank of Canada raised their price target on Commvault Systems from $175.00 to $185.00 and gave the stock a “sector perform” rating in a research report on Wednesday. William Blair upgraded Commvault Systems from a “market perform” rating to an “outperform” rating in a research report on Thursday, January 30th. Finally, DA Davidson raised their target price on shares of Commvault Systems from $185.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Commvault Systems currently has a consensus rating of “Moderate Buy” and an average price target of $175.25.

Commvault Systems Stock Up 3.9 %

Shares of CVLT stock opened at $172.55 on Wednesday. The business has a 50-day moving average price of $158.48 and a two-hundred day moving average price of $161.94. Commvault Systems has a 12-month low of $105.01 and a 12-month high of $190.11. The firm has a market cap of $7.59 billion, a P/E ratio of 45.29 and a beta of 0.68.

Commvault Systems (NASDAQ:CVLT) last issued its earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.10. The business had revenue of $275.04 million during the quarter, compared to analyst estimates of $262.52 million. Commvault Systems had a return on equity of 28.69% and a net margin of 18.14%. Commvault Systems’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.79 earnings per share. As a group, research analysts expect that Commvault Systems will post 1.65 EPS for the current fiscal year.

Insider Transactions at Commvault Systems

In related news, insider Gary Merrill sold 3,287 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $186.94, for a total value of $614,471.78. Following the completion of the sale, the insider now owns 87,316 shares of the company’s stock, valued at $16,322,853.04. This trade represents a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sanjay Mirchandani sold 12,318 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $185.96, for a total transaction of $2,290,655.28. Following the transaction, the chief executive officer now directly owns 427,231 shares in the company, valued at approximately $79,447,876.76. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Commvault Systems

Several large investors have recently bought and sold shares of CVLT. Burns Matteson Capital Management LLC raised its position in shares of Commvault Systems by 6.4% in the 1st quarter. Burns Matteson Capital Management LLC now owns 2,792 shares of the software maker’s stock worth $440,000 after acquiring an additional 167 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in Commvault Systems in the first quarter worth $27,000. Victory Capital Management Inc. raised its holdings in Commvault Systems by 23.0% in the first quarter. Victory Capital Management Inc. now owns 54,148 shares of the software maker’s stock worth $8,542,000 after purchasing an additional 10,136 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in Commvault Systems by 101.3% during the first quarter. SBI Securities Co. Ltd. now owns 159 shares of the software maker’s stock valued at $25,000 after buying an additional 80 shares during the period. Finally, Edgestream Partners L.P. boosted its holdings in shares of Commvault Systems by 0.6% during the 1st quarter. Edgestream Partners L.P. now owns 33,473 shares of the software maker’s stock valued at $5,281,000 after buying an additional 202 shares in the last quarter. 93.50% of the stock is owned by institutional investors.

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.