DA Davidson Cuts CommVault Systems (NASDAQ:CVLT) Price Target to $200.00

CommVault Systems (NASDAQ:CVLT) had its target price lowered by DA Davidson from $215.00 to $200.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

A number of other equities analysts have also recently issued reports on the company. Oppenheimer increased their target price on CommVault Systems from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, April 30th. Royal Bank Of Canada raised their price objective on CommVault Systems from $175.00 to $185.00 and gave the company a “sector perform” rating in a report on Wednesday, April 30th. KeyCorp decreased their price objective on CommVault Systems from $195.00 to $185.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Piper Sandler raised their price objective on CommVault Systems from $168.00 to $170.00 and gave the company a “neutral” rating in a report on Monday, July 14th. Finally, Wall Street Zen upgraded CommVault Systems from a “hold” rating to a “buy” rating in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, CommVault Systems presently has a consensus rating of “Moderate Buy” and an average target price of $189.13.

CommVault Systems Trading Up 0.7%

CVLT stock opened at $172.07 on Wednesday. The stock has a 50-day moving average price of $177.54 and a two-hundred day moving average price of $167.65. The stock has a market cap of $7.66 billion, a PE ratio of 101.82 and a beta of 0.73. CommVault Systems has a 1 year low of $120.57 and a 1 year high of $192.01.

CommVault Systems (NASDAQ:CVLT) last released its earnings results on Tuesday, April 29th. The software maker reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.10. The firm had revenue of $275.04 million during the quarter, compared to analysts’ expectations of $262.52 million. CommVault Systems had a return on equity of 32.31% and a net margin of 7.64%. The company’s revenue was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. On average, analysts forecast that CommVault Systems will post 1.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Gary Merrill sold 1,748 shares of CommVault Systems stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $174.91, for a total transaction of $305,742.68. Following the completion of the transaction, the insider owned 89,923 shares in the company, valued at approximately $15,728,431.93. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sanjay Mirchandani sold 1,709 shares of CommVault Systems stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $175.00, for a total value of $299,075.00. Following the transaction, the chief executive officer owned 469,648 shares of the company’s stock, valued at $82,188,400. The trade was a 0.36% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,957 shares of company stock worth $859,428. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On CommVault Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of CVLT. Raymond James Financial Inc. acquired a new stake in CommVault Systems during the fourth quarter worth approximately $2,815,000. PNC Financial Services Group Inc. lifted its position in CommVault Systems by 4.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,439 shares of the software maker’s stock worth $368,000 after acquiring an additional 93 shares during the last quarter. HighTower Advisors LLC lifted its position in CommVault Systems by 6.6% during the fourth quarter. HighTower Advisors LLC now owns 14,116 shares of the software maker’s stock worth $2,130,000 after acquiring an additional 878 shares during the last quarter. Swiss National Bank lifted its position in CommVault Systems by 0.5% during the fourth quarter. Swiss National Bank now owns 86,000 shares of the software maker’s stock worth $12,978,000 after acquiring an additional 400 shares during the last quarter. Finally, Madison Investment Advisors LLC acquired a new stake in CommVault Systems during the fourth quarter worth approximately $3,612,000. Institutional investors own 93.50% of the company’s stock.

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.