CommVault Systems (NASDAQ:CVLT) Stock Rating Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of CommVault Systems (NASDAQ:CVLT) from a hold rating to a buy rating in a research report sent to investors on Sunday,Wall Street Zen reports.

Other analysts have also issued reports about the stock. KeyCorp upped their target price on shares of CommVault Systems from $125.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $130.00 target price on shares of CommVault Systems in a report on Wednesday, July 29th. DA Davidson set a $175.00 price target on shares of CommVault Systems in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of CommVault Systems in a report on Friday, September 11th. Finally, Piper Sandler cut shares of CommVault Systems from an “overweight” rating to a “neutral” rating and set a $133.00 price target for the company. in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $158.25.

CommVault Systems Price Performance

Shares of NASDAQ CVLT opened at $149.11 on Friday. The stock’s 50-day moving average is $143.24 and its two-hundred day moving average is $126.45. 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 has a 1-year low of $71.75 and a 1-year high of $177.81. The company has a market cap of $6.18 billion, a price-to-earnings ratio of 94.97 and a beta of 0.79.

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

Insider Activity at CommVault Systems

In other CommVault Systems news, CAO Danielle Abrahamsen sold 486 shares of CommVault Systems stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $142.80, for a total transaction of $69,400.80. Following the completion of the sale, the chief accounting officer directly owned 12,160 shares of the company’s stock, valued at $1,736,448. The trade was a 3.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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. Also, CFO Gary Merrill sold 1,293 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $142.80, for a total value of $184,640.40. Following the transaction, the chief financial officer directly owned 69,628 shares of the company’s stock, valued at approximately $9,942,878.40. This represents a 1.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold 29,348 shares of company stock worth $4,202,441 over the last three months. Company insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On CommVault Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in CommVault Systems in the second quarter valued at approximately $855,420,000. The Manufacturers Life Insurance Company acquired a new stake in shares of CommVault Systems in the second quarter valued at approximately $65,765,000. American Capital Management Inc. purchased a new position in shares of CommVault Systems during the second quarter worth approximately $62,493,000. Bank of America Corp DE purchased a new position in shares of CommVault Systems during the second quarter worth approximately $51,709,000. Finally, Pictet Asset Management Holding SA grew its position in shares of CommVault Systems by 36.2% during the first quarter. Pictet Asset Management Holding SA now owns 1,239,225 shares of the software maker’s stock worth $96,447,000 after acquiring an additional 329,243 shares during the last quarter. 93.50% of the stock is owned by institutional investors and hedge funds.

About CommVault Systems

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.