Commvault (NASDAQ:CVLT) hit a new 52-week high and low on Thursday . The stock traded as low as $68.65 and last traded at $68.65, with a volume of 287729 shares. The stock had previously closed at $68.45.
Several research analysts have commented on CVLT shares. Zacks Investment Research upgraded Commvault from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 26th. BidaskClub upgraded Commvault from a “strong sell” rating to a “sell” rating in a report on Thursday, January 4th. Mizuho restated a “buy” rating and set a $75.00 price objective on shares of Commvault in a report on Wednesday, January 17th. Lake Street Capital restated a “buy” rating and set a $58.00 price objective (down from $60.00) on shares of Commvault in a report on Thursday, January 25th. Finally, Jefferies Group restated a “buy” rating and set a $76.00 price objective on shares of Commvault in a report on Monday, April 2nd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $72.44.
The firm has a market capitalization of $3,038.10, a P/E ratio of 1,370.00, a price-to-earnings-growth ratio of 14.95 and a beta of 1.15.
Commvault announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 24th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the software maker to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other Commvault news, insider Gary Merrill sold 3,335 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $54.40, for a total transaction of $181,424.00. Following the sale, the insider now owns 18,771 shares of the company’s stock, valued at approximately $1,021,142.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David F. Walker sold 5,500 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $55.48, for a total value of $305,140.00. Following the sale, the director now directly owns 42,850 shares in the company, valued at approximately $2,377,318. The disclosure for this sale can be found here. Insiders have sold a total of 439,313 shares of company stock worth $24,578,504 in the last ninety days. Insiders own 13.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CVLT. Wells Fargo & Company MN boosted its position in Commvault by 193.8% during the 4th quarter. Wells Fargo & Company MN now owns 545,215 shares of the software maker’s stock valued at $28,624,000 after acquiring an additional 359,612 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in Commvault by 92.4% during the 4th quarter. TIAA CREF Investment Management LLC now owns 457,712 shares of the software maker’s stock valued at $24,030,000 after acquiring an additional 219,804 shares in the last quarter. Lunia Capital LP bought a new stake in Commvault during the 4th quarter valued at $10,578,000. Bank of New York Mellon Corp boosted its position in Commvault by 9.7% during the 4th quarter. Bank of New York Mellon Corp now owns 1,951,363 shares of the software maker’s stock valued at $102,446,000 after acquiring an additional 172,195 shares in the last quarter. Finally, Cambiar Investors LLC bought a new stake in Commvault during the 4th quarter valued at $8,695,000. 90.07% of the stock is currently owned by institutional investors and hedge funds.
Commvault Company Profile
Commvault Systems, Inc provides data and information management software applications and related services in the United States and internationally. The company's software suite contains solutions that are built on a single unified code base and platform to protect, manage, and access data and information.
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