CommVault Systems (NASDAQ:CVLT) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of CommVault Systems (NASDAQ:CVLT) from a buy rating to a hold rating in a report issued on Saturday,Wall Street Zen reports.

CVLT has been the subject of several other reports. FBN Securities initiated coverage on CommVault Systems in a report on Thursday, September 10th. They issued an “outperform” rating and a $155.00 price target for the company. KeyCorp increased their price target on CommVault Systems from $125.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Piper Sandler cut CommVault Systems from an “overweight” rating to a “neutral” rating and set a $133.00 price objective on the stock. in a report on Tuesday, July 28th. DA Davidson set a $175.00 price objective on CommVault Systems in a research report on Wednesday, July 29th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $132.00 price objective on shares of CommVault Systems in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $157.62.

CommVault Systems Stock Performance

Shares of NASDAQ CVLT opened at $155.37 on Friday. The company has a market cap of $6.44 billion, a PE ratio of 98.96 and a beta of 0.79. CommVault Systems has a 12 month low of $71.75 and a 12 month high of $177.81. The company has a debt-to-equity ratio of 16.94, a current ratio of 2.04 and a quick ratio of 2.04. The company has a 50-day simple moving average of $141.50 and a 200-day simple moving average of $124.28.

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

Insider Buying and Selling at CommVault Systems

In related news, CEO Sanjay Mirchandani sold 12,437 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 269,373 shares in the company, valued at approximately $38,784,324.54. The trade was a 4.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 1,854 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $143.64, for a total transaction of $266,308.56. Following the completion of the sale, the chief financial officer owned 70,921 shares of the company’s stock, valued at approximately $10,187,092.44. The trade was a 2.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 90 days, insiders sold 29,348 shares of company stock worth $4,202,441. 0.86% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CommVault Systems

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of CommVault Systems in the second quarter valued at about $855,420,000. The Manufacturers Life Insurance Company acquired a new position in CommVault Systems during the 2nd quarter worth approximately $65,765,000. American Capital Management Inc. acquired a new position in CommVault Systems during the 2nd quarter worth approximately $62,493,000. Bank of America Corp DE acquired a new position in CommVault Systems during the 2nd quarter worth approximately $51,709,000. Finally, Pictet Asset Management Holding SA boosted its holdings in CommVault Systems by 36.2% in the 1st 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 period. Institutional investors and hedge funds own 93.50% of the company’s stock.

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.