Summit Global Investments Sells 237 Shares of Commvault Systems, Inc. (NASDAQ:CVLT)

Summit Global Investments reduced its stake in Commvault Systems, Inc. (NASDAQ:CVLT) by 3.1% during the first quarter, HoldingsChannel reports. The firm owned 7,506 shares of the software maker’s stock after selling 237 shares during the quarter. Summit Global Investments’ holdings in Commvault Systems were worth $1,184,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Virtu Financial LLC grew its holdings in shares of Commvault Systems by 63.9% during the 4th quarter. Virtu Financial LLC now owns 8,243 shares of the software maker’s stock valued at $1,244,000 after purchasing an additional 3,214 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Commvault Systems by 0.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 632,870 shares of the software maker’s stock valued at $95,506,000 after purchasing an additional 4,957 shares during the last quarter. Banco Santander S.A. bought a new stake in shares of Commvault Systems during the 4th quarter valued at approximately $833,000. New Age Alpha Advisors LLC bought a new stake in shares of Commvault Systems during the 4th quarter valued at approximately $1,387,000. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Commvault Systems during the 4th quarter valued at approximately $367,000. 93.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CVLT shares. Guggenheim reaffirmed a “neutral” rating on shares of Commvault Systems in a report on Wednesday, April 23rd. Oppenheimer boosted their price target on Commvault Systems from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, April 30th. Wells Fargo & Company boosted their price target on Commvault Systems from $180.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, April 30th. Wall Street Zen upgraded Commvault Systems from a “hold” rating to a “buy” rating in a report on Thursday, May 1st. Finally, KeyCorp reduced their price target on Commvault Systems from $195.00 to $185.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $175.25.

Commvault Systems Price Performance

Shares of CVLT stock opened at $182.86 on Friday. The business’s 50 day simple moving average is $164.30 and its 200 day simple moving average is $165.14. Commvault Systems, Inc. has a one year low of $105.76 and a one year high of $190.11. The stock has a market capitalization of $8.07 billion, a PE ratio of 47.99 and a beta of 0.71.

Commvault Systems (NASDAQ:CVLT) last announced its earnings results on Tuesday, April 29th. The software maker reported $1.03 EPS 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 business had revenue of $275.04 million for the quarter, compared to analysts’ expectations of $262.52 million. During the same period in the prior year, the business posted $0.79 earnings per share. The firm’s revenue was up 23.2% on a year-over-year basis. As a group, research analysts expect that Commvault Systems, Inc. will post 1.65 earnings per share for the current year.

Insider Activity at Commvault Systems

In related news, insider Gary Merrill sold 1,748 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $174.91, for a total value of $305,742.68. Following the sale, the insider now directly owns 89,923 shares in the company, valued at $15,728,431.93. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Nicola Adamo sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $169.74, for a total value of $254,610.00. Following the completion of the sale, the director now owns 16,178 shares in the company, valued at $2,746,053.72. The trade was a 8.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,957 shares of company stock worth $859,428 over the last ninety days. Insiders own 1.00% of the company’s stock.

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.