Summit Partners Public Asset Management LLC Invests $67.72 Million in Commvault Systems, Inc. (NASDAQ:CVLT)

Summit Partners Public Asset Management LLC acquired a new stake in shares of Commvault Systems, Inc. (NASDAQ:CVLT) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 440,182 shares of the software maker’s stock, valued at approximately $67,722,000. Commvault Systems comprises approximately 2.1% of Summit Partners Public Asset Management LLC’s investment portfolio, making the stock its 9th biggest position. Summit Partners Public Asset Management LLC owned approximately 1.01% of Commvault Systems as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CVLT. Xponance Inc. boosted its position in Commvault Systems by 1.3% during the second quarter. Xponance Inc. now owns 6,371 shares of the software maker’s stock valued at $775,000 after buying an additional 79 shares during the period. EFG Asset Management North America Corp. lifted its stake in shares of Commvault Systems by 0.5% in the 2nd quarter. EFG Asset Management North America Corp. now owns 21,699 shares of the software maker’s stock valued at $2,637,000 after acquiring an additional 103 shares during the last quarter. Natixis Advisors LLC boosted its holdings in Commvault Systems by 1.0% during the 2nd quarter. Natixis Advisors LLC now owns 13,693 shares of the software maker’s stock valued at $1,665,000 after acquiring an additional 138 shares during the period. Commonwealth Equity Services LLC grew its position in Commvault Systems by 5.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 2,701 shares of the software maker’s stock worth $328,000 after acquiring an additional 139 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in Commvault Systems by 5.9% in the 2nd quarter. Parallel Advisors LLC now owns 2,749 shares of the software maker’s stock worth $334,000 after purchasing an additional 153 shares during the period. 93.50% of the stock is owned by hedge funds and other institutional investors.

Commvault Systems Price Performance

Shares of NASDAQ CVLT opened at $171.63 on Friday. Commvault Systems, Inc. has a 1 year low of $72.20 and a 1 year high of $178.72. The company’s 50-day moving average is $158.09 and its 200 day moving average is $139.65. The stock has a market capitalization of $7.51 billion, a P/E ratio of 43.45 and a beta of 0.59.

Commvault Systems (NASDAQ:CVLT) last announced its earnings results on Tuesday, October 29th. The software maker reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07. Commvault Systems had a return on equity of 31.62% and a net margin of 19.75%. The firm had revenue of $233.28 million during the quarter, compared to analyst estimates of $220.76 million. During the same quarter in the prior year, the company earned $0.30 EPS. The business’s revenue was up 16.1% compared to the same quarter last year. Research analysts anticipate that Commvault Systems, Inc. will post 1.66 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Sanjay Mirchandani sold 10,775 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $165.30, for a total transaction of $1,781,107.50. Following the sale, the chief executive officer now owns 459,969 shares of the company’s stock, valued at $76,032,875.70. The trade was a 2.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gary Merrill sold 1,523 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $164.89, for a total transaction of $251,127.47. Following the completion of the sale, the insider now owns 93,007 shares in the company, valued at approximately $15,335,924.23. This trade represents a 1.61 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CVLT. Guggenheim lowered Commvault Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 15th. DA Davidson increased their price target on shares of Commvault Systems from $170.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Oppenheimer assumed coverage on shares of Commvault Systems in a report on Wednesday, November 13th. They issued an “outperform” rating and a $200.00 price target on the stock. Royal Bank of Canada upped their price objective on shares of Commvault Systems from $164.00 to $182.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 30th. Finally, StockNews.com lowered shares of Commvault Systems from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Commvault Systems currently has an average rating of “Moderate Buy” and a consensus target price of $151.25.

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.