CommVault Systems, Inc. $CVLT Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. lessened its holdings in shares of CommVault Systems, Inc. (NASDAQ:CVLT) by 15.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 783,667 shares of the software maker’s stock after selling 139,399 shares during the quarter. Congress Asset Management Co.’s holdings in CommVault Systems were worth $117,487,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CVLT. Sequoia Financial Advisors LLC acquired a new stake in shares of CommVault Systems in the 2nd quarter worth about $537,000. Tidal Investments LLC increased its holdings in CommVault Systems by 38.3% during the 2nd quarter. Tidal Investments LLC now owns 59,661 shares of the software maker’s stock worth $8,456,000 after purchasing an additional 16,523 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in CommVault Systems during the 2nd quarter worth approximately $371,000. NewEdge Advisors LLC purchased a new stake in shares of CommVault Systems in the second quarter worth approximately $215,000. Finally, Allworth Financial LP lifted its holdings in shares of CommVault Systems by 190.6% in the second quarter. Allworth Financial LP now owns 2,095 shares of the software maker’s stock valued at $297,000 after purchasing an additional 1,374 shares in the last quarter. 93.50% of the stock is owned by institutional investors.

CommVault Systems Stock Performance

Shares of CommVault Systems stock traded up $1.25 during trading hours on Tuesday, hitting $154.98. 418,354 shares of the company’s stock traded hands, compared to its average volume of 869,985. CommVault Systems, Inc. has a 12-month low of $71.75 and a 12-month high of $179.71. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 98.71 and a beta of 0.79. The company has a fifty day simple moving average of $138.11 and a 200-day simple moving average of $121.67. The company has a debt-to-equity ratio of 16.94, a current ratio of 2.04 and a quick ratio of 2.04.

CommVault Systems (NASDAQ:CVLT) last posted its quarterly earnings results on Tuesday, July 28th. The software maker reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.26. The company had revenue of $314.13 million during the quarter, compared to analyst estimates of $310.43 million. CommVault Systems had a net margin of 5.62% and a return on equity of 88.75%. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 earnings per share. Equities research analysts anticipate that CommVault Systems, Inc. will post 2.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CVLT shares. DA Davidson set a $175.00 price target on CommVault Systems in a report on Wednesday, July 29th. Truist Financial upped their target price on shares of CommVault Systems from $155.00 to $182.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of CommVault Systems in a report on Friday, September 11th. Piper Sandler lowered shares of CommVault Systems from an “overweight” rating to a “neutral” rating and set a $133.00 price target on the stock. in a research report on Tuesday, July 28th. Finally, Guggenheim restated a “buy” rating on shares of CommVault Systems in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $154.50.

Insider Activity

In related news, Director Vivie Lee sold 595 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $134.19, for a total value of $79,843.05. Following the transaction, the director owned 15,140 shares in the company, valued at approximately $2,031,636.60. This represents a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sanjay Mirchandani sold 12,437 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $143.98, for a total value of $1,790,679.26. Following the transaction, the chief executive officer directly owned 269,373 shares of the company’s stock, valued at approximately $38,784,324.54. This trade represents a 4.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 29,348 shares of company stock worth $4,202,441. 0.86% of the stock is owned by insiders.

CommVault Systems Company Profile

Commvault Systems, Inc develops data protection, cyber resilience and information management software and services. Its platform helps organizations back up, recover, manage and secure data across on-premises data centers, public and private clouds, software-as-a-service applications and endpoint environments.

The company’s offerings include backup and recovery, disaster recovery, cyber-recovery capabilities, ransomware protection, data governance and workload management. Commvault also provides cloud-based services through its Commvault Cloud platform, designed to help customers detect threats, protect critical workloads and restore operations following data loss or cyberattacks.

Commvault serves businesses, government organizations and other institutions worldwide through direct sales, partners and service providers.