Royal Bank of Canada Increases Commvault Systems (NASDAQ:CVLT) Price Target to $112.00

Commvault Systems (NASDAQ:CVLT) had its price target raised by Royal Bank of Canada from $97.00 to $112.00 in a report published on Wednesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the software maker’s stock.

Separately, KeyCorp raised their price objective on Commvault Systems from $109.00 to $122.00 and gave the stock an overweight rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $114.25.

Commvault Systems Stock Up 2.5 %

CVLT stock opened at $107.43 on Wednesday. Commvault Systems has a 52 week low of $60.43 and a 52 week high of $109.25. The company has a market cap of $4.69 billion, a price-to-earnings ratio of 28.57 and a beta of 0.64. The business has a fifty day simple moving average of $98.47 and a 200-day simple moving average of $85.11.

Insider Activity at Commvault Systems

In other news, Director Allison Pickens sold 990 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $94.73, for a total value of $93,782.70. Following the completion of the sale, the director now owns 7,206 shares in the company, valued at $682,624.38. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Sanjay Mirchandani sold 21,494 shares of Commvault Systems stock in a transaction on Monday, March 4th. The shares were sold at an average price of $97.82, for a total transaction of $2,102,543.08. Following the sale, the chief executive officer now owns 399,356 shares of the company’s stock, valued at approximately $39,065,003.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Allison Pickens sold 990 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $94.73, for a total transaction of $93,782.70. Following the completion of the transaction, the director now owns 7,206 shares in the company, valued at approximately $682,624.38. The disclosure for this sale can be found here. In the last three months, insiders sold 23,306 shares of company stock worth $2,276,265. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Commvault Systems

Hedge funds and other institutional investors have recently modified their holdings of the business. Headlands Technologies LLC purchased a new stake in Commvault Systems during the 4th quarter worth approximately $67,000. Daiwa Securities Group Inc. grew 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 buying an additional 700 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Commvault Systems by 28.5% in the third quarter. PNC Financial Services Group Inc. now owns 1,429 shares of the software maker’s stock worth $97,000 after buying an additional 317 shares during the last quarter. Ulland Investment Advisors LLC bought a new stake in shares of Commvault Systems in the first quarter worth $180,000. Finally, Central Pacific Bank Trust Division acquired a new stake in Commvault Systems in the first quarter valued at $187,000. 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.