KeyCorp Raises Commvault Systems (NASDAQ:CVLT) Price Target to $122.00

Commvault Systems (NASDAQ:CVLT) had its target price raised by KeyCorp from $109.00 to $122.00 in a research report sent to investors on Wednesday, Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

Separately, Royal Bank of Canada boosted their target price on shares of Commvault Systems from $86.00 to $97.00 and gave the company a sector perform rating in a research note on Wednesday, January 31st. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Commvault Systems presently has an average rating of Moderate Buy and an average price target of $114.25.

Commvault Systems Stock Performance

Shares of CVLT opened at $107.43 on Wednesday. The business’s 50-day moving average is $98.47 and its two-hundred day moving average is $84.99. The company has a market capitalization of $4.70 billion, a P/E ratio of 28.57 and a beta of 0.64. Commvault Systems has a fifty-two week low of $60.43 and a fifty-two week high of $109.25.

Commvault Systems (NASDAQ:CVLT) last posted its earnings results on Tuesday, January 30th. The software maker reported $0.78 EPS for the quarter, topping the consensus estimate of $0.73 by $0.05. Commvault Systems had a return on equity of 31.27% and a net margin of 20.13%. The firm had revenue of $216.81 million for the quarter, compared to analyst estimates of $208.01 million. During the same period last year, the company earned $0.17 earnings per share. Commvault Systems’s revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts forecast that Commvault Systems will post 1.43 EPS for the current year.

Insider Buying and Selling

In other news, CFO Gary Merrill sold 822 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $97.25, for a total value of $79,939.50. Following the completion of the sale, the chief financial officer now directly owns 87,945 shares in the company, valued at $8,552,651.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Commvault Systems news, Director Allison Pickens sold 990 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $94.73, for a total transaction of $93,782.70. Following the transaction, the director now directly owns 7,206 shares of the company’s stock, valued at $682,624.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Gary Merrill sold 822 shares of Commvault Systems stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $97.25, for a total transaction of $79,939.50. Following the completion of the sale, the chief financial officer now owns 87,945 shares in the company, valued at approximately $8,552,651.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,306 shares of company stock valued at $2,276,265. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Central Pacific Bank Trust Division acquired a new position in shares of Commvault Systems during the first quarter valued at approximately $187,000. Daiwa Securities Group Inc. increased its position in shares of Commvault Systems by 700.0% during the first quarter. Daiwa Securities Group Inc. now owns 800 shares of the software maker’s stock worth $81,000 after purchasing an additional 700 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Commvault Systems by 44.9% in the 1st quarter. BNP Paribas Financial Markets now owns 78,281 shares of the software maker’s stock valued at $7,940,000 after purchasing an additional 24,243 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Commvault Systems by 7.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,379 shares of the software maker’s stock valued at $2,168,000 after purchasing an additional 1,540 shares in the last quarter. Finally, Marks Group Wealth Management Inc acquired a new stake in Commvault Systems during the 1st quarter worth $219,000. 93.50% of the stock is owned by hedge funds and other 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.