Commvault Systems (NASDAQ:CVLT) Upgraded by KeyCorp to Overweight

KeyCorp upgraded shares of Commvault Systems (NASDAQ:CVLT) from a sector weight rating to an overweight rating in a research note released on Wednesday morning, AnalystRatings.net reports. They currently have $67.00 target price on the software maker’s stock. KeyCorp also issued estimates for Commvault Systems’ FY2023 earnings at $0.86 EPS.

Other equities research analysts also recently issued reports about the company. TheStreet raised Commvault Systems from a d+ rating to a c- rating in a report on Wednesday, December 16th. Lake Street Capital upped their target price on Commvault Systems from $52.00 to $54.00 and gave the company a buy rating in a report on Wednesday, October 28th. Finally, Piper Sandler raised Commvault Systems from a neutral rating to an overweight rating and upped their target price for the company from $45.00 to $68.00 in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $55.50.

Shares of Commvault Systems stock traded down $0.21 during trading on Wednesday, hitting $57.57. The stock had a trading volume of 3,387 shares, compared to its average volume of 292,085. The firm has a market cap of $2.71 billion, a P/E ratio of -87.86, a PEG ratio of 8.47 and a beta of 0.79. The business has a fifty day moving average of $53.23 and a two-hundred day moving average of $44.62. Commvault Systems has a fifty-two week low of $24.26 and a fifty-two week high of $59.90.

Commvault Systems (NASDAQ:CVLT) last announced its quarterly earnings data on Tuesday, October 27th. The software maker reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.39. The business had revenue of $171.14 million during the quarter, compared to analyst estimates of $164.69 million. Commvault Systems had a positive return on equity of 4.52% and a negative net margin of 4.47%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.42 earnings per share. On average, analysts predict that Commvault Systems will post 0.68 earnings per share for the current year.

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Commvault Systems by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 4,102,532 shares of the software maker’s stock valued at $158,769,000 after acquiring an additional 32,631 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Commvault Systems by 41.4% in the third quarter. Acadian Asset Management LLC now owns 725,708 shares of the software maker’s stock worth $29,610,000 after purchasing an additional 212,526 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Commvault Systems by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 365,933 shares of the software maker’s stock worth $14,931,000 after purchasing an additional 9,429 shares during the last quarter. Pinnacle Associates Ltd. purchased a new position in shares of Commvault Systems in the third quarter worth $14,403,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Commvault Systems by 13.9% in the third quarter. The Manufacturers Life Insurance Company now owns 319,602 shares of the software maker’s stock worth $13,040,000 after purchasing an additional 38,979 shares during the last quarter. 91.39% of the stock is currently owned by hedge funds and other institutional investors.

Commvault Systems Company Profile

Commvault Systems, Inc provides data protection and information management software applications and related services in the United States, Canada, Latin America, Europe, the Middle East, Africa, Australia, New Zealand, Southeast Asia, and China. It offers Commvault Complete Backup & Recovery, a backup and recovery solution for enterprises; and Commvault HyperScale Technology, an add-on for Commvault Complete that delivers an on-premises, cloud-like infrastructure to support scale-out secondary storage.

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Analyst Recommendations for Commvault Systems (NASDAQ:CVLT)

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